China to become largest economy in world by 2016

China is on course to become the world’s largest economy “around 2016”, a survey by the Organisation for Economic Cooperation and Development (OECD) has forecast.

“China has now overtaken the Euro area,” the Paris-based group said in its survey of China.

Living standards will continue to improve fast, provided reforms are implemented, most of which feature in the 12th Five-Year Plan (2011-15), state-run Xinhua news agency quoted the survey report.

With $8.3 trillion, China is the second largest economy. It stands next only to US which has a $15.7-trillion strong economy.

 

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