China likely to be No.1 economy by 2035 with continuous momentum: int'l think tank

China's GDP is estimated to surpass that of the US, with the country becoming the world's largest economy in about 2035, said a report released by a think tank comprising scholars from five countries - the US, Russia, Canada, India and China, Report informs via the Global Times.

The report also said China needs to rely on the sustained and cumulative "compounding interest" to achieve its 2035 vision, with the help of the gradual realization of high-quality development, and to cultivate and develop new quality productive forces.

The ambitious projection was from one of the 10 visions for China in 2035 from a joint research report by a five-country think tank team, including the Chongyang Institute for Financial Studies at Renmin University of China, released on Sunday during an international symposium.

Domestic and foreign analysts said that China will maintain steady growth momentum and will meet the annual GDP growth target for 2024 while addressing challenges cautiously.

According to the report, China will overtake the US as the world's top economy in about 2035 with a high probability, if it maintains GDP growth of about 5 percent annually in the next few years, and at least 4 percent growth until 2035.

The vision is based on China's faster economic growth than the US, as well as the continuous appreciation of the yuan and its increased internationalization, and the long-term bullish outlook for the yuan against the US dollar, the report said.

The report said that developing countries will become the core engine of global economic growth, and their high growth rates could double global GDP in the next decade.

China has set a growth target of about 5 percent for its economy in 2024, which exceeded the expectations of some international institutions.

In 2023, China's economy grew by 5.2 percent year-on-year, exceeding the official target of about 5 percent, in what officials called a "hard-won" achievement.