Economic power is moving from the western world to the east and from the northern hemisphere to the south, Jin Liqun, chairman of China Investment Corp.’s supervisory board, wrote in a commentary published in today’s China Daily newspaper.
Developing nations will overtake developed nations in terms of gross domestic product within decades, Jin wrote. At the same time, developing nations will continue to face challenges such as poverty, malnutrition, tuberculosis, illiteracy, and environmental degradation, Jin wrote. Per capita GDP will also continue to trail developed nations, Jin wrote.
Massive investment is still needed in education and health in developing nations, Jin wrote.
A shift in economic power doesn’t necessarily equate a shift in political and military power, Jin wrote.