Gordon Wu Says China Will Overtake US Economy in 10 Years as Debt Hits $39 Trillion
Updated
Updated · South China Morning Post · Jun 8
Gordon Wu Says China Will Overtake US Economy in 10 Years as Debt Hits $39 Trillion
2 articles · Updated · South China Morning Post · Jun 8
Summary
Gordon Wu, the 90-year-old founder of Hopewell Holdings, said China could surpass the US as the world’s largest economy “in a decade or so.”
Wu tied that forecast to China’s technological advances and to what he called US vulnerabilities: a $39 trillion national debt and a proposed record $1.5 trillion defense budget.
Hong Kong, he said, should not let Beijing-Washington tensions block closer US ties and should use its role as a trading hub to attract mobile American private wealth.
Wu framed the shift as part of a longer pattern in which technological leadership and changing production costs moved economic dominance from Britain to the US and later toward Asia.