Chinese Leadership: China to Become the World's Leading Power in the Future

Guo Suqing, Chairman of the China Securities Regulatory Commission, "Asia Will Regain Its Position Held Centuries Ago"
China's GDP to Surpass the US by 2028

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Guo Shuqing, Chairman (ministerial level) of the China Banking and Insurance Regulatory Commission, the head of China's financial regulatory sector, publicly asserted that China will regain its position as the world's strongest power in the future.

According to the China Securities Journal on the 19th, Chairman Guo said in a speech at the Asia Financial Forum held the previous day, "The world is undergoing a great transformation that may occur once in a hundred years," and "Asia will return to the leading position it held centuries ago."

Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (Photo capture = Baidu)

Although Chairman Guo used the term 'Asia,' this is interpreted as a statement referring to China. He also openly expressed dissatisfaction with some international (U.S.) perspectives that are wary of China's rapid development.

Chairman Guo said, "In the long term, China's economic development and social progress have had a positive impact on the world, and in the past decade, China's real contribution to global growth has reached about 30%. However, strangely, there exists some negative public opinion about China in the international community."

Recently, Chinese President Xi Jinping and the Chinese leadership have expressed confidence that China will surpass the United States to become the world's strongest power. This trend has strengthened notably since China finalized its long-term economic development direction through the Politburo meeting and the Central Economic Work Conference last month.

On the 11th, President Xi Jinping said, "The world is in a period of unprecedented great change in a hundred years, but time and circumstances are on our side," which is a representative example.

Chen Yixin, Secretary of the Central Political and Legal Affairs Commission, also stated at a meeting on the 15th, "The East is rising and the West is declining; this is the trend," adding, "The development of the international structure is favorable to China."

There is also analysis that the Chinese leadership is strengthening its confidence in the 'superiority of the socialist system' after the COVID-19 pandemic.

Meanwhile, overseas research institutions such as the U.S. Brookings Institution have forecast that China's Gross Domestic Product (GDP) will surpass that of the United States by 2028.