For the first time in modern history, China will next year contribute more to global economic growth than the United States. Chinese steel worker: Chinese growth ‘to overtake US’ China, India and Russia combined have already ‘accounted for one half of global growth’ The landmark moment was predicted yesterday by the International Monetary Fund and is the latest illustration of the fast-growing Asian country’s importance to the world economy. While China’s economy is still far smaller than America’s, it has overtaken the UK as the world’s fourth biggest economy. With the IMF projecting 10pc growth this year, the country will pump more new money into the global system next year than the US, which is expected to grow by just 1.9pc. If the forecasts spelled out in the IMF’s World Economic Outlook prove correct (and the institution did not foresee the recent credit crunch), China’s continued resilience will come at just the right time for the global economy, as the developed world enters a period of slower growth. It is what many have called the ‘happy handover’ scenario and is already taking place as China, India and Russia combined have already ‘accounted for one […]