China’s banking system is expected to eclipse that of the United States by 2020.*

The world is in the midst of a massive, long-term shift in wealth, economic power and population growth from West to East. As Asian areas outgrow their western counterparts, new political, social and consumer constituencies start flexing their power on the world stage. In 2020, Asia is home to nearly two-thirds of the world’s middle-class consumers, and 40 percent of their spending. Fueling their growth is the rise of Asian industry, which increasingly challenges — and in many cases, supplants — the technological advantages the West has long enjoyed.

See: Headwinds, tailwinds and the riddles of demographics

 

East outgrows west

 

*”China’s banking system to eclipse US by 2020: ANZ,” Financial Review, http://www.afr.com/p/business/financial_services/china_banking_system_to_eclipse_CknoTc34Gc1vXcBck69YNI.

 

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