Prominent US billionaire forecasts new economic world order

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China is winning the economic competition against the United States, according to Ray Dalio, the founder of the world’s largest hedge-fund firm, Bridgewater Associates.

When asked by the BBC on Thursday whether China was beating the US, Dalio said: “Yes, it’s winning.”

“Their growth rate at a slow level is about twice the Western world’s growth rate at a fast level.”

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The billionaire also predicted that the Chinese economy will overtake the US in size to become much more powerful.

“[China is] four times the size population-wise [than] the United States. So, if its per capita income was half the size, the [economy] as a whole would be twice the size.

“So yes, that’s the character of the environment where it’s [China is] winning and it has a lot more likelihood of being much larger, stronger in most ways.”

Dalio has been embroiled in controversy over recent comments about China. In an interview with CNBC, the businessman compared Beijing to a “strict parent” while talking about the country’s human rights record. He later said he was misunderstood and that he took China’s human rights record into account when investing there.

For more stories on economy & finance visit RT’s business section

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