BRICS to overtake G7 economically in some 2 decades' time: economist

The former commercial secretary of the UK Treasury has predicted that BRICS will overtake the G7 economically by around 2035 if China "stays on track."

Jim O'Neill, who coined the acronym "BRIC" in 2001, says he's made the prediction based on the sheer size of China and its anticipated economic performance.

The former Goldman Sachs economist estimates China's economy will grow by 7.5% this decade before eventually slowing down in the next decade.

He also says that whether BRICS become bigger than the G7 will depend on whether China stays on course.

For more on this, CRI's Paul James spoke earlier with John Ross, Senior Fellow with Chongyang Institute for Financial Studies, Renmin University.

John Ross, Senior Fellow with Chongyang Institute for Financial Studies, Renmin University, speaking with CRI's Paul James.