One may be the loneliest number but its also one of the most coveted. China enters 2015 as the world's second largest economy, with their eyes set on overtaking the United States hold on the top position.

Daniel Franklin, Executive Editor of The Economist says China’s rise will come sooner rather than later: “I think it’s going to be very quickly the world’s number one economy. In terms of one important measure, which is GDP purchasing power parity. It’s really on the cusp of overtaking the United States. That’s a mind concentrating moment for America.” Although China’s economy is slowing down, it is still growing at a far greater rate than most of the world.

The Economist predicts 2015 will bring about a shift in how China’s growth is fueled. “It’s not going to be that very intensive investment led growth. It’s increasingly going to be developing it’s services”, says Franklin. This will open up opportunities for foreign businesses to invest and capitalize on the new demand.

China will use its economic power to advance free-trade negotiations with several neighbors. Convincing South Korea, Japan and other Southeast Asian countries that doing business with growing China is good for them shouldn’t be a hard sell. Opportunities to invest and develop should be plentiful. China will see big growth in travel, telecommunications and the service field.

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Even though the growth will be steady, there are still fears about the debt that China has accumulated and that instability could ensue. If the country does encounter some shakiness, look for the government to intervene. “The Chinese financial system is quite tightly controlled by the state. Although there could be some wobbles there and that could cause worries for the rest of the world. Ultimately, china has a lot of weapons at its disposal to combat any real sense of crisis,” says Franklin.

Other countries may not like what China is doing, but they’ll certainly have to respect it. The economic clout and power the country has is undeniable and will only strengthen in 2015.

 

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