US banking system is 10-15 years behind China: In 2030, China will become world's largest economy, Brett King says

China is poised to overtake the United States as the world's largest economy by the 2030s, according to the main speaker at the second annual international Doing Digital Forum in Yerevan, the world-renowned futurist and author of several influential books on banking (Bank 2.0, Bank 3.0, Breaking Banks, Bank 4.0, The Rise of Technosocialism), Brett King.

King highlighted China's remarkable economic growth fueled by its rapidly expanding middle class and GDP per capita. He suggested that if a significant portion of China's population (about 25%) reached the average salary level of Americans, China could surpass the United States in economic size.

King emphasized China's leadership in artificial intelligence (AI), citing its robust economy, regulatory framework, and licensing infrastructure as key factors enabling the country to integrate AI into society effectively. He contrasted this readiness with what he perceived as the United States' lagging preparedness for AI adoption at the societal level.

Regarding digital currencies, King commented on former US President Donald Trump's skepticism about them, portraying it as a conspiracy theory that others will be able to control your money. However, without digital currency, the US cannot become a smart economy and cannot achieve a high level of automation.

King expressed his view that the US banking system lags behind China's by at least 10-15 years due to regulatory preferences favoring traditional banks. He argued that such outdated regulations hinder the United States from competing effectively and transitioning to a more advanced economic model.

Looking ahead, King predicted that by 2050, the United States could slip to the third-largest economy globally, trailing behind China and India. He also anticipated Brazil's rise to the fifth-largest economy position.