The end of President Barack Obama's second term may also mark China's emergence as the world's leading economy, according to an Organization for Economic Cooperation and Development forecast. The report sees no so-called hard landing for the Chinese economy, with growth expected to rebound to 8.5% this year. "The gradual pickup in activity provides a strong background for the ambitious reforms China needs to put in place to continue on the road to prosperity," said OECD Secretary General Angel Gurria.

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