China Boom Spurs $1 Trillion Gain in Gulf Economies, HSBC Says - Bloomberg

China Boom Spurs $1 Trillion Gain in Gulf Economies, HSBC Says - Bloomberg:



"The surge in oil prices driven by Chinese demand has added $1 trillion to output in the Gulf Cooperation Council countries over 10 years, according to HSBC Holdings Plc.



The six-member bloc’s gross domestic product increased to $1.7 trillion between 2003 and 2013, bringing per capital GDP to an average of $35,000, HSBC said in a report on the effect of a “globalizing China” on the Middle East and Africa released today.



The wealth has helped countries such as Saudi Arabia and the United Arab Emirates spend hundreds of billions of dollars on infrastructure, and buy assets overseas including English soccer champion Manchester City. The Gulf’s non-oil economy is also growing 2 percentage points faster than it did before Chinese demand began to rise, HSBC said."



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