According to the the Organization for Economic Cooperation and Development, China could become the world's largest economy by 2016 if it fully implements a series of regulatory, market, socio-economic and tax reforms.

On Friday, in the presentation of its latest Economic Survey of China, the OECD forecast that the Asian giant's economy will grow by 8.5% this year and 8.9% in 2014, higher than most analysts' expectations.

Moreover, the main short-term risks to the world's second-largest economy, according to the OECD, are weak external demand and inflation, which has risen since the start of the year.

In fact, the organization's secretary-general, Angel Gurria, said that the Economic policy changes, which the OECD deems essential to guarantee sustained growth, are already been carried out by the new government and that the country is becoming less and less dependent on exports and consumption has recently been a bigger driver of growth than investment.

According to the analysts, these changes, along with several still-pending pro-market reforms, are the main ingredients required for China to make the leap to developed-country status.

Fact-fully, the OECD report expressed optimism about the political will of China's new leaders, President Xi Jinping and Prime Minister Li Keqiang, to implement the needed reforms.

As a concluding fact, China's economy grew at a 7.8% clip in 2012, its slowest pace in more than a decade, mainly due to the economic problems of the European Union and the US, its two largest trading partners.

It would be really a great moment to see an Asian nation as world's largest economy.

(AW:Samrat Biswas)