Global industrial data and analysis company IHS said China is poised to overtake the United States as the world's largest economy by 2024 due to a rise in consumer spending.

IHS said China's gross domestic product (GDP) was expected to hit US $28.25 trillion, or more than the US $27.31 trillion of the United States, as consumer spending in the country is set to almost quadruple from 2013 to 2024.

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China is currently the world's second-largest economy but IHS said the country's share of world GDP will rise to 20 percent in 2024 from the current 12 percent.

"Over the next 10 years, China's economy is expected to re-balance towards more rapid growth in consumption, which will help the structure of the domestic economy as well as growth for the Asia Pacific as a region," IHS Asia chief economist Rajiv Biswas said.

China's rise as the world's largest economy will be fueled mainly by consumer spending, which IHS forecast to rise at yearly average rate of 7.7 percent in real terms.

Based on IHS' forecast, China's consumer spending will increase from US $3 trillion to US $11 trillion in 10 years.

Biswas added that science, technology and innovation are some of the sectors that wll be crucial in transforming the country's economy in to a higher value-added economy from the low=cost manufacturing export driven economy over the past 30 years.

The three sectors are among the key topics that will be discussed during the World Economic Forum's upcoming Meeting of the New Champions in Tianjin, China,

The forecast of IHS on China's consumer spending bodes well with the central government's effort to institute reforms that will change key growth factor for the country's economic growth. Analysts and economists said that the reforms promised by the Chinese government can transform the country's economy if delivered on time.

TagsChina GDP, IHS, U.S. economy, China Trade