According to reports by Russias RIA Novosti, James Wolfensohn, former president of the World Bank believed that by 2050, in the ranking of economically developed countries, China will be ranked first while Russia can only be ranked ninth. On the 30th, at the second international seminar on "Group Management and the Globalization of the World Economy" held in Moscow, Wolfensohn predicted: "By 2050, the rankings will be as follows: First is China, second India, third United States, fourth Indonesia, fifth Japan, followed by Germany, UK, France, Russia and Vietnam."