CHART OF THE DAY: The Trend That Tells Jim O'Neill China Is On The Right Track

Jim O'Neill, the Goldman Sachs economist who coined the BRICs acronym, recently published his final note and gave his last presentation.

He discussed at length his long-term forecast for the world economy, which will be heavily dependent on growth from China, India and the other developing markets.

"If China grows by 7.5% in this decade, and if the developed world returns close to trend, then the world will grow by around 4%," he said.

In his presentation, he included a chart that captures China's evolution from an investment-driven economy to a consumer-driven one.

This "is my regular guide to the relative performance of consumer spending compared to industrial production and is especially important while reasonably encouraging," he said.