China wants to have GDP per capita of developed country in 15 years

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China will seek sustained and healthy economic development in the five years to 2025, with an emphasis on greater quality of growth, the Xinhua news agency reported on Friday (29), citing the Central Committee of the Communist Party.

The agency added that China seeks to expand its per capita Gross Domestic Product (GDP) to the level of moderately developed countries by 2035, while GDP is expected to exceed 100 trillion yuan ($ 15 trillion) in 2020.

The president, Xi Jinping, and members of the Central Committee, the party’s largest decision-making body, have met behind closed doors since Monday to detail the 14th five-year plan for economic and social development.

China’s external environment “is becoming more complicated,” said the agency, adding that “there is a significant increase in instabilities and uncertainties”.

However, the country’s development is still in a period of important strategic opportunities, despite new challenges, he added.

The country will further deepen reforms and let market forces play a decisive role in resource allocation, the agency added.

China will further promote a “dual circulation” model, make technology self-reliance a strategic pillar of development, develop and urbanize regions and combine efforts to expand domestic demand with supply-side reforms, he added.

The “dual circulation” strategy, first proposed by Xi in May, predicts that China’s next development phase will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, supported by domestic technological innovation.

China is expected to be the only major economy to register growth this year. The International Monetary Fund (IMF) projects a growth of 1.9% for China’s GDP in 2020, well below the 6.1% increase registered in 2019.

Source: G1

China will seek sustained and healthy economic development in the five years to 2025, with an emphasis on greater quality of growth, the Xinhua news agency reported on Friday (29), citing the Central Committee of the Communist Party.

The agency added that China seeks to expand its per capita Gross Domestic Product (GDP) to the level of moderately developed countries by 2035, while GDP is expected to exceed 100 trillion yuan ($ 15 trillion) in 2020.

The president, Xi Jinping, and members of the Central Committee, the party’s largest decision-making body, have met behind closed doors since Monday to detail the 14th five-year plan for economic and social development.

China’s external environment “is becoming more complicated,” said the agency, adding that “there is a significant increase in instabilities and uncertainties”.

However, the country’s development is still in a period of important strategic opportunities, despite new challenges, he added.

The country will further deepen reforms and let market forces play a decisive role in resource allocation, the agency added.

China will further promote a “dual circulation” model, make technology self-reliance a strategic pillar of development, develop and urbanize regions and combine efforts to expand domestic demand with supply-side reforms, he added.

The “dual circulation” strategy, first proposed by Xi in May, predicts that China’s next development phase will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, supported by domestic technological innovation.

China is expected to be the only major economy to register growth this year. The International Monetary Fund (IMF) projects a growth of 1.9% for China’s GDP in 2020, well below the 6.1% increase registered in 2019.

Source: G1

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