China plans to double its GDP by 2035, economic plan reveals

By 2025, the country also aims to be a high-income nation, as 373 million citizens continue to live below the upper-middle-income poverty line.
By: | November 10, 2020
Topics: China | Covid-19 | Leadership | News

China’s top decision makers plan to double its economy by 2035, and reach the status of a high-income nation by 2025.

According to state media Xinhua, Chinese President Xi Jinping said that it is “entirely possible” to achieve the status of a high-income country, and for the nation to double its economic output by 2035.

The ambitious target was unveiled as the Chinese leadership released an economic plan for 2021 to 2025, as well as a longer-term development plan that ends in 2035. This has happened against a year of volatility, roiled by the pandemic and geopolitical strains with the US.

The economic and social blueprint outlined will also rely on the domestic market for growth, and make strides to achieve independence in science and technology, states the document, which was carried by Chinese state media outlet Xinhua.

READ: China: Employment rising as service sector recovers at a faster pace

In 3Q2020, China’s economy grew by 4.9% year-on-year, according to the National Bureau of Statistics of China. This was an improvement from its numbers in Q2, with a 3.2% growth. 

Today, China is the world’s second-largest economy, but its per capita income is still only about a quarter of that of high-income countries, and about 373 million Chinese are living below the upper-middle-income poverty line of US$5.50 a day, states the World Bank in its overview on the country.