The Chinese government would aim for an average economic growth rate of almost 5% a year in the longer term. This means that the growth of the second world economy will become less strong than in the last 30 years.
President Xi Jinping said to the Communist Party summit last week that China’s economy could double in size by 2035. This ambition is part of the Chinese government’s new plans for the next five and fifteen years. It is expected that more concrete targets will be released when the plans are presented to the Chinese parliament in March next year.
Beijing would particularly like to strengthen its domestic economy, for example the silicon chip sector, in order to reduce its dependence on foreign chips technology. It would also like to do more to increase household incomes, with more investment in cleaner energy sources to reduce emissions and environmental pollution.