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China will underpins its economic growth over the next five years

The country seeks to ramp up its per person GDP in line with moderately developed countries by 2035

The Chinese government plans to establish a strong and sustained economy over the next five years. It is reported that the government will focus on higher quality of economic growth, according to a report published by a local media.

The country’s president Xi Jinping and members of the Central Committee held a meeting this week to float out the 14th five-year plan, a proposal for social and economic development. It is reported that China’s economy has seen huge levels of instability and uncertainty in recent times which is now leading to a complex situation. However, the mainland has several strategic opportunities amid new challenges and it is yet to capitalise on it.

The reports added that the country seeks to ramp up its per person GDP in line with moderately developed countries by 2035. Furthermore, the country’s GDP is expected to hit the $15 trillion mark this year. China plans to focus more on reforms and pave the way for market forces to effectively allocate resources.

The reports added, “China will promote a dual circulation model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms. The dual circulation strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on domestic circulation or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.”

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