Chinese economy can double by 2035, says Xi

Chinese president sets out plans to achieve 'modern socialism' in 15 years through market-based reforms

The Chinese economy can double in size in 15 years and reach high-income status by 2035, according to Xi Jinping.

In a speech to the Communist Party’s Central Committee on Tuesday, the Chinese president said it was “entirely possible” to reach those goals under his government’s 14th five year-plan, which is accompanied by “long-range goals” for 2035 for the first time. 

Yang Xuedong, a professor of political science at Tsinghua University, told the Global Times, a Communist party-run newspaper: “That shows we have become more strategic.”

State documents circulated after a party conference in Beijing last week revealed plans to achieve “modern socialism” in 15 years. 

China was the first economy to suffer a pandemic blow, but has recovered swiftly, according to government data.

The party said on Tuesday that this would happen through market-based reforms in the energy, railway and telecommunications sectors; encouraging mergers by companies in strategic emerging industries; research and development into China's own digital currency; the internationalisation of the yuan and safeguarding Chinese companies' legal interests overseas.

The country’s 13th five-year plan set an annual growth target of about 6.5pc but this is likely to be missed due to the Covid-19 pandemic. Nonetheless, the world’s second-largest economy was the first major nation to escape the clutches of the virus.

Tian Yun of the Beijing Economic Operation Association told the Global Times to meet the new goals China would have to double its GDP by 2035 through annual GDP growth of about 3.5pc, which he said was “a big target but can be done if China's full potential is realised”.