NEWS： China's economy will break 6 in the 14th Five-Year Plan
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Due to the double effects of trade war and the world business cycle, China's economy is facing new external pressures. Gross domestic product (GDP) growth in the third quarter of this year may be lower than that in the first half of this year, but it stabilized in the fourth quarter due to policy incentives such as benchmarking, with an expected annual growth rate of 6.2%. GDP growth during the 14th Five-Year Plan period (2021-2025) is expected to break 6%, but there is no risk of economic stall.
Chen Dongqi, chief expert of China Academy of Macroeconomics, made the remarks in an interview with Reuters. He also said that the rapid upgrading of Chinese residents'consumption, the new consumption demand is almost leading the world trend, the economic circle and urban agglomeration are developing vigorously, the catching-up development of the later regions, and the pace of opening up and innovation is obviously accelerating. All these factors support China's economic growth faster, more stable and more sustainable than other economies.
"This is where the resilience of China's economy lies. China's economy has shifted from a high-speed to a high-quality one on the basis of its rapid expansion in volume over the past 40 years, and will inevitably shift gears and decelerate. This deceleration trend will continue for some time, but the express train of China's economy will not derail and fall into the middle-income trap, even if the GDP of the 14th Five-Year Plan increases. Speed `break 6', at about 5.5%, is also the fastest growth ranking of the world's major economies. Chen Dongqi said.
He stressed that China's current concern is not the quantity of development, not the speed, but the quality, innovation and competitiveness, consumption and livelihood improvement. The focus of production and development has shifted to satisfying the people's better life. This is a great model change, and is also the key to the analysis and understanding of China's economy in the new era.
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