The Chinese economy will probably continue expanding at a roughly 5% annual clip over the next 15 years, an adviser to President Xi Jinping told Nikkei, citing a rapidly developing technology sector.
The comment comes ahead of a plenary session starting Monday for the ruling Chinese Communist Party’s Central Committee, which will discuss long-term economic goals through 2035. Hu Angang, a professor in Tsinghua University’s School of Public Policy and Management, said that “China has been able to control the coronavirus’ impact on the economy, but many uncertainties remain in the world.”
“If we take advantage of our massive domestic market, there is room for the Chinese economy to develop further,” Hu said. The government this summer predicted real economic growth of 4.8% in 2029.
“China’s high-tech capabilities are advancing rapidly, and it has become the world’s largest exporter of high-tech products,” the professor said of the bullish forecast. “China’s high-tech exports have increased by an average of 7.1% a year from 2007 to 2018,” he said.
The Central Committee will also discuss the five-year plan for 2021 to 2025 at the upcoming meeting. Although it announced a numerical growth target as part of its previous plan through 2020, Hu said it is “still too early to set a target” for the next five years.