(MENAFN- ProactiveInvestors - Australia) China could require GDP annual growth of 6.9 per cent from 2012 to reach its target of doubling 2010's per capita income by 2020.
It may also be reached two years earlier.
The target was promulgated at the 18th National Congress of the Communist Party of China.
This is according to Sheng Songcheng, director of the Investigation and Statistics Department of People's Bank.
Sheng calculated that as the GDP growth was 9.3 percent in 2011, it requires only 6.94 percent annual GDP growth from 2012 to 2020 to reach the "doubling GDP" target.
If it is assumed that the annual GDP growth in 2012 is 7.7 percent, then it calls for actual annual GDP growth merely of 6.85 percent to attain the goal.
Sheng predicted that under the premise of doubling the actual per capita income, taking into account around 3 percent annual inflation, the per capita income of both urban and rural residents is expected to reach 34,265 yuan in 2020.
From Sheng's point of view, it is very much likely that the target of "doubling 2010's per capita income of both urban and rural residents by 2020" will be reached in advance by possibly 1-2 years earlier.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.