MNI BRIEF: China Seen Growing 5% In 2024 - Former Official

The Chinese economy is likely to grow by 4.5-5% in 2025, following 5% growth this year, former vice minister of finance Zhu Guangyao said on Monday.

Thanks to its accumulated national wealth and capacity to boost the total factor productivity, China is confident of achieving its 2035 goal of doubling per capita GDP from 2020 levels to USD20,000, which will only require an average of 4.3% growth in the next 11 years, Zhu said at an international forum held by the Chongyang Institute for Financial Studies, Renmin University.

China will deepen reforms and "integrate more closely with the world economy" despite rising national trade tensions, said Zhu. He noted IMF calculations of a USD7-12 trillion loss to the world economy should U.S. and China establish parallel supply chains, saying "Such a loss is unbearable to any country." (See MNI EM: China Will Open Markets To Ease Trade Tensions)