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 assets and capacity to boost to total factor productivity China is confident of achieving its 2035 goal of doubling per capita GDP from 2020 levels to USD20,000, which will require an average 4.3% growth in the next 11 years, Zhu told a 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 trade tensions, said Zhu. He noted IMF calculations of a USD7-12 trillion loss to the world economy should China and U.S. establish parallel supply chains, saying "Such a loss is unbearable to any country." (See MNI EM: China Will Open Markets To Ease Trade Tensions)