China’s economic growth may accelerate to about 7.5 percent a year from 2021 to 2030, Peking University’s National School of Development said in a research report released yesterday.
If the government rights the structural imbalance by speeding up economic reforms, increases consumer spending through deleveraging and income distribution optimization, and cuts back on administrative costs through system reforms, the average growth rate would be around 6.2 percent between 2016 and 2020 and pick up to about 7.5 percent in the following decade (2021 to 2030), the report said.
China is set to become a high-income nation by 2030, which will create more sustainable development that will improve the overall well-being of Chinese society.
The country should actively stimulate domestic demand and reduce reliance on exports to achieve growth, the report said. ‘New urbanization’ boosts economic growth on the demand side and has become a main driver of progress.
Source: yicaiglobal.com
