Potentially challenging the country's efforts to develop a more self-sustained economy, Chinese officials have affirmed plans to double the size of China’s economy (from 2010 levels) by 2020.
Policymakers will struggle to meet such high targets without undermining progress elsewhere.- Julian Evans-Pritchard, Capital Economics
The long-term pledge followed an official meeting aimed at building a development plan for the remainder of this decade. Defined strategies outlined plans to develop a consumer economy and promote technology to replace a dependence upon trade and investment to ignite and sustain growth.
Official reports offered no specific annual growth targets, but "doubling the size of the economy" in one decade would require annual growth rate average of 7 percent. Albeit that is in-line with previous expectations, it is higher than forecasts by the International Monetary Fund and private sector analysts, who estimate growth to fall to 6 percent by 2017. Moreover, economists have warned that enforcing such high growth could require Beijing to inject stimulus spending into the economy, or persue other such government intervention.