Annual economic expansion shall be no less than 6.523 percent in the next five years in order to achieve the target gross domestic product (GDP) by 2020, a senior official said at a seminar on Saturday.
Xu Lin, director of the Department of Development Planning under the National Development and Reform Commission (NDRC), mentioned the figure as a baseline to double China's 2010 GDP and the per capita income of both urban and rural residents by 2020.
The report of the 18th Communist Party of China (CPC) National Congress in 2012 urged the country to achieve an "all-round well-off society," with GDP and per capita income double those of 2010 by 2020.
"If the GDP growth is 6.9 percent this year, the annual growth rate in 2016-2020 shall be no less than 6.543 percent in order to fulfill the target," he said. "If the economy expands 7 percent in 2015, the growth baseline shall be 6.523 percent in the next five years."
Leaders of the Communist Party of China (CPC) met in Beijing last month for the four-day fifth plenary session of the 18th CPC Central Committee, and adopted the "Proposal on Formulating the Thirteenth Five-year Plan (2016-2020) on National Economic and Social Development." President Xi Jinping explained that annual growth of 6.5 percent would be required for China to build a well-off society by 2020.
"For China to double its 2010 GDP and the per capita income of both urban and rural residents by 2020, annual growth for the 2016-2020 period must be at least 6.5 percent," according to Xi's statement.
Xu said the proposal prioritizes innovation, which is regarded as a core force for future economic development and meeting the targets in the next five years.
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