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Xi Eyes Sub-5% Growth Rate in New Vision for Chinese Economy

  • Economists estimate growth of 4.7%-5% needed to double GDP
  • Communist Party unveiled five-year economic plan last week
China's Annual Parliamentary Sessions Convenes in Beijing
Photographer: Lucille Liu/Bloomberg
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President Xi Jinping is signaling his long-term vision for the Chinese economy likely requires it to expand at a average pace of less than 5% a year, well below the historical trend over the past 30 years.

Xi told the Communist Party’s Central Committee last week the economy could double in size by 2035, according to state media. That would imply an annual average growth rate of 4.7%-5%, according to a range of forecasts from economists.