IMF Growth Outlook For China Puts Xi’s Income Goal Out of Reach
- Annual expansion may slow to 3% on average in decade from 2028
- Direct household income support urged to boost consumption
Xi Jinping
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The International Monetary Fund expects China’s annual economic growth to slow to about half the rate seen in the past decade, likely putting President Xi Jinping’s long-term economic ambitions out of reach.
China’s gross domestic product is projected to increase at an average of about 4% each year from now until 2027 before slowing to 3% over the 10 years after that, the IMF said in a Friday report. The forecasts imply GDP per capita, a measure of economic output per person, of “similar magnitude” over the same periods, it said.