New Delhi | Jagran Business Desk: China has revised up its economic growth by 0.1 percent every year between 2014 and 2018, the National Bureau of Statistics said on Monday, making it easier for the world's second largest economy to fulfill its goal of doubling the size of the economy by 2010 from 2010. The annual gross domestic product growth for 2014-18 has been raised to 7.4 per cent, 7.0 per cent, 6.8 per cent, 6.9 per cent and 6.7 per cent from 7.3 per cent, 6.9 per cent, 6.7 per cent, 6.8 per cent and 6.6 per cent previously, the latest data from the statistical bureau showed on Saturday.
Based on these figures, the real GDP growth of at least 5.6 per cent in 2020 would be enough for Beijing's target to double GDP to the 2020 decade, as per Reutres calculations, in line anaylts estimates.
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Speaking to the news agency, policy sources have said that China plans to set a lower growth target of around 6 per cent in 2020 from last year's 6-6.5 per cent, relying on increased infrastructure spendings. Key announcements are due to be announced in March.
The report comes days after Beijing recorded growth of just 6.1 per cent in 2019, weakest in nearly 30 years amid brusing trade war with the US.
Many China observers generally see 2020 as crucial for the ruling Communist Party to fulfil its goal of doubling GDP and incomes in the decade to 2020, and turning China into a "moderately prosperous" nation.
This year the economy is likely to get a boost as the US has signed phase one trade with Beijing and removed traiffs on some of its exports and imports. If things go in positive direction, the it will follow phase two deal expected later this year.
(with Reuters input)