Studio interview: China aims to double GDP & incomes by 2020
Date: November 10, 2012
Dr. Liu Ting from the Bank of America-Merrill Lynch, and professor Barry Naughton from the University of California at San Diego, who has published several books on the Chinese economy and trade.
Q1. Doubling its GDP and per capita income in 10 years. Is this target consistent with current economic policy?
Q2. China’s economy grew 7.4 percent in the third quarter of 2012 – that’s the slowest quarterly growth in more than three years. Earlier this year, China set its yearly GDP growth target at 7.5 percent, and that’s the first time in eight years that the target was below 8 percent. Nevertheless the GDP continues to grow, and has shown some remarkable expansion over the past decade. GDP was only around 12 trillion yuan in 2002. As of last year it topped 47 trillion. Over that period, the GDP has maintained breakneck growth – hitting a peak of 14.2 percent in 2007. Since then, there has been some settling down, with the growth rate holding at around 9 percent between 2008 and 2011.
Barry Naughton is Sokwanlok Chair of Chinese International Affairs. He is the professor of Chinese Economy at the School of International Relations and Pacific Studies. His work focuses on issues relating to industry, trade, finance, and China’s transition to a market economy. Recent research emphasizes on regional economic growth in the People’s Republic of China and the relationship between foreign trade, investment and regional growth.