China's GDP to reach 100 trillion yuan in 2020

November 29, 2012 - 11:01:54 am
BEIJING: The size of China's economy in 2020 will be close to that of the United States in 2012, an economic official forecast, according to China's News Agency (Xinhua).


China's gross domestic product is expected to reach 100 trillion yuan in 2020, equivalent to 16 to 20 trillion US dollars, Yang Weimin, vice head of the Office of the Central Leading Group on Finance and Economic Affairs, said at a press conference.


In 2020, China's per-capita GDP will likely exceed 10,000 US dollars, almost double the amount in 2011, according to Yang.


Yang said the target of doubling per-capita income by 2020 will be met only when the per-capita disposable income of urban residents rises 7% every year and if the per-capita net income of rural residents increases 6.7% annually over the next nine years.


As the country's central and western regions have huge potential for economic development, residents there will see their incomes rise faster than those in eastern parts over the next few years, the official added. (QNA)