CHINA-ECONOMY: 19TH PARTY CONGRESS

66-year old former Finance Minister and current head of the National Council for Social Security Fund, on October 20, 2017, changed his earlier opinion and said on the sidelines of the ongoing Party congress in Beijing that the introduction of government reforms in recent years meant China would now avoid problem of the middle-income trap. He said "I can speak with full confidence that after the sweeping reforms we’ve been carrying out since 2½ years ago, China is likely to become a high-income country in three to five years.”he said one immediate goal is that China is likely to outperform its growth target of 6.5 per cent this year and that it is also on track to become a “moderately prosperous society” by 2020, doubling GDP from 2010 levels.





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