According to the latest data published by China’s National Bureau of Statistics (NBS), Beijing has made upward revisions to its economic growth by 0.1 percentage points each year between 2014 and 2018, as the world’s second-largest economy remains poised to achieve its goal of doubling the GDP size by 2020.
“Annual gross domestic product (GDP) growth for 2014-2018 has been raised to 7.4%, 7.0%, 6.8%, 6.9% and 6.7% from 7.3%, 6.9%, 6.7%, 6.8% and 6.6% previously.
Based on the revised figures, real GDP growth of at least 5.6% in 2020 would be enough for achieving Beijing’s target to double GDP in the decade to 2020, according to Reuters calculations, in line with analysts’ estimates.
Many China observers generally see this year as crucial for the ruling Communist Party to fulfill its goal of doubling gross domestic product (GDP) and incomes in the decade to 2020, and turning China into a “moderately prosperous” nation.”
Meanwhile, in the European session, the USD/CNY pair has staged a solid comeback from a fresh six-month low of 6.8405 reached in late Asia. The spot now trades at 6.8515, marginally positive on the day.