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China’s 2020 GDP is expected to exceed 100 trillion yuan, the country’s Communist Party (CCP) said in a communique following the conclusion of its 5th Plenum, which is focused on the next Five-Year Plan and 2035 vision.

Additional takeaways

China’s development faces both new opportunities and challenges.

International environment becomes more complex.  

Will sustain healthy economic development in 2021-2025.

Will take new steps in reforms and opening up.

Will make major breakthrough in reforms of property rights and allow market to allocate key factors.

Will make technology self-sufficiency as strategic support for national development.

Will promote ‘dual circulation’ model.

Will combine efforts to expand domestic demand with supply-side reforms.

China aims to boost per capita GDP to level of moderately-developed countries by 2035.

Will make market play a decisive role in resources allocation.

Will deepen reforms in all aspects.

Will promote coordinated regional development and new urbanisation.