China's GDP-doubling target could be achieved: WTO
Updated: 2008-05-21 23:41
GENEVA -- Given the high growth rate of China's economy, the country's target of doubling its GDP per capita by 2010 compared to the 2000 level appears to be within reach, according to a World Trade Organization (WTO) report released Wednesday.
"With continuing strong growth in the latter half of 2007, China's annual growth rate was estimated at 11.4 percent, higher than the average rate achieved during 2003-2006," said the biannual review of China's economic and trade policies.
"Consequently, the government's target of doubling GDP per capita in 2010 relative to 2000, as set out in its eleventh Five-Year Plan, would appear to be within reach," said the report, which was drafted independently by the WTO Secretariat.
According to the report, China has the potential to sustain its rapid growth in the foreseeable future.
But in order to realize this potential, China needs to continue to address a number of important social and economic challenges, including various economic imbalances, the report said.
China also needs to proceed with its plans to increase government expenditure on social services, such as health and education, as well as basic pensions, thereby possibly reducing the need for precautionary saving and thus raising consumption, the report added.
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