Friday, October 30, 2015

Extraordinary Claim by China: Will Double Economy by 2020

China's leaders on Thursday affirmed plans to double the size of the country's economy by 2020 from 2010 levels, a goal that sets up a potential clash with efforts to nurture more self-sustaining growth.

Communist Party leaders are struggling with conflicting goals of pushing ahead a painful economic restructuring and preventing growth that declined to a six-year low of 6.9 percent last quarter from falling too low, leading to potential job losses and unrest.

Thursday's pledge followed a meeting aimed at crafting a development plan for the rest of this decade. Such Soviet-style five-year plans are a throwback to central planning but guide official policy and highlight party goals.

In a statement carried by the official Xinhua News Agency, party leaders affirmed plans to develop a consumer economy and promote technology to replace a worn-out model based on trade and investment.

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