China’s GDP to grow by at least 5.5 per cent annually in next five years, former Chongqing mayor Huang Qifan says

Huang Qifan, the former mayor of Chongqing, believes China’s economy can maintain stable growth of 5 per cent annually through 2035

He also says a key goal of China’s ‘dual circulation’ strategy is to reduce dependence on overseas energy sources, particularly oil

Reading Time:2 minutes

Huang Qifan says China’s economy can maintain stable growth of 5 per cent annually through 2035. Photo: SCMP

Published: 7:30am, 4 Nov 2020Updated: 3:54pm, 10 Nov 2020

China’s average annual economic growth could be at least 5.5 per cent in the next five years and consistently expand at 5 per cent through 2035, Huang Qifan, a former mayor of Chongqing, said in a speech on Tuesday.

Huang, who retired from his mayoral position in 2016 and is now a government researcher, made the comments in an online webinar during the Credit Suisse China Investment Conference, painting a rosy picture of the world’s second biggest economy under Beijing’s new “dual circulation” strategy.

China’s top leadership concluded a meeting on the 14th five-year plan last week and the nation’s top economic planning agency said afterwards Beijing might resume setting annual economic growth targets over the next five years after abandoning the practise in 2020.

Huang said one goal of dual circulation, which aims to boost domestic demand and make China more economically independent, was to reduce dependence on overseas energy sources, particularly oil.

China wants to reduce the amount of crude oil it imports by 10 to 20 per cent, according to Huang. It now imports around 70 per cent of the oil it consumes today.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x