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Economic Growth Rate Goal for Tenth Five Year Plan to be 7%-8% a Year
The Economic Information Daily, predicts that Chinese economy's potential growth rate could reach between 7.0%-8.1% for the next ten years and drop to 5.5%-6.6% from 2010 to 2020.
By the years 2010 to 2020, China's population, environmental and natural resource problems will very prominent, suggesting that 2000 to 2010 will be a critical period for China's reforms and development. How China is able to maintain its high growth rate during this period and enact its reforms smoothly is linked to how long China's economic development can be maintained.
Setting the economic growth rate goal is based not only on necessity but feasibility. The economic growth rate during the tenth Five Year Plan must be higher due to unemployment pressures caused by reforms of state-owned enterprises and growth of labor. According to findings by the State Council Development Research Center, China can maintain a relatively high growth rate during the tenth Five Year Plan. But because the economic growth rate over the next three to five years could be lower than its potential, the average growth rate for the entire five years will probably be around 7.5%. Thus, they have recommended that the economic growth rate goal for the tenth Five Year Plan be between 7% and 8%.
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