China's GDP Expected to Exceed $14.9Mln in 2020 - CPC Central Committee

BEIJING (Pakistan Point News / Sputnik - 29th October, 2020) The Chinese economy is expected to surpass 100 trillion Yuan ($14.9 trillion) this year, the Central Committee of the Communist Party of China (CPC) said in a communique on Thursday.

The fifth plenary session of the 19th CPC Central Committee was held in Beijing on October 26-29. The session adopted proposals for the 14th five-year-plan and the long-term goals until 2035.

"The economic might, scientific and technical potential and the state's aggregate power have reached a new level [during the 13th five-year-plan], the country's economic activity is overall stable, and the structure of the economy is consistently optimized. It is expected that in 2020 the country's GDP will exceed the benchmark of 100 trillion yuan," the communique read, as quoted by the Xinhua news Agency.

In the first quarter of the year, the Chinese economy declined 6.8 percent year-on-year amid the COVID-19 pandemic. Because of the difficult situation, the Chinese government decided to abandon its usual practice of setting goals on GDP growth this year.

The GDP rebounded in the second and third quarters of the year and grew by 3.2 percent and 4.9 percent, respectively.

Last month, the Organization for Economic Co-operation and Development (OECD) revised its forecast for China's 2020 GDP dynamics, expecting a growth of 1.8 percent. The OECD also revised its forecast for 2021, expecting the world's second-largest economy to grow by 8 percent next year.