China sets GDP target to double by 2020

Same goes for per capita income.

BBVA reports that China’s 18th National Party Congress is now underway, President Hu Jintao announcing right off the bat during his opening speech of 18th National Party Congress that it wants to double GDP and per capita income by 2020 compared to 2010 levels.

"By our calculation, this would imply an average of 6.9% annual growth during 2013-2020, in line with the 7% growth target for 2011-15 established in last year’s 12th 5-year plan. While double-digit growth may be a thing of the past, and we expect potential growth to slow over the coming decade, we view the longer term target as achievable, provided that progress is made toward rebalancing the economy towards domestic demand, enhancing the efficiency of the financial sector, and reducing the influence of state-owned enterprises, as outlined in the 5-year Plan," BBVA said.

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