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Chinese Economy to Grow by 32% in Next Five Years

© AFP 2022 / LAURENT FIEVETAn office worker leaves the Industrial and Commercial Bank of China (ICBC)
An office worker leaves the Industrial and Commercial Bank of China (ICBC) - Sputnik International
The Chinese economy will grow by 32 percent in the next five years, surpassing $791 billion, the country’s government announced.

BEIJING (Sputnik) – Budget deficit in 2016 will amount to $334 billion, or 3 percent of the GDP, the government report said.

"By that time [2020] the total volume of China’s economy will surpass 90 trillion yuan, its quality and development effectiveness will substantially increase," the government said in a Saturday report.

The annual session of China's state legislature, the National People’s Congress (NPC), started in Beijing on Saturday and will last until March 16.

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Premier Li Keqiang said in his report presented at the NPC session on Saturday that China’s GDP will grow by at least 6.5 percent in 2015-2020.

China's economy grew 6.9 percent in 2015, down from 7.3 percent in 2014, amounting to the lowest annual GDP increase in 25 years.

The Chinese government plans to strengthen the role of innovations in the economy in the next five years, with the science share of the GDP reaching 2.5 percent by 2020, according to the Saturday report.

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