SHANGHAI, Nov 29 (Reuters) - China’s gross domestic product will hit 100 trillion yuan ($16 trillion) by 2020, close to the size of the United States economy in 2012, the official Xinhua news agency reported, quoting an economic forecasting official.
In 2020, China’s GDP per capita will likely exceed $10,000, nearly double the amount in 2011, said Yang Weimin, vice head of the Office of the Central Leading Group on Finance and Economic Affairs.
Over the next few years, faster development in the country’s central and western regions also meant incomes would rise faster for residents of those regions than in the more developed eastern parts of China, Yang said.
China’s gross domestic product in 2011 was 47.2 trillion yuan. On Wednesday, China’s Commerce Minister said China was certain to hit the government’s economic growth target of 7.5 percent for 2012 and could even exceed it.
China’s growth rate has slowed for seven successive quarters and the country is on course for its weakest full year of expansion since 1999, albeit at a pace that far outstrips the rest of the world’s major economies.