China GDP to double by 2020 According to President

Chinese President Hu Jintao vowed Thursday to double the country’s gross domestic product and per capita income by 2020 from 2010 levels, a development that would increase the likelihood China will surpass the United States as the world’s largest economy by 2030.

Speaking at the opening of the Communist Party’s 18th National Congress, Hu expressed determination to “safeguard China’s sovereignty, security and territorial integrity,” an apparent criticism of Japan’s control of the Senkaku Islands in the East China Sea that are claimed by Beijing.

The congress, to run through next Wednesday, will usher in a once-in-a-decade leadership change in which Hu will hand the post of party general secretary to Vice President Xi Jinping.

The congress comes as China, which overtook Japan as the world’s second-largest economy in 2010, is likely to mark a shift from an investment-led economy to a consumption-driven one propelled by higher disposable income and increased urbanization in the coming decade under Xi’s leadership.



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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza