Chinese President Xi Jinping asserted to Group 20 leaders that China’s economy was on track to grow 7% this year despite slowed third-quarter growth of 6.9% and doubts about the veracity of the country’s headline economic statistic, South China Morning Post reported. “The Chinese economy is predicted to grow about 7 per cent this year, which will continue to contribute as much as about one-third to global growth,” Xi said. The party leadership is aiming to double 2010 gross domestic product and per capita income by 2020, requiring at least 6.5% annualized growth for the next five years–a goal many economists have suggested is implausible if reforms necessary for longer-term growth are to be implemented.
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