China’s economy can grow by up to 5% over next 5 years, ex-finance official says

China can sustain annual growth of 4.5 to 5 per cent over its next five-year plan period, former finance vice-minister Zhu Guangyao has said, just days ahead of a key Communist Party conclave to roll out the 2026-2030 blueprint.

“We have full confidence that we will accomplish the economic development goal this year. The economic growth will be around 5 per cent,” Zhu said at a conference in Beijing on Friday, hosted by the Chongyang Institute for Financial Studies at Renmin University.

“I personally think that we will keep this 4.5 to 5 per cent growth annually in the next five years and that will build up a solid foundation to achieve the 2035 goal,” he said, referring to the government’s pledge to “basically achieve socialist modernisation” by that year.

The comments from Zhu, who served as finance vice-minister between 2010 and 2018, come as China prepares for the fourth plenum of the 20th party congress.

The four-day event from Monday will see hundreds of members of the party’s top policymaking Central Committee gather in Beijing to discuss and endorse proposals for what will be China’s 15th five-year plan.

The meeting comes at a crucial time for the world’s No 2 economy, as it tackles all-out rivalry with the United States.

The full five-year plan, to be finalised in March during the annual national legislative session, will set key targets and priorities for a wide range of sectors.

Beijing has sought to emphasise the resilience of the national economy despite geopolitical headwinds and pressure from the US.