China’s GDP could add $5.6 tril­lion by 2030: Re­port

China Daily (Canada) - - NEWS CAPSULE -

China’s GDP (gross do­mes­tic prod­uct) could add $5.6 tril­lion more by 2030, and its house­hold in­come could rise by $5.1 tril­lion if the coun­try suc­cess­fully be­comes a pro­duc­tiv­i­tye­con­omy in­stead of the cur­rent model of us­ing in­vest­ment to spur growth, ac­cord­ing to a McKin­sey & Co study.

The new pro­duc­tiv­ity-led model would en­able China to create more sus­tain­able jobs, re­in­forc­ing the rise of the con­sum­ing mid­dle class and ac­cel­er­at­ing progress to­ward be­ing a full-fledged ad­vanced econ­omy, the re­port said.

To avoid an eco­nomic hard land­ing, China should switch to a new growth model, the con­sult­ing com­pany said.

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