Lin Yifu, a member of the National Committee of the Chinese People's Political Consultative Conference and dean of the Institute of New Structural Economics at Peking University, stated on March 8 that China still possesses significant economic growth potential and expressed confidence in achieving this year's growth target. He emphasized that before 2035, China has the potential to achieve an 8% economic growth rate and is optimistic about reaching the current year's target of 4.5% to 5%.
Reflecting on China's economic performance, Lin noted that from the start of reform and opening-up until the end of last year, the country maintained an average annual growth rate of 8.9%. Over 47 years, the economy expanded 50 times compared to 1978. This sustained and stable growth not only enabled China to eliminate absolute poverty within a single generation but also drove comprehensive progress across economic, social, cultural, ecological, and political domains.
According to Lin, the fundamental factors supporting China's long-term economic growth remain unchanged, with the potential for 8% growth persisting until 2035. He highlighted several core advantages underpinning this outlook: over five million graduates annually in science, engineering, technology, and mathematics—the largest number globally—coupled with the world's biggest economic system, the most extensive application scenarios, and the most complete industrial ecosystem.
Regarding the government's growth target of 4.5% to 5% set in this year’s work report, Lin indicated that the goal realistically balances China’s growth capacity, external challenges, and the need for ongoing reforms. He stressed that the phrasing "strive for better results in practical work" suggests the possibility of growth exceeding 5%.
Lin also projected that even if economic growth remains within the 4.5% to 5% range this year, China would continue to contribute around 30% annually to global economic growth, expressing strong confidence in this outlook.
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