Hu Jintao: Quadruple per capita GDP by 2020

Monday saw the Communist Party of China convening for its 17th National Congress at the Great Hall of the People. Hu Jintao, General Secretary of the 16th CPC Central Committee, gave the keynote report. In his report, Hu Jintao says China's per capita GDP should quadruple by 2020, compared to levels at the start of the millennium.

This goal is much higher than the target set by the CPC five years ago at the 16th National Congress. This also aimed to quadruple GDP values.

Hu Jintao said "We will quadruple the per capita GDP between 2000 and 2020, through optimizing the economic structure and improving economic returns while reducing consumption of resources and protecting the environment. "

Per capita GDP hit 800 US dollars in 2000. A three-fold rise means a target of 3200 US dollars in 2020. Per capita GDP stood at slightly over 2000 US dollars in 2006, up nearly 20 percent from that of the previous year.

But Hu Jintao also acknowledged that economic success had been realized at the expense of loss of valuable resources and damage to the environment.

Hu Jintao also said China will improve the yuan exchange rate regime, and gradually make the currency convertible under capital accounts. He also confirmed that China will proceed with financial reform to develop various tiers of financial markets, and improve the structure of capital markets. Other aims include strengthening financial supervision and better controlling financial risks.

Special Report:   17th CPC National Congress