Though China’s economy has long been expected to grow to be larger than that of the US, China remains far behind in terms of the average wealth of its citizens.

Though China’s economy has long been expected to grow to be larger than that of the US, China remains far behind in terms of the average wealth of its citizens.
While the United States was gearing up for what proved to be a hotly contested presidential election, China was already laying out its future economic plans.
Released in late October, China’s next five-year plan stresses the need for the country to pursue quality growth and increase its own domestic market, with a special focus on charging up the country as a technological powerhouse to rival the US.
Particularly in terms of technology, US-led sanctions have served to create the impetus for China to move toward technological self-reliance.
China has emerged from the coronavirus pandemic as possibly the best off, as it is one of the few countries expected to grow its economy in 2020. This perhaps gives the country the space to accelerate its economic and technological growth.

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But whether this growth can overtake that of the US is another question. Though China’s economy has long been expected to grow to be larger than that of the US, China remains far behind in terms of the average wealth of its citizens.
The uncertainty and chaos facing Chinese corporations targeted by US sanctions and the deterioration of US-China relations show that China has a long and uneasy path before it can truly claim to be self-reliant.
China’s plans come at a time when the future of US-China relations appears uncertain, with outgoing President Donald Trump using his final weeks in office to deteriorate them further. For China’s leaders, there is no time like the present to lay down their path to overtaking the US.
Growth plan
China’s new five-year plan for economic growth, announced in October, is the country’s 14th, with the first having been announced back in the 1950s.
The latest plan stresses the need for sustainable growth with a focus on building up a robust domestic Chinese market.
The plan also centers China’s technological ambitions, likely in light of recent pressure from the US in the form of sanctions placed on crucial semiconductor technology.
One communiqué announcing the plan was published by the state-media run Xinhua News Agency, which stated that by “making major breakthroughs in core technologies in key areas, China will become a global leader in innovation.”
The five-year plan also briefly sketched out goals for the next fifteen years as well. These included raising China’s gross domestic product (GDP) per capita to that of a “moderately developed country,” further opening the economy, developing a “world-class military” by 2049 and cutting its carbon emissions.
Chinese officials and policymakers likely believe that this is the country’s moment to overtake the US in key areas, given the economic fallout and continued surge in coronavirus cases seen in the US.
Not only has China managed to recover from the pandemic, but in the third quarter of 2020 it enjoyed a GDP growth rate of 4.9%. According to the International Monetary Fund (IMF), China’s GDP has grown by nearly 2% over 2020.
Though this is significantly lower than the figures the country has seen in recent years, China is likely to be the only G-20 nation to grow its economy in 2020, experiencing a true “V-shaped recovery” following the fallout from COVID-19.
While China’s five-year plan did not suggest an annual GDP growth target, recent reports suggest that the country will aim for GDP growth of around 5% annually as a result of President Xi Jinping ‘s focus on “quality” growth over “quick” growth.
Though smaller than the number seen before the pandemic, 5% annual GDP growth is still enough to place China on track to overtake the US economy in size by 2031.