China’s government says it is on course to double the size of its economy by 2030.
But experts say the country is still facing a host of challenges.
“The Chinese government has embarked on a massive stimulus program, and it has also committed to a lot of infrastructure investments, including on roads, bridges, and airports,” said Steven Koonin, a fellow at the American Enterprise Institute and former White House aide to President Donald Trump.
“That is going to have a massive impact on how much of China is built and what it looks like.”
In addition, many Chinese people have already stopped working to help support the government, he added.
The government is now looking at more ways to get China’s economy going, but those efforts may not be enough to make up for the problems that are already in place, Kooninsaid.
While the government has made some progress on infrastructure and reducing poverty, Kookinsaid, who served as White House press secretary during the 2016 campaign, said the Chinese Communist Party is still “a long way from achieving its dream of a prosperous society that is truly egalitarian.”
The new government’s ambitious growth target of 7.5 percent this year and 2020, the third year in a row that the government announced ambitious growth targets, will only be met by a massive investment of money and resources, he said.
China has made major investments in infrastructure and technology in recent years, he explained.
To be sure, there is plenty of scope for the government to make some headway.
Kooniinsaid estimated China could grow its economy at 7.4 percent a year, which is about double the current average.
But even that would still be “about a third to a half” of what it has been in recent decades, he wrote.
Even with a growth target that lofty, however, there are signs that the country may not have the resources to reach its goals, Kwaninsaid added.
“The government has said it wants to create 100 million private-sector jobs by 2020, but it is not clear whether that will be enough for China to reach those goals,” he said in a statement.
China’s rapid economic expansion, Koonsaid noted, is driven by an increasingly competitive and open labor market.
“There is no shortage of skilled labor, which has been one of the major drivers of growth,” he added, “but the labor market is still much more open than it was a few decades ago.”
Despite the progress China has already made, many analysts say China will still need to do more to improve the countrys education system.
China still ranks among the worst in the world in terms of graduation rates, according to a study by the McKinsey Global Institute released in July.
The country’s graduation rate for high school students was about 38 percent in 2016, according the study.
That was far below the average of 69.5 for the OECD nations surveyed.
Moreover, some analysts said China may not always be able to achieve the levels of economic growth that it has shown over the past several decades.
In China, there have been concerns about the country’s political system and the possibility of authoritarianism, said Andrew J. Rosenberg, an associate professor at the University of Southern California.
The rise of the country and its economy are still viewed as a threat to democracy, he told The Washington Post.
One of the biggest challenges that China faces, Rosenberg added, is that many of its citizens are not as interested in learning about their countrys economy as they once were.
But some experts have suggested that if China’s leaders can harness the new openness of the Chinese public and address some of its underlying issues, they may be able grow their economy.
At the same time, there will be challenges that are going to be needed to sustain that growth, Rosenberg said.
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