(ECNS) - China's nominal per-capita GDP for 2019 is estimated to exceed the $10,000 threshold, according to a report by Peking University's Guanghua School of Management.
China's macroeconomy and financial market are expected to bounce back in the second quarter of the year, following the uncertainties and slowdown stress of 2018, and yearly growth will be stable thanks to the proactive economic policy recently unveiled, the report said.
It estimated that China's nominal GDP will be close to 100 trillion yuan this year, or close to 15 trillion US dollars. This means the nominal per-capita GDP in the world’s most populated country will be about $106,000.
China is laying a solid foundation to develop the country into "a moderately well-off society in all respects" in 2020, a goal set by the government.
The report forecasts robust market-orientated reforms this year, based on policy signals from the recently closed Central Economic Work Conference, and says that governmental functions will be further streamlined to let the market play a greater role.
Fiscal policy is expected to be a main driver of the steady growth, and the country’s infrastructure investment will continue to grow. The larger-scale tax and fee reduction measures will also boost production and investment. China will further relax its monetary policy but will not adopt strong stimulus policies this year, the report also said.