Hu sets goal of quadrupling per capita GDP

BEIJING -- China's per capita GDP is expected to be quadrupled by the year 2020 against 2000, Hu Jintao said in his report to the 17th National Congress of the Communist Party of China (CPC) on Monday.

But the rapid growth will be under the condition of reduced consumption of resources and greater efforts in environment protection, Hu said on behalf of the 16th CPC Central Committee.

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

This goal is much higher than the target set by the CPC five years ago at the 16th National Congress, which was to quadruple the GDP value, without the mention of per capita, by 2020, observers noted.

Five years ago, the 16th CPC National Congress outlined the task to quadruple GDP of the year 2000 by 2020 through optimizing the economic structures and improving efficiency.

China's GDP has kept growing at a speed of over 10 percent for four consecutive years and topped 20 trillion yuan ($2.7 trillion) in 2006.

But the fast economic growth has been realized "at an excessively high cost of resources and the environment," Hu acknowledged.

Per capita GDP stood at $2,042 in 2006, up $339, or nearly 20 percent, over that of the previous year, according to He Chuanqi, a researcher with the Chinese Academy of Sciences.

China's per capita GDP hit $800 in 2000, according to the 16th Communist Party National Congress report in 2002.

RMB Convertibility

China will improve RMB exchange rate regime, and gradually make the RMB convertible under the capital accounts, President Hu Jintao said Monday.

China will make its banking, securities and insurance industries more competitive, he said at a report delivered at the 17th National Congress of the Communist Party of China in Beijing.

China will proceed with financial reform to develop various tiers of financial markets and build a modern financial system that is inclusive of different forms of ownership and different ways of operation, according to Hu.

The president then proposed to improve the structure of capital market and raise the proportion of direct financing through multiple channels.

Hu suggested strengthening financial supervision and controlling, and forestalling and diffusing financial risks.