China real estate crash would threaten goal of doubling GDP: report

Beijing's response to property debt crisis will have far-reaching effects

A Chinese financial crisis triggered by a real estate bubble burst would throw a wrench into President Xi Jinping's goal of doubling China's gross domestic product, the Japan Center for Economic Research says. © Reuters

IORI KAWATE, Nikkei staff writer

December 19, 2023 11:16 JST

BEIJING -- If the Chinese real estate bubble bursts and triggers a financial crisis, the nation's economic growth will be stuck at around 1%, jeopardizing its goal of doubling gross domestic product by 2035, the Japan Center for Economic Research says in a new report.

The report projects GDP growth for 18 Asia-Pacific countries and regions through 2035, with annual updates made to reflect the latest policies and economic conditions. The JCER released a summary of this year's report Monday.