China set its economic growth target for this year at 6% or more at the National People's Congress, which started on March 5. The country's current five-year plan does not specify an average annual growth target, but it outlines a long-term vision of improving China's economic and technological capabilities, as well as its overall national strength, to become a midtier developed country by 2035. As China's national strategy to surpass the U.S. becomes clear, there are concerns that friction between the two countries will grow.
China's economy was hit by the new coronavirus pandemic, contracting 6.8% in the first three months of 2020. It subsequently recovered, achieving 2.3% growth for the full year. The size of its economy is already more than 70% that of the U.S. The Japan Center for Economic Research forecasts that China's nominal gross domestic product will exceed that of the U.S. in 2028.
