Economic Growth Targets - The nominal GDP growth target during the 14th Five-Year Plan period is set at no less than 5.5% to ensure the achievement of the 2035 vision goal[1] - To reach the 2035 goal of per capita GDP at the level of a moderately developed country, nominal GDP growth must average at least 5.4% over the next decade[1] - The average nominal GDP growth over the past eight quarters was only 4.2%, indicating a gap from the medium- to long-term target[1] Inflation and Economic Growth - The key to recovering nominal GDP growth lies in the price level; if the GDP deflator returns to the average level of 1.7% from 2012 to 2025, nominal GDP growth could reach 6.1%[1] - The GDP deflator averaged -0.9% over the past eight quarters, with a significant negative growth in service prices, necessitating a boost in consumer demand to recover service prices[1][2] Long-term Economic Strategy - The long-term economic growth strategy consists of three levels: the highest is the "three-step" strategy, the middle is the doubling target, and the lowest is the annual growth target[1] - Achieving the doubling target requires an average annual growth rate of 4.4% from 2020 to 2035, with a projected average growth rate of 5.4% for 2021-2025[1] Risks and Considerations - Risks to achieving the 2035 goals include potential long-term appreciation of the RMB against the USD, which could enhance the dollar-denominated per capita GDP[2] - Changes in real estate, consumption, exports, and population dynamics could significantly impact future economic growth and price levels[2]