Justin Yifu Lin (1st L), a member of the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC), answers questions during a press conference on major economic issues for the third session of the 12th CPPCC National Committee in Beijing, capital of China, March 6, 2015. Members of the 12th CPPCC National Committee Li Yining, Li Yizhong, Chen Xiwen, Justin Yifu Lin, Yang Kaisheng, Chang Zhenming, Jia Kang answered questions at the press conference. [Photo: Xinhua/Lyu Xun]

Chinese economy can grow at 6.5 percent a year during the 13th Five-year Plan (2016-2020) period, according to Justin Yifu Lin, of the Peking University's national school of development and a former World Bank chief economist.

By 2020, China's GDP per capita could reach 12,615 U.S. dollars, a substantial increase on the current level of 7,800 U.S. dollars, Economic Information Daily quoted Lin as saying Monday.

Lin attributed his forecast to domestic demand rather than exports, noting that consumption and investment will be key to realizing these goals.

In his logic, consumption growth is based on increased revenue, and revenue relies on labor efficiency, which requires technological renovation and industrial upgrading, both of which depend on investment.

China is rich in investment resources given the Chinese government's debt ratio stands at 56 percent of GDP, much lower than developed countries, whose debt ratio usually well higher than 100 percent, Lin said.

"China's private savings are as high as 50 percent of national GDP," said Lin, adding that the country also has foreign exchange reserves of 3.5 trillion U.S. dollars.