China's GDP per capita is expected to hit 35,000 US dollars by 2035 – joining the league of developed countries such as the US and Germany, said a new report by the China Development Research Foundation, the organizer of the China Development Forum.

However, the China Development Research Foundation pointed out in the report a concept called Gross Final Product (GFP).

The vice chairman for the foundation defined the GFP as a way to measure products included in the GDP that will not directly enter a new manufacturing cycle, and that means GFP includes consumer spending, government spending and non-manufacturing investments.

The report titled "2035: Potential and Path of China's Economic Growth" dissects China's GFP composition and compares it with other countries at times when their GDP per capita also reached 35,000 US dollars. The report reveals that the portion of China's total spending spent on infrastructure and real estate is significantly higher than other countries the report sampled. But the figures are expected to drop by 2035. And expenditure on living, traveling, dining out as well as financial products including insurance is expected to rise in the next 18 years.

“Investments in real estate are expected to decline sharply before turning to a steadier decline. People's spending on living is expected to and should continue to rise, which means people's demand for a place to live is being satisfied and their materialistic demand is increasing. And we suggest the government should increase its portion of public consumption expenditure in its overall spending,” said Liu, the foundation’s vice chairman.

These findings match a vision laid out by Chinese President Xi Jinping during his report to the 19th CPC National Congress last October. President Xi said the country would basically realize its socialist modernization by 2035, and pointed out that Chinese people's need for a better life has been ever-growing.