China’s new 5-yr plan aims to double 2010 GDP by 2020

Leaders of the Communist Party of China approved proposals for the 13th five-year plan of the country’s national economic and social development at the meeting concluded Thursday.

According to a communique released after the meeting, China targets “medium-high economic growth” in the next five years starting 2016 with priority given to quality and efficient development.

And the country is also aiming to double its 2010 GDP and per-capita income of residents both in cities and rural areas by 2020.

The statement said China will significantly raise the contribution of consumption to economic growth during the five-year period.

And the government will deregulate pricing products and services in competitive sectors in a comprehensive way.

The country will further promote foreign investment by adopting the “pre-establishment national treatment plus negative list” approach nationwide.

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