The Communist Party of China on Tuesday issued the full text of proposal for China’s development over the next five years.
The next five-year period is described as decisive for building a moderately prosperous society by 2020 in the proposal.
The CPC Central Committee’s Proposal on Formulating the Thirteenth Five-year Plan on National Economic and Social Development was adopted at a plenary session of the 18th CPC Central Committee which ended on Oct. 29.
China aims to double its 2010 GDP and the 2010 per capita income of both urban and rural residents by 2020.
The document analyzes the decisive stage and sets guidelines and targets for the next five years. It highlights innovation, coordination, green development, opening up and sharing.
President Xi Jinping expounded in a later explanation that annual growth of 6.5 percent will be required for China to “build a moderately prosperous society” by 2020.
He said the medium-high economic growth target was proposed after considering both economic potentials and risks.
ZHANG JUN, Fudan University
“The growth rate is widely recognized. By lowering the target of growth rate, China can promote various reforms. China’s economy will grow slower due to easing environment. However, it’s not a difficult target to double per capita income of both urban and rural residents by 2020 at the growth rate of 6.5 percent.”
According to the proposal, China will continue to encourage mass entrepreneurship through major scientific and technological projects, and by building a number of national laboratories.
The government plans better allocation of resources including labor, capital, land, technology and management.
ZHU HAIBIN, JP Morgan Chief Economist
“The highlight in the communique is the importance of innovation in future economic growth. Two aspects of innovation have been mentioned: one is technology and industry upgrade and the other is business model changes through new technologies, such as Internet plus. Both will enhance economic growth.”
There will be more official moves to upgrade the economy into a global manufacturing power, cultivate strategic industries and modernize the agricultural and service sectors.