{"id":6249,"date":"2020-11-06T10:38:29","date_gmt":"2020-11-06T10:38:29","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=6249"},"modified":"2021-10-19T05:46:38","modified_gmt":"2021-10-19T05:46:38","slug":"china-announces-outline-for-the-14th-five-year-plan","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/china-announces-outline-for-the-14th-five-year-plan\/","title":{"rendered":"China announces outline for the 14th Five-Year Plan"},"content":{"rendered":"
The Chinese Communist Party leadership released a <\/span>communiqu\u00e9<\/a> last week containing guidelines for the country\u2019s next economic five-year plan and overall economic policy until 2035. A<\/span>n<\/span>\u00a0<\/span>English summary can be read<\/span>\u00a0<\/span>here<\/a><\/div>\n
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The document was made public following the end of the four-day 5th Plenum of the CCP\u2019s Central Committee. The committee will decide upon the final content of the 14th Five-Year Plan ahead of the annual session of the National People\u2019s Congress due next spring, at which the final document will be adopted.<\/p>\n

The communiqu\u00e9 contained few surprises and is consistent with recent initiatives to shift China\u2019s economic aspirations towards quality over quantity. Despite the current focus on the development of China\u2019s domestic markets, the leadership also seems keen to stress it will continue to open up the country to foreign businesses.\"launchpad<\/a><\/p>\n

From economic to social growth<\/strong><\/h2>\n

Unlike the final plan, the communiqu\u00e9 includes few specific targets. It states, however, that Chinese leaders expect the country\u2019s economy to reach the RMB 100 trillion GDP mark (\u00a311.5 trillion) by the end of this year \u2013 a rather modest target given that it would imply an annual growth of less than 1% in 2020.<\/p>\n

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Behind the modesty, however, lies a general shift in policy direction away from pursuing unbridled growth towards fostering more socially and environmentally sustainable development. For example, the communiqu\u00e9 highlights the expansion of China\u2019s social welfare net \u2013 the largest in the world, with 1.3 billion Chinese covered by basic medical insurance and nearly one billion people covered by a basic pension scheme.<\/p>\n

What Biden’s presidency might mean for China<\/a><\/h2>\n

Besides these figures, the communiqu\u00e9 is largely aspirational, listing 12 key areas in which substantial progress should be made by the end of 2025:<\/p>\n