The Chinese newspaper that serves as the ruling Communist Party’s mouthpiece has outlined 10 objectives that are expected to lead to breakthroughs on the mainland in the next five years.
The targets were revealed on thePeople’s Daily’s Weibo account as the party’s fifth plenum, which will review the nation’s next five-year plan for 2016-20, gets underway.
The five-year plan – a holdover from the Soviet-style centrally planned economy – will provide a blueprint that sets out guidelines in key areas including tackling slowing economic growth, social reforms and the environment.
Here we take a look at the 10 objectives published by the People’s Daily.
Maintain economic growth
Solve major problems that restrict economic and social development and focus on potential future drivers of economic growth.
Transform economic development
Transform China’s economy towards one that is driven by consumption as well as investment and exports, rather than relying simply on investment and exports. There should also be a move away from a solely manufacturing-driven economy to one propelled jointly by agriculture, manufacturing and services. Growth should also be driven by advancements in science and technology, the improved quality of labor and innovation in management models, instead of through the consumption of resources.
Adjust and enhance structure of industry
Speed up the transformation and upgrading of traditional industries and push for the merging of informatisation – the adoption of information technology and computerization – and industrialization. Strategic emerging industries should be encouraged and there should be vigorous development of service industries – especially modern service industries – and the promotion of new business models.
Propel innovation-driven development
Push for greater innovation and development in fields such as technology, industry, enterprises, product design, company management and growth markets.
Speed up the modernisation of agriculture
Transform and speed up agriculture development, including introducing greater innovation in farming technology on the basis of ensuring sustained output of grain and crucial agricultural products.
Institutional and mechanism reforms
Comprehensively deepen reforms and enhance the greater awareness and execution of reforms so that, although the market can play a decisive role, government can offer improved influence over the allocation of resources.
Promote coordinated development
Take effective measures to ensure coordinated development between regions, and between cities and rural areas. There should be accelerated progress in less-developed areas to ensure all people have equal access to basic public services in urban and rural areas.
Improve ecological civilization
Use scientific methods to lay out areas for production, living and ecological use and also ensure solid progress in the fields of ecological and environmental protection to enhance the general ecological environment and improve people’s quality of life.
Enhance people’s livelihoods
Solve problems in the areas that most concern people, including education, employment, income, social security, health care and food safety.
Push for poverty relief
Take new tougher measures to ensure the alleviation of poverty.
- The danger from China’s coming recession (chinadailymail.com)
- China’s economic slowdown continues (chinadailymail.com)
- Why China keeps throwing trillions in investments down the drain (chinadailymail.com)
- Productivity, not reproductivity, must be the new driver of Chinese growth (chinadailymail.com)
- India to beat China again as fastest-growing economy in 2016 says IMF (chinadailymail.com)
- Xi Jinping defends China’s stock market interventions on first US visit (theguardian.com)
- Sweden’s Top Economist Puts China’s GDP Growth At 3%, But Others Are Even Less Optimistic (forbes.com)
- China, EU myths fade – US next? (weilsnotes.bangordailynews.com)
- Full text: China President Xi gives policy speech in Seattle, wants to fight cybercrime with the U.S. (computermagazine.com)
- Detailed analysis of China’s GDP indicates economy is actually 15% larger than official figures (nextbigfuture.com)
Categories: Finance & Economy