China unveiled more details of its plans for the country’s economic, social and political development over the next 15 years, fleshing out a broad framework agreed at a key meeting of the ruling Communist Party’s top officials last week, reported Caixin.
The full text of the proposal decided at thefifth plenum of the 19th Central Committee of the ruling Communist Party, mapping out goals for the 2021-2025 Five-Year Plan (FYP) and longer-term targets and priorities through 2035, was released by the Central Committee along with an explanation by President Xi Jinping that highlighted some of the key themes such as high-quality development, the dual circulation strategy, and specific targets the party wants the country to achieve, said Caixin.
Uncertainties and risks stemming from the Covid-19 pandemic and geopolitical tensions have prompted China’s policymakers to downplay the importance of rapid growth. In his explanation, Xi emphasized a greater focus on perfecting the country’s economic structure and the quality of growth in the strategy for medium- and long-term development.
“It is ‘completely possible’ for China to reach the current standard for high-income countries by the end of the 14th Five-Year Plan period and to double total economic output or per capita income by 2035,” Xi said in his explanation issued by the state-owned Xinhua News Agency.