New five-year development plan of the country: main points
The pandemic significantly undermined the Chinese economy, so after quarantine the country began to increase production at a huge pace. By the end of the year, it was possible to achieve great success, to compensate for losses, and to show growth, though not in the amount originally intended. However, the Chinese government continues to implement the strategy of the world championship. Recently, a new five-year development plan has been presented, which aims to increase GDP per capita.
According to the Chinese authorities, they plan to increase the index to the values adopted in the countries with developed economies within 15 years. The five-year plan includes the development of the economy from 2021 to 2025, and the long-term strategy is designed to 2035. The published document states that China wants to bring the GDP per capita by 2035 to the levels observed in Korea and Spain, where this size is about 30 thousand dollars.
The strategy was agreed upon within 4 days, with all negotiations held behind closed doors and with a limited number of officials. The complexity of the situation lies in the instability of global processes, which affect the internal state of affairs in the country. Besides, the issue of strained trade relations with the USA, imposed sanctions and unclear political situation in Hong Kong remains acute. These factors, combined with the pandemic, force the authorities to reconsider the previously adopted course and change it to take into account new components.
In contrast to previous years, the new presented plan decided to abandon certain numbers in quantitative indicators. Instead, the document noted the priority areas of development, such as science and technology. In addition, the plan pays special attention to the growth of domestic consumption, its importance and ways to achieve the goal. The government emphasized that the Chinese people should first rely on their own strength and reduce dependence on other nations, especially in the technology sector.
According to the officials, all conditions for sustainable economic development will be provided within 5 years. This will be achieved, among other things, by supporting domestic consumption.
It was noted in the document that over the past few years, the growth of income lags behind the GDP indicators and this difference should be reduced. Besides, special measures will be introduced to attract foreign investments.
The country also faces an urgent environmental problem, and in order to reduce the negative impact on the environment, the government is committed to reducing the use of raw materials, which causes carbon emissions.