Source: China State Council Information Office 2
The outlines of China’s 14th Five-Year Plan and its Long-Range Objectives Through the Year 2035 indicated a move to “less rapid but higher quality growth and continued reform and opening up”, a study released by the British think tank Oxford Economics has said.
Conducted by Louis Kuijs, head of Asia Economics at Oxford Economics, the study gave an analysis on the world’s second largest economy’s near-and medium-term plans issued by the fifth plenary session of the 19th Central Committee of the Communist Party of China, which concluded on Oct. 29, 2020.
Instead of setting a numerical growth target, the plan and objectives called for “more sustainable” and “higher quality” growth via improving the economic structure, raising the economy’s innovation capacity, transitioning to a green economy and ensuring households share in economic growth, said the study published Friday.
As for the recently adopted new development pattern of “dual circulation”, Kuijs said it meant that the country “is about boosting domestic demand and growth, and ensuring the Chinese economy is robust against shocks, while at the same time continuing to reform and open up further.”
“In that sense, ‘dual circulation’ in most respects overlaps with the long-running overall objectives to rebalance the pattern of growth towards consumption and the services sector, and improve industrial structure,” added Kuijs.
As the United States continues to pursuit global technology hegemony, the study noted that China’s plan and objectives “focus on technology and innovation more than ever”, adding that “self-reliance in semiconductors is seen as particularly crucial”.
Commenting on China’s aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060, Kuijs said that green economy and carbon emission controls would be expected to play an important role in China’s development.