With its headway in both epidemic prevention and control and economic recovery, China is working on formulating a new plan for economic and social development, which is set to bring certainty and confidence to the world amid uncertainties.
The proposals for formulating the 14th Five-Year Plan for Social and Economic Development (2021-2025) and future targets for 2035 will be assessed during the fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) scheduled to be held in Beijing in October, according to a meeting of the CPC Central Committee Political Bureau last week.
Created every five years since 1953, the Five-Year Plan is a major feature of China’s governance system, setting growth targets and defining development policies. It allows the authorities to map out strategies for overall economic and social development and to advance with the times.
Such disciplined and comprehensive approach stems from a system of governance designed to serve the long-term and fundamental interests of the people, rather than one that is exploited by a few politicians in some western countries for shortsighted goals and their own interests.
It is worth noting that a 15-year “long-term vision” is mentioned along with the 14th Five-Year Plan this year, aiming for 2035 when the country’s socialist modernization is expected to be basically achieved.
The long-term vision will ensure the coherence and strength of the policies, thus offering a stable and safe environment for domestic and foreign investors.
As underscored in last week’s Political Bureau meeting, China will accelerate the establishment of a “dual circulation” development pattern that takes the domestic market as the mainstay while domestic and foreign markets can boost each other.
While expanding domestic demand was stressed, it would be a mistake to consider that China will retreat from the global economy. Rather, China will utilize domestic and international resources more efficiently, ensuring robust and sustainable development.
China’s economy has become more intertwined with the world, as shown by the remarkable increase in imports and exports in June, and growing trade with partners such as the ASEAN and the Belt and Road countries. Hyping up the theory that China is self-isolated not only goes against the facts, but also leads to many enterprises missing the opportunities of sharing the cake of China’s growth.
Figures from the World Bank’s Doing Business 2020 report show that China has made greater progress in the 2005-2020 period than any other large economy in terms of facilitating the ease of doing business. Moreover, China’s Ministry of Commerce is amending a regulation on foreign strategic investments in Chinese listed firms to ease thresholds and restrictions on foreigners buying equity stakes.
China’s commitment to deeper reform and wider opening-up gives confidence to the world to face up to the economic turbulence as some politicians in the United States abused their state power to bring down certain non-U.S. enterprises. The U.S. practice is nothing but political manipulation and makes things worse especially when many economies continue to flounder amid the pandemic.
China firmly opposes the blatant act of bullying and will continue to facilitate greater opening-up. With its predicable and coherent policies, China will provide more opportunities through high-quality development for businesses seeking an open, fair, just and non-discriminatory environment.