China: 13th 5 Year Plan off to Good Start

China: 13th 5 Year Plan off to Good Start

President Xi has said he is confident that China will well achieve its major economic and social targets for 2016, and that the 13th Five-Year Plan period (2016-2020) will be off to a good start, according to a statement released Friday.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, made the remarks at a CPC Central Committee meeting held Tuesday to solicit opinions on the proposed economic work from non-CPC personnel.

In a world economy beset with increasing instabilities and sluggish recovery, China has stuck to its new development concept and the basic tone of making progress while maintaining stability, and firmly pushed forward reforms that include supply-side structural reform, Xi said.

Stressing that China’s task of stabilizing growth, promoting reform, adjusting structure, improving people’s livelihoods and guarding against risks was still arduous, the president called on the nation to maintain solidarity in face of a complicated situation and difficult task.

Premier Li Keqiang briefed the meeting about the government’s economic work this year and plans for 2017.

Leaders of China’s eight non-communist parties and the All-China Federation of Industry and Commerce attended the meeting. Economist Li Daokui was also present as a representative of personages without party affiliation.

The attendees said they agreed with the central leadership’s analysis of China’s economic situation this year and the planning for next year’s economic work.

They also put forward opinions and suggestions on issues including supply-side structural reform in property sector, fiscal and financial support for poverty alleviation, and industrial innovation.

Other topics covered were creating new financing channels for small and medium-sized companies, upgrading the manufacturing sector, fostering new growth momentum, controlling risks in foreign exchange management, and boosting the sharing economy.

Xi expressed thanks to non-CPC personnel for the contribution they made to the national economic and social development, noting that the central leadership will seriously consider their opinions and suggestions.

Xi especially praised the non-communist parties’ effective supervision over poverty reduction work in eight provinces this year, and called for continued efforts to supervise government work and make suggestions.

Under China’s multi-party cooperation system, non-communist parties participate in state affairs under the leadership of the CPC. The CPC and non-communist parties work together and supervise one another.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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