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China’s 14th Five-Year Plan


A news report by China.org.cn on the China’s 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035:

At the fourth session of the 13th National People’s Congress (NPC), the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 was approved. The plan clearly states that during the 14th Five-Year Plan period, China will accelerate the establishment of a new development pattern of “dual circulation,” where domestic and foreign markets can boost each other, with the domestic market as the mainstay, and start a new journey of building a modern socialist country with a new development concept.

China’s five-year plans are a series of social and economic development initiatives issued since the 1950s, which map strategies, put forward targets and set corresponding policy-making directions. They are an important way in which the Communist Party of China (CPC) governs the country.

In 1953, China drew up its first five-year plan when the country needed to build its capacity from scratch. The 1st Five-Year Plan (1953-1957) set out the basic task of laying the foundations of China’s industrialization and completing its socialist transformation. During that period, China successfully produced its first car, its first jet aircraft and the Wuhan Yangtze River Bridge. By the end of 1957, China’s total industrial output had increased by 128.6% compared with 1952.

In 1986, China drew up the 7th Five-Year Plan (1986-1990). This plan, devised after the reform and opening-up of China, included for the first time sections on “expanding external economic and technological exchanges” and “investment structure and policy,” and also placed the development of science and education in important strategic positions. During the 7th Five-Year Plan period, China’s economic system underwent major changes, with the Shanghai Stock Exchange starting operations in December 1990.

In the last five years (2016-2020) of building a moderately prosperous society in all respects, the 13th Five-Year Plan highlighted “innovation” and “reform.” It also set out key tasks including targeted poverty alleviation, construction of the Belt and Road Initiative, integration of Hong Kong and Macao into overall national development, and strengthened the crackdown on corruption. By the end of 2020, China’s GDP exceeded the threshold of 100 trillion yuan ($15.42 trillion). Meanwhile, the Fuxing bullet trains, Hong Kong-Zhuhai-Macao Bridge, C919 airplane, Chang’e-4 spacecraft, Beidou Navigation System and other achievements have become new icons of China.

China’s five-year plans can be said to have charted the path of national economic and social development, and recorded the entire process of the country’s growth.

From the 1st to 14th Five-Year Plan, China has been marching toward the same goal, that is, to achieve modernization. The consistency of targets, long-term decisions, stability and continuity of guidelines are distinguishing features of China’s governance system.

Now, the new 14th Five-Year Plan and the Long-Range Objectives Through the Year 2035 will lead the Chinese people toward building a great modern socialist country with a brighter future.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge 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 Crypto, Mining, Shipping, Technology and Financial Services.