BEIJING (XINHUA) – China’s new five-year plan, currently under review at the ongoing annual “two sessions”, has come under the spotlight as analysts expect the development blueprint of the world’s second-largest economy to inject more certainties and bring fresh opportunities to the pandemic-rattled world.
China on Friday unveiled the draft outline of the 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through the year 2035, specifying policy priorities and major social and economic goals for the next five years and beyond.
In particular, the draft plan sends a reassuring message to the world by reaffirming China’s commitment to a high-level opening-up. Keywords of the plan, such as “reduced import tariffs” and “shortened negative lists for foreign investment”. have been deemed by analysts and diplomats as measures conducive to the global recovery from the pandemic-induced recession.
Last year, China emerged from the global headwinds to become the only major economy to register positive growths in GDP and foreign trade in goods, thanks to its effective anti-epidemic measures. The country’s GDP increased by 2.3 per cent year-on-year to cross the USD15.35 trillion threshold, while its imports and exports of goods expanded 1.9 per cent.
“China is the main global economic engine for recovery from the COVID-19 economic downturn. Therefore, the entire world will be affected by the targets set in China’s new five-year plan and its success in achieving these,” senior fellow at Chongyang Institute for Financial Studies, Renmin University of China John Ross told Xinhua in a recent interview.