Key meeting scheduled on China‘s new 5-year development plan

Oct 14, 2015, 08:30 am

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By Hong Soon-do, Beijing correspondent, AsiaToday - China will hold the fifth plenary session of the 18th Central Committee of the Communist Party of China (CPC) from October 26 to 29 to finalize the economic and social development plan for the next five years, or the so-called 13th Five-Year Plan (2016-2020). It seems certain that the leaders of the CPC will lower the country's economic growth target to 6.5% for the five-year period from the 7 percent set for the current period. If that's the case, it would be the first time that Chinese leaders are not expecting the economy grow faster than 7%. 

The Fourth Plenary Session of the 18th Central Committee of the Communist Party of China held last year. The upcoming plenum in October is expected to focus on reviving the economy and creating  blueprint for the future./ Source from Xinhua News Agency.

Beijing's leading newspaper Beijing News reported on Tuesday that such decision of lowering GDP growth target was made possible as China's next economic policies are closely related to "new normal" of slower but more sustainable growth. In other words, the economic policymakers are likely to turn their eyes towards the quality of the overall economy from the size of the economy. Nevertheless, the basic blueprint for the 13th Five-Year Plan will be rosy. First, the meeting will finalize the plan of doubling China's 2010 GDP and people's income by 2020. Job creation will be another major task in the development plan. China will set a plan of creating 10 million jobs a year, and extending to more than 50 million jobs by 2020.

The central task will be adjusting balance of the economy. The examples would be achieving a balance between economic development speed and industry structure, between central and local governments, and between investment and efficiency. In other words, by eradicating obstacles that obstructs qualitative economic development, China is planning to recover its economy and set a "moderately prosperous society", as the ruling party said.

The CPC leaders will also discuss organizational revamps during the plenary session as a part of the anti-corruption campaign. As a result, Chinese President Xi Jinping will be strengthening his power and influence.

#CPC #13th Five-Year Plan #fifth plenary session 
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