China to set course for next 5 years
Print Edition
CHINA’S Communist Party will hold a full meeting of its Central Committee in October to set the course of the world’s second-largest economy for the next five years.
The decision was made yesterday at a meeting of the Party’s Political Bureau chaired by President Xi Jinping.
Such meetings, called plenums, are typically held once a year and tend to map out key policies for the years ahead.
The Fourth Plenum last year focused on the rule of law, while at the Third Plenum in 2013 Xi announced ambitious reforms that signaled a shift of China’s economy from infrastructure and export-fueled growth toward a slower, more balanced and sustained expansion.
High on the agenda of the Fifth Plenum will be discussion of the 13th Five-Year Plan (2016-2020) of national development. The plan will be an important document that outlines national priorities and sets targets for economic and social development.
The five-year period from 2016 is a critical stage for building a moderately prosperous society in all aspects, a statement issued after the meeting said. The 13th five-year development plan will focus on realizing this goal, it added.
China is entering a “new normal” of economic development and faces not only great strategic opportunities but complicated and tough challenges, the statement said. “We need to correctly perceive the fundamental changes and respond to risks and challenges more effectively.”
Development is still the first priority, the statement added, noting that the circumstances, tasks and requirements of the nation’s development will change in the 2016-2020 period and the Party must have new ideas and measures to achieve sustainable, healthy growth.
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