Economic blueprint sets target of ‘moderate prosperity’ for everyone
Print Edition
CHINA will target “medium-high economic growth” in the five years from 2016, according to a communique released yesterday following a key meeting of the Communist Party of China.
Leaders decided during the four-day Fifth Plenary Session of the 18th CPC Central Committee that the country will aim to double its 2010 GDP and per capita income of both urban and rural residents by 2020 by ensuring more balanced, inclusive and sustainable development.
The targets for the 13th Five-Year Plan (2016-20) were set with a view to ensure that the country can realize “a moderately prosperous society” by 2020, the document said.
The country will promote greater sophistication in its industrial sector and raise the contribution of consumption to economic growth, it said.
The urbanization ratio calculated based on the number of registered residents will also rise at a faster pace, it said.
The ratio of registered urban residents to total population stood at 35.9 percent at the end of last year.
A plan to promote urbanization has set a target of raising that ratio to 45 percent.
The government will prioritize quality and efficient development in the next five years, while seeking to accelerate the formation of a development pattern that can lead the economy in the “new normal” period, the communique said.
One of the world’s fastest-growing economies, China is developing into a new economic period that features slower but quality growth.
In the first three quarter of this year, China’s economy grew by 6.9 percent year on year, its slowest since the second quarter of 2009, but its economic structure is improving.
The communique said China should highlight innovation, coordinated and green development, opening up and inclusiveness to fulfill its economic goals.
The country will continue to deepen reforms and stick to the rule of law and the leadership of the CPC, the document said.
The CPC leaders convened in Beijing on Monday to discuss an economic blueprint that will set the direction for the next five years.
A final plan will be ratified by the annual session of China’s top legislature in March.
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