China | Understanding the 14th Five-Year Plan and the 2035 long-term development target

Summary

The Fifth Plenum of 19th Chinese Communist Party’s Central Committee was held in Beijing during October 26-29, in which the outline of the 14th Five-Year Plan for 2021-2025 has been reviewed and approved. In addition, the meeting also discussed the long-term economic and social development target to be accomplished by 2035.

Key points

• Key points:
• China’s 2035 long-term target is to "basically achieve socialist modernization", when China's economic and technological strength as well as the composite national strength will increase significantly. In particular, by that time, the GDP per capita of China will reach the level of moderately developed countries.
• No explicit growth target: As we expected, the Five-year Plan does not mention the explicit growth target figure for the next five years.
• The "dual circulation" model with the focus of "internal circulation" will be the authorities’ new strategy throughout the 14th Five Year Plan under the new international environment.
• Technology advancement is the new focus of the Five-year plan.
• The five-year plan will press ahead domestic structural reforms to release growth potential,stick to the opening-up policies going forward and further enhance environmental protection and green economy.

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