China gives final touch to 13th five year plan

BEIJING – Chinese top leaders met non-communist and business chiefs to listen to their opinions to give final touches to 13th five-year plan proposal approved at the party’s plenary session.

The attendees said that they backed the central leadership’s proposals but made suggestions on various issues concerning the economic growth target, poverty alleviation, the aging population and green development.

China’s President Xi Jinping said that China will face up to a lot of new situations and problems from 2016 to 2020. Adapting to this “new normal” and sustaining healthy economic and social development is crucial, he said.

The proposal highlighted five development ideas; innovation, coordination, the environment, opening up and sharing and all must be implemented if China is to be successful. China will attract more foreign investors by being clearer on the rules that apply to them, according to a communique following the Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee.

At this key four-day meeting, leaders decided on nationwide adoption of the “negative list” model that clearly states sectors and businesses that are off limits to foreign investment. This will help ensure protection of foreign investors’ rights and better allocate their funding. The communique suggested the service sector in particular should be further opened to foreign investment.

The committee encouraged coastal areas to get more involved in global trade and called for more advanced manufacturing bases and cross-border economic zones. Meanwhile, China will keep promoting the Belt and Road Initiative (BRI) by enhancing cooperation with countries and regions along the route and participate in global industrial and equipment manufacturing cooperation, according to CPC.

Recognizing the service sector’s huge growth potential, has taken gradual steps to accelerate its development, liberalising the finance, education, culture and medical treatment sectors in particular.

During the first three quarters of 2015, the value added of China’s service sector accounted for 51.4 percent of GDP up 2.3 percentage points from the same period last year.

 

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