China aims for sustained, healthy growth in the five years to 2025
Reuters
Published Oct 29, 2020 06:19AM ET
Updated Oct 29, 2020 07:25AM ET
BEIJING (Reuters) - China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the official Xinhua news agency said on Thursday, citing the ruling Communist Party's Central Committee.
President Xi Jinping and members of the Central Committee, the largest of the ruling party's elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.
China's external environment "is getting more complicated", the agency said, adding, "There is a significant increase in instabilities and uncertainties."
However, the country's development was still in a period of important strategic opportunities, despite new challenges, it said.
It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.
China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.
China will promote a "dual circulation" model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanise regions, and combine efforts to expand domestic demand with supply-side reforms, it added.
The "dual circulation" strategy, first proposed by Xi in May, envisages that China's next phase of development will depend mainly on "domestic circulation" or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.