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China unveils final version of 14th Five-Year Plan, long-range goals

Regional Policies 2021-03-16 118 0


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Reference:CGTN | Updated:15 Mar 2021

China unveiled the final version of its national development blueprint for the next five and 15 years on Saturday.

The full texts were published by Xinhua News Agency, after Chinese lawmakers on Thursday passed the Outline of the 14th Five-Year Plan (2021-2025, FYP) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 at the closing meeting of China's top legislature's annual session.

"China is embarking on a new journey to build a modern socialist country in all respects," reads the beginning of the outline with over 70,000 Chinese characters. 

The outline mainly focuses on points of sustainable economic growth, "dual circulation" economic pattern, innovation-driven industrial system and rural area development.

Here's some main targets for the 14th FYP period: 

– Major economic indicators to be kept within an appropriate range, and annual targets for economic growth to be set in light of actual conditions; 

– Surveyed urban unemployment rates of within 5.5 percent; 

– An annual increase of R&D spending by more than 7 percent; 

– An increase of permanent urban residents to 65 percent of the population; 

– A reduction of energy consumption per unit of GDP and carbon dioxide emissions per unit of GDP by 13.5 percent and 18 percent, respectively; 

– Raise average life expectancy by one year; 

– Basic old-age insurance to cover 95 percent of the population.

Compared with previous FYPs, China didn't set an average yearly GDP growth target this time but more focus on balanced and sustainable development with the domestic market as the mainstay.

The country's FYP system is formulated to map out economic and social development over the next five years. The first FYP was launched in 1953, mounting to a total of 13 FYPs until today, except for a period of economic adjustment between 1963 and 1965. 

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