China’s next five-year plan eyes deepening of reforms

Beijing, April 18: China’s top economic planning body Thursday said that it has started to formulate the 13th Five-Year Plan for the period 2016 to 2020, with focus on deepening reforms, Xinhua reported.

“China’s development has entered a new phase and is facing both unprecedented opportunities as well as risks and challenges,” said Xu Shaoshi, head of National Development and Reform Commission (NDRC), at a work conference Thursday, marking the start of the drafting of the plan.

The global economic growth pattern, division of labour in different industries internationally, global investment and trade rules, and geopolitical environment are undergoing fundamental shifts, Xu said at the conference attended by officials from other departments of the State Council, China’s cabinet, and local provinces.

In the 13th Five-Year Plan period, China must achieve the lofty goal of building a moderately prosperous society and substantial progress of deepening its reform in a comprehensive manner and shifting its economic development model, said Xu.

The plan should advance with the times and reflect people’s wishes, Xu added.

He, however, did not specify when the draft of the plan will be completed.

China’s five-year plan sets out a broad economic and social policy framework for the country, and needs to be approved by the National People’s Congress, China’s top legislature. The country’s 12th Five-Year Plan period covers the period from 2011 to 2015.