Chinese New 5 Year economy
What is the aim of this 5-year plan?
For 2020 year, China has set new targets and goals in order to set a prosperous society in time. The aim is to double GDP and per capita personal income and keep the medium-high growth for the next coming years. Adding to it, there is a real improvement of industries. As you may probably know, China wants to develop its presence in the world and in every possible workable field.
China is attracting, even more, foreigners than years ago, more expats people learn Chinese in Beijing.
You can read an interesting article about China who has more billionaires than the United States.
China’s aim for a long time ago is trying to balance the urbanization of the country in rural and urban areas of China. In order to achieve it, China has a strong innovation development strategy for the industries.
Besides this, China is developing main core technologies in different sectors fields such as energy, aviation, medicine and intelligent manufacturing.
The health industry is booming in China and it will be under the spotlight due to pollution problems having an impact on Chinese people health.
China is facing a big environment issue and it is one of the key priority in the plan of 2016-2020. China’s air pollution issue is affecting country’s human health and biophysical environment.
With this 5 years plan, new targets need to be reached at the end of 2020:
- Water consumption needs to fall by 20% by 2020
- Energy consumption will be cut by 15%
- Carbon dioxide emissions will be cut by 15%.
Those goals are quite challenging for China
No matter if we are talking about economics or even environmental challenges and plans reforms are highlighting the Chinese government policy foundations and actions.
This Chinese New 5 year plans is hiding purposely the question of how the Chinese government will actually try to achieve these targets set up at the very beginning. This is mainly the way how the Chinese government is working on, keeping up the mystery side of the solution.
Chinese authorities are actually facing a big challenge such as recently, those protests led by thousands of miners in northeastern China in coal and steel industry. What was the matter of this protestation? Overcapacity industry, no wages for months.
This can actually have a huge impact on the prosperity of Chinese economy and if economic reforms fail, the social and political consequences would be unforeseeable.
Everything is tightly linking together.
To conclude, this Chinese leadership decision of this New 5 year plan is a way to organize all the structure in place with some fixed targets and goals but it is also a way to show the power of the Middle Kingdom in the world and their capacity to handle every issue in the country.
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Article was written by Pierre
Spent 2 years in China and Studying Chinese international relations. Pierre has written a thesis on Chinese economy booming.