China targets high-quality development for the next five years

Source: Global Times Published: 2020/12/10 17:08:40

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a meeting on making the 14th Five-Year Plan (2021-2025) in Beijing, capital of China, Nov. 25, 2019. Chinese Vice Premier Han Zheng, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, also attended the meeting. (Xinhua/Liu Weibing)

As China's 13th Five-Year Plan (2016-2020) draws to a close, many are praising its overwhelming success. Some Chinese regions recently issued their 14th Five-Year Plan, which address higher-quality development for the 2021-25 period. The plans include developing regional economies and environmental sustainability, and written to reflect the needs of individual regions. 

Zhao Ping, vice president of the Academy of China Council for the Promotion of International Trade, told Global Times that the country will focus on high-quality development for the next five years, focusing on high-end technology, reform and dual circulation.   

In 2020, Shanghai expects the city's GDP will reach about 3.9 trillion yuan ($595.9 billion) with per capita GDP of exceeding $23,000, according to a document released by the Shanghai municipal government on Thursday.

Over the next five years, Shanghai plans to accelerate the development of digital systems, automotive manufacturing, high-end equipment and material, life sciences, and fashion products.

As a city known as an international trade hub, Shanghai plans to further upgrade its international trade infrastructure, develop digital trade and knowledge-intensive services while also improving its offshore trade under China's free trade agreements including the Regional Comprehensive Economic Partnership. 

By 2025, Shanghai's new Lingang area of the Pilot Free Trade Zone will see its GDP quadruple compared with 2018, said the document.

Central China's Hubei Province, a region hit hard by COVID-19, will enhance inter-provincial cooperation and focus on improving the profile of Wuhan as the "Optics Valley" of China. The province plans to promote world-class industrial clusters in biomedicine, new-energy cars, high-end equipment manufacturing and modern agriculture in the next five years.

Aside from expanding agricultural supply chains including grains, edible oils, vegetables, tea, pork, and traditional Chinese medicinal materials, the province will accelerate the safe, green and efficient development of raw material industries such as steel, nonferrous metals, chemicals, and building materials, aiming to increase value added and extend industrial chains. 

South China's Hainan Province, will promote tourism, modern service industries and high-tech industries through large domestic and overseas markets, in a bid to achieve an average annual GDP growth rate of more than 10 percent.

Hainan which has the world-level free trade port will implement the "zero tariff and low tax rate" policy which offers the zero-tariff on designated imported commodities, making full use of duty-free shopping zones which help grow the number of duty-free shops on the island and grow the range of products offered, in addition to rolling out preferential policies for individual income tax and business income tax.

Zhao predicted that the expansion of imports will be actively encouraged. With large imports of products and technologies, tariffs will continue to drop and domestic technologies and standards will be in line with the world.

Zhao expects China will focus on domestic markets as a mainstay while letting internal and external markets boost each other, a model for China to build up resilience against external shocks and share its opportunities for development with the rest of the world.

Economic development will not come at the expense of the environment. Shanghai will "comprehensively" promote new energy vehicles following the central government agenda, with more charging piles and hydrogen stations deployed from 2021 to 2025, in a bid to build green transport systems. 

Hubei will continue to clamp down on air and soil pollution. in addition to groundwater pollution, enhance medical and hazardous waste management processes and promote carbon trading.  

Hainan will relocate some residential areas away from protected ecological zones, while creating a series of new tourist villages based on "coconut culture".

Global Times

Posted in: ECONOMY

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