China’s 14th Five-Year Plan, 15-year roadmap in eyes of foreign media

The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) adopted the CPC Central Committee’s proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

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The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) is held in Beijing, capital of China, from Oct. 26 to 29, 2020. (Xinhua/Liu Bin).

By XINHUA NEWS AGENCY/The Homeland Media Group

BEIJING — The roles of innovation, the real economy, a strong domestic market, rural vitalization, and green development were underscored for China’s growth at a key meeting concluded Thursday.

The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) adopted the CPC Central Committee’s proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

Key messages emerging from the meeting have been noticed by foreign media: socialism with Chinese characteristics, “dual circulation” as a growth driver, supply-side reforms, achieving carbon neutrality, strengthening the financial system, opening up to foreign investment, enforcing the rule of law, and becoming more innovative and self-sufficient in technology.

What else did media say about the meeting and China’s development plan?

The Wall Street Journal – China Stresses Reliance on Its Own Technologies in Five-Year Plan:

“The new policy blueprint will accelerate Beijing’s shift toward fostering domestic companies and markets as China’s main growth drivers.”

Bloomberg – China Pledges Quality Growth, Tech Powerhouse in 5-Year Plan:

“China unveiled the first glimpses of its economic plans for the next five years, promising to build the nation into a technological powerhouse as it emphasized quality growth over speed. Initial details released by the Communist Party’s Central Committee Thursday stressed the need for sustainable growth and also pledged to develop a robust domestic market.”

Observer Research Foundation – First steps of the new Long March: The 5th Plenum and the 14th five year plan:

“Beijing floated the new economic concept called the ‘Dual Circulation Strategy’. This is essentially the promotion of import substitution and expansion of domestic demand.”

Belt and Road News – China Makes Historic Progress:

“The next five years will usher China into a new phase of development. They will be the first five years of the country’s new journey toward fully building a modern socialist country.”

Bernama – Malaysia’s E&E sector set to benefit from China’s 14th five-year plan — economists:

“More importantly, China is likely to lead the global growth in this new cycle, which would benefit Malaysia’s E&E (electrical and electronics) sector.”

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