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China's Two Sessions map out development for next five years

Date: 2016-03-18
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China's Two Sessions map out development for next five years
 
China's national legislature concluded its annual session on Wednesday, with the approval of a blueprint mapping out the country's development for the next five years.

In the period of 2016-2020, China will pursue development that will be innovative, coordinated, green, open and shared. The 13th five-year-plan will also see the promotion of supply-side structural reform. (Check the infographic to see what’s high on the agenda and how Chinese people will benefit by 2020.)

“ABOVE 6.5%” AVERAGE GROWTH TARGET

It is the first time in 20 years that China's GDP target has been set as a flexible range (6.5-7%), rather than a fixed amount. Experts say the move can be seen as a signal that the country is becoming less obsessed with figures, and now focusing on the quality of its economic development.
Li Keqiang.jpgPremier Li Keqiang made assurances that China's economy will not suffer a hard landing on Wednesday at a media briefing as the political season wrapped up and came to a close.
"This year we set the target of GDP growth between 6.5 and 7 percent. This takes into consideration the guarantee of employment and people's livelihoods,” the Premier said. “To meet the target, we have acknowledged the challenges of both the sluggish global economic recovery and the continued downward pressure at home."
The economy of China has dominated the agenda of the Two Sessions and attracted attention both at home and abroad. Various economists commented that the Premier has sent out a message that shows positive signs within China's economy.

"Capital goes to where opportunity is tomorrow. Look at China, where it could be tomorrow,” said Damon Testaverde, CEO of Network 1 Financial Group.

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