14th five-year plan; a global game changer


BEIJING: The China skeptics are hard to please and anything the Chinese Government does will be viewed by them in a negative light. According to them, China’s rise should be feared, while forecasting China’s doom is smart thinking. But what is the real China and how to understand the nation from a more neutral perspective?
The future is more important than the past and that’s why China’s Central Government makes a big splash when announcing its five-year plans to reaffirm its commitment to keep the nation vibrant while adapting to changing geopolitical conditions and international business trends.
At this year’s annual session of the National People’s Congress, lawmakers formally adopted the Outline of the 14th Five-Year Plan (2021-25) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, which reaffirms dual circulation as the new development paradigm.
The strength of China lies in its economy, but the Chinese believe social stability must take on a leading role to maintain the right conditions for peace and prosperity, while the government serves as the driver to keep the country on the right path. The Chinese Government will intervene to prevent boom-and-bust cycles in the domestic economy and that’s not necessarily a bad thing. The new development paradigm, in which the domestic economy serves as the mainstay, while the foreign and domestic markets boost each other, can be viewed as a transitional moment for the country. We can employ an allegory to better comprehend. Dual circulation is like a healthy bird in flight. The domestic economy is represented by its body, while the foreign and domestic markets are the wings that keep the bird balanced when flying.
– The Daily Mail-Beijing Review News exchange item