China’s five-year plan and the World

BEIJING: The proposals of China’s 14th Five-Year Plan (2021-2025) for economic and social development will be assessed during the fifth plenary session of the 19th Communist Party of China Central Committee later this month. This top-level policy blueprint bodes well for the country and will help bring certainty to the world.
The five-year plan model represents China’s valuable development experience, which stresses optimizing economic governance with a holistic approach and striking a dynamic equilibrium among multiple targets. For those interested in China’s development miracle, it is important to understand how the country’s five-year plans are formulated. First, China’s planning reflects a clear development roadmap of a country with nearly one-fifth of the world’s total population, including 400 million middle-income earners. China’s stable development benefits the world. The Chinese leadership has been steadfast in approaching major issues concerning China’s development from a long-term, strategic and systematic perspective. Its unique five-year planning mechanism has ensured the country’s gradual and concrete steps toward its goal of modernization, providing predictable opportunities to the world.
Moreover, based on broad social consensus, the country’s five-year plan features stable and consistent policy, bringing a desired degree of certainty to overseas investors. The decision-making process involves input from thousands of think tanks, government agencies, universities, prominent scholars and professionals. It also takes into account extensive consultations from primary-level representatives. From Aug. 16 to 29, over 1 million suggestions for the 14th Five-Year Plan were received from netizens, providing valuable input for the decision-making process.
– The Daily Mail-Global Times News exchange item