China adopts proposals for 14th Five-Year Plan emphasizing expanding domestic demand

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 for National Economic and Social Development and the Long-Range Objectives through the Year 2035, at its fifth plenary session on October 29, 2020. The document contains proposals for the new Five-Year Plan, which sets out the basic policies for China’s economic and social development for the next five years. Their main points are as follows.

High-quality development

• Focus on supply-side structural reforms to maintain the quality-first principle and prioritize profitability.
• Change the development approach to enhance the quality and efficiency of development and promote the public welfare.

New development framework to promote both domestic and international circulation with the domestic circulation as the mainstay

• Given the global circumstances, promote development based on the growth of the domestic market, which is the largest in the world.
• Adhere to the strategy of expanding domestic demand and boost domestic production, distribution and consumption, using the domestic market as the main source of demand.
• Utilize domestic and international resources and establish an open development framework involving both domestic and international circulation rather than a closed framework with only the domestic circulation.

Strategic Emerging Industries

• Hasten the development of next generation industries such as information technology (IT), biotechnology, new energy, new materials, new energy vehicles, and ecological and environmental protection
• Promote clean production, environmentally friendly modifications in key industries and efficient use of clean energy as well as developing an action plan to reach peak carbon emissions by 2030.
• Eliminate the sources of heavy air pollution and foul-smelling wastewater (black smelly water) and enhance the hazardous waste collection and disposal system.
• Fully implement the pollutant discharge permit system and develop a management system with binding force using indicators of energy conservation and emission reduction.

Occupational safety

• Develop and implement the safe production responsibility system, strengthen supervision over and enforcement of occupational safety and health practices, and effectively prevent accidents associated with hazardous chemicals, building construction, etc.

The full text can be viewed at this link (in Simplified Chinese):

http://www.mee.gov.cn/zcwj/zyygwj/202011/t20201103_806153.shtml