10/29, 12:24 PM (Source: TeleTrader)
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China's new 5-year plan focuses on reforms

Chinese President Xi Jinping presented on Thursday the country's new economic action plan for the following five years, aiming for significant progress in the construction of a modern economic system, open to technological innovation, consumption management, environmentally friendly practices, and risk management concerning competition from abroad.

This five-year plan conducted by the Central Committee of the Communist Party of China refers to the period 2021-25 regarding the national economic and social development sectors, in accordance with the long-range objectives set until the year 2035. As mentioned in the announcement, these are "sustainable and healthy economic development on the basis of significantly improved quality and efficiency, stronger and better structured domestic market, significantly improved innovation capacities, advanced industrial basis and chain modernization, more stable agricultural base better coordinated with urban and rural development."

This announcement is released at a time that China's relations with the United States of America are tested, as a result of the tensions around Taiwan, while expecting the result of the American elections.

Breaking the News / CG