Yahoo News recently reported the following:
China Pledges
Quality Growth, Tech Powerhouse in 5-Year Plan
Bloomberg News
Bloomberg Thu.,
October 29, 2020, 2:20 p.m. PDT
(Bloomberg) -- China unveiled the first glimpses of its economic plans for the next five years, promising to build the nation into a technological powerhouse as it emphasized quality growth over speed.
Initial details released by the Communist Party’s Central Committee Thursday stressed the need for sustainable growth and also pledged to develop a robust domestic market. The communique published by state media following a four-day closed-door meeting didn’t specify the pace of growth policy makers would target.
The new plan elevated China’s self-reliance in technology into a national strategic pillar, a move signaled by officials from President Xi Jinping down in the lead up to the meeting. Central to that endeavor is self-reliance in chips, the building blocks for innovations from artificial intelligence to fifth-generation networking and autonomous vehicles.
Laying out their vision for the next 15 years, officials said “making major breakthroughs in core technologies in key areas, China will become a global leader in innovation,” according to the communique published by Xinhua.
Beijing’s efforts are gaining urgency as the U.S. seeks to contain the rise of its geopolitical rival. The U.S. has pressured allies to shun equipment from Huawei Technologies Co., barred dozens of China’s largest tech companies from buying American parts, and even slapped bans on ByteDance Ltd.’s TikTok and Tencent Holdings Ltd.’s WeChat.
“Technology is the key now in the next area of development of China,” said Wang Huiyao, an adviser to China’s cabinet and founder of the Center for China and Globalization. “It’s a key area that China wants to give more attention, more resources and more development. I think that’s basically for China’s development in the future.”
Unlike the last five-year plan, which sought to achieve “medium-to-high growth” in order to build a “moderately prosperous society,” this plenum had been expected to focus on the quality rather than the pace of growth. In Thursday’s statement, officials pledged to stick to a strategy of boosting domestic demand and opening up the economy over the next five years.
Even though the plan doesn’t mention a specific rate of growth for gross domestic product, analysts said the government remains ambitious in its outlook.
“The leadership still expects the size of the economy, household income as well as GDP per capita to reach a ‘new milestone’ by 2035,” said Raymond Yeung, chief greater China economist at Australia and New Zealand Banking Group. “China did not abandon GDP targeting, it’s just expressed in a more subtle way.”
Yeung said the emphasis on supply-side measures that emphasize real economic activity means “China’s monetary policy will continue to be disciplined as the authorities are vigilant about financial stability.”
U.S. Tensions
The document gave a nod to the “complicated international situation,” a phrase that has become party shorthand for the “America First” policies of U.S. President Donald Trump. China will continue to pursue an open economy “at a higher level,” according to the statement.
While that strategy -- known as “dual circulation” -- was mentioned twice in the communique, there wasn’t any specific explanation or details of what it entails. The nation needs to “smooth the domestic circulation, facilitate dual circulation at home and abroad, comprehensively promote consumption and expand room for investment,” according to the statement.
The party’s Central Committee -- a group of some 200 top leaders -- also sketched out goals as far as 2035, pledging to see the nation’s carbon emissions peaking and starting to decline in the period while raising per capita GDP to the status of a moderately developed country.
The plans are expected to be fleshed out in coming months before approval by China’s parliament next year.
Other key highlights from the communique:
Opening Up
Officials pledged to “basically form a new system of open economy at a higher level” in the next five years. While that repeated past promises of increased foreign access, the plan puts a timetable on making progress.
China has been gradually relaxing its control over the currency and capital flows, including taking steps to liberalize the yuan following its recent appreciation.
Environment
With the world’s largest carbon footprint since 2004, China will aim to peak and then gradually lower its total emissions. The ruling party called for a significant green transformation of production and people’s lifestyles.
The Central Committee said it would seek a reasonable allocation of energy resources and improve efficiency. The world’s biggest food producer and consumer also vowed to speed up modernization of the farming industry, ensure national food security and improve agricultural quality and competitiveness.
Military
The party laid out plans for greater synchronization between economic and defense development, supporting Xi’s goal of building a world-class military by 2049. The communique called for speeding up defense modernization and to “realize the unity of a prosperous country and a strong military.”
Hong Kong, Taiwan
共產黨中央委員會周四發布的初步細節強調了可持續增長的必要性，並承諾發展強勁的國內市場。官方媒體在為期四天的閉門會議後發表的公報, 它並未說明政策制定者所瞄準的增長速度。
這項新計劃將中國在技術上的自力更生變成了國家戰略支柱，從習近平主席打下的官員在會議開始前就表示了這一舉動。這項工作的核心是芯片自力更生，這是從人工智能到第五代網絡和自動駕駛汽車創新的基礎。
新華社發表的公報說，官員們展望了未來15年的願景，稱“在關鍵領域的核心技術上取得重大突破，中國將成為創新的全球領導者”。
隨著美國試圖遏制其地緣政治對手的崛起，北京的努力正變得緊迫。美國向盟國施壓，要求其拒絕購買華為技術有限公司的設備，禁止數十家中國最大的科技公司購買美國零件，甚至禁止ByteDance Ltd.的TikTok和Tencent Holdings Ltd.的微信。
中國內閣顧問，中國與全球化中心創始人王會耀說：“技術是中國下一步發展的關鍵。” “這是中國希望給予更多關注，更多資源和更多發展的關鍵領域。我認為它基本上是中國未來的發展。”
增長前景
與過去的五年計劃尋求實現“中到高增長”以建立“中等繁榮的社會”不同，該全會期望側重於質量而不是增長速度。在周四的聲明中，官員們承諾將在未來五年內堅持增加內需和開放經濟的戰略。
儘管該計劃並未提及國內生產總值（GDP）的特定增長率，但分析師表示，政府的前景仍然雄心勃勃。
澳大利亞和新西蘭銀行集團首席大中華區經濟學家Raymond Yeung表示：“領導層仍然預計到了2035年，經濟規模，家庭收入以及人均GDP將達到一個'新的里程碑'。” “中國沒有放棄國內生產總值的目標，而只是以一種更加隱晦的方式表達出來。”
Raymond Yeung表示，強調側重供應方面實際經濟活動的措施意味著 “隨著當局對金融穩定保持警惕，中國的貨幣政策將繼續受到約束。”
與美國關係緊張
該文件對“複雜的國際局勢”表示了贊同，這一短句已成為美國總統唐納德·特朗普的“美國優先”政策的簡寫。聲明說，中國將繼續“更高層次”地追求開放經濟。
隨著美國緊張局勢的加劇，飽受病毒打擊的世界經濟促使北京官員制定了利用國內資源和消費來保證增長的路線。
儘管在公報中曾兩次提及這種稱為“雙重流通”的策略，但沒有任何具體解釋或細節。聲明說，國家需要“暢通國內流通，促進國內外雙重流通，全面促進消費，擴大投資空間”。
中共中央 - 由200名高層領導人組成的小組 - 也制定了到2035年的目標，承諾看到該國的碳排放量在此期間達到峰值和開始下降，同時將人均GDP提升到發達國家的適度水平。
預計這些計劃將在未來數月內得到細節充實，然後於明年獲得全國大會的批准。
公報的其他主要亮點：
對外開放
官員們承諾在未來五年內“基本上形成更高水平的開放經濟新體系”。儘管過去曾一再承諾增加國外准入，但該計劃為進展已設定了時間表。
中國一直在逐步放鬆對貨幣和資本流動的控制，包括在近期人民幣升值之後採取措施放寬匯率。
環境
中國自2004年以來已成為全球最大的碳足跡國，其未來目標是達到峰值後, 逐步降低其總排放量。執政黨呼籲對生產和人們的生活方式進行重大的綠色變革。
中央委員會表示將尋求合理地分配能源資源和提高效率。 作為世界上最大的食品生產和消費國也發誓要加快農業現代化，確保國家糧食安全並提高農業質量和競爭力。
軍事
該黨提出了在經濟與國防發展之間實現更大同步的計劃，支持習近平到2049年建立世界一流軍事力量的目標。公報呼籲加快國防現代化，並“實現富裕國家統一和強大軍事力量。 ”
台灣香港
該黨重申對台海關係“和平發展”的承諾，誓言要在香港和澳門維持“長期繁榮與穩定”。 簡短的宣讀內容包括呼籲“祖國統一”的台詞，而五年前的類似文件則強調了經濟合作和對台灣居民和企業的利益。
So, unlike the last
five-year plan which sought to achieve “medium-to-high growth”, now in order to
build a “moderately prosperous society”, this plenum is expected to focus on
the quality rather than the pace of growth. I sincerely hope the China could
improve the living quality of its people, in particular about the health of the
average people. In the recent past, China has been the source of two major contagious
disease: the SARS (Severe Acute Respiratory Syndrome) and the Covid-19. China
has a lot of work to do so as to prevent the out break of another pandemic.
(Note: About SARS, WHO in is web-site says that SARS coronavirus
(SARS-CoV) – virus was identified in 2003. SARS-CoV was thought to be an animal
virus from an as-yet-uncertain animal reservoir, perhaps bats, that spread to
other animals (civet cats) and first infected humans in the Guangdong province
of southern China in 2002.”
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