22nd March 2021
The month of March was decisive for the course of development, the goals and aspirations of China for the five year period 2021-2025, but also for the strategic goals that the country has set until 2035. During the current period “two sessions” have convened, during which China’s development course was decided. These decisions are taken by the two leading bodies, namely the legislature and the advisory body. The approval of strategic decisions regarding the course through the five-year plans is not a new practice. China is already moving towards the fulfillment of the 14th five-year plan 2021-2025.
These decisions do not only concern internal affairs issues in China, but also the global economy. Hence, many international media outlets are dealing with the decisions taken by the two sessions.
China can look to the future with optimism as the results so far demonstrate the countryโs steady growth. In the period of a global pandemic where almost all developed economies are in recession (US 3.8%, EU 7.4%), China achieved a growth rate of 2.3% for 2020. At the same time, the handling of the health crisis has been exemplary. While more than 120 million COVID-19 cases have been reported worldwide, less than 120,000 are recorded in China.
According to the President of the Peopleโs Republic of China and General Secretary of the Communist Party of China Xi Jinping, the focus is not only on the indicators of the economy but also on the well-being and prosperity of the people. The greatest achievement of the People’s Republic of China, which is a world first, if not an economic miracle, is the eradication of absolute poverty throughout its territory. This goal was fulfilled much earlier than originally planned in 2025. The decisions of the two sessions serve the goal of “building a modern socialist society with Chinese characteristics.”
For the preparation of the 14th Five-year plan 2021-2025, China has attached special importance to the participation of society itself, especially of scientific bodies and institutions with innovative ideas. It is characteristic that 2.4% of Chinaโs GDP is spent on research and innovation. A corresponding amount is spent on defence and armaments. The goal is for the percentage allocated for research to rise by more than 7% by 2021. The GDP of the P.R. of China is expected to overtake the United States by 2030, making it the world’s biggest economic power. The growth rate during the period 2021-2025 is expected to run at an average annual rate of over 6%. The Chinese economy is entering a new phase of growth, attaching particular importance to domestic consumption and export trade to the extent that the latter should not be as highly dependent as was the case in the past.
The high-quality production that China is seeking to achieve presupposes less pollutant emissions into the atmosphere. Towards this end, carbon emission control has been included in its top policy priorities for carbon neutrality by 2060. The improvement and development of the environment by using alternative energy sources is indeed impressive. Electric vehicles have already conquered the Chinese market at the same time as this is still in its infancy in Europe. China aims to expand forests to 24.1% of the country’s total area by 2025.
Whatever the ideological approach and critical view of the development model, what is indisputable is the current development and growth of the P.R. of China and the improvement of the quality of life of its citizens. No one would have thought that this huge giant of 1.4 billion inhabitants could run at such a dizzying speed almost non-stop for the last decade.
