China will set priorities for technological innovation, economic security, public well-being and carbon reduction over the next five years, vowing to lay a solid foundation for its 2035 target of doubling per capita gross domestic product from 2020 levels.
The world’s second-largest economy will release 20 growth targets, including both binding and non-binding ones, in areas covering the economy, technology, healthcare and economic security, Premier Li Qiang said when outlining the broad strokes of the next five-year plan in the government work report he delivered to the annual meeting of the National People’s Congress on Thursday. The number of targets is the same as in the previous five-year plan.
The outline of the country’s 15th five-year plan – covering the period to 2030 – mentioned proposals for 109 major projects in six areas, up from 102 projects in the 14th plan that ended last year, with a focus on technology, modern industries and public well-being.
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The government work report did not set a specific GDP growth target for the next five years, saying that annual goals would be released sequentially and it would concentrate on improving the economy’s structure and efficiency.
Li said this year’s GDP growth target would be 4.5 per cent to 5 per cent, down from last year’s “around 5 per cent”.
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“To firm up the foundations of the real economy, we must modernise the industrial system with advanced manufacturing as its backbone,” he said, adding that “to achieve greater self-reliance and strength in science and technology, we must deliver advances in original innovation and breakthroughs in core technologies in key fields”.
Chinese leaders have long viewed the country’s five-year plan, which combines government directives and the harnessing of market forces, as a key institutional advantage over Western countries.
