China’s 13th Five-Year Plan concerns more than just its own domestic affairs. The world should sit up and pay attention: it will have a global impact, analysts said.
“China has been the powerhouse of the world for decades. In the next five years, ballooning domestic demand, investment and buying power will further vitalize the global economy,” said Chen Fengying, world economy researcher with the China Institute of Contemporary International Relations.
As China steers itself toward quality development in the next five years, a critical period of transition, the world should cast their eyes east, said Chen.
The draft of the 13th Five-Year Plan (2016-2020), outlines policies, priorities, as well as clear economic and social targets.
“Such clear goals will serve as assurance to foreign entities as it will paint a clear picture of what measures will be taken,” she said.
Cui Jicheng, 53, is an oceanologist. By 2019, he plans to take a manned deep-sea submersible 10,000 meters down to the Mariana Trench.
Deep-sea exploration is one of the principle projects under the Scientific Innovation 2030 initiative, outlined in the plan.
According to the draft, by 2020, China’s R&D investment will account for 2.5 percent of GDP. The contribution of scientific and technological advances to economic growth will rise to 60 percent.
Investment into semiconductors, chip materials, robotics, aviation equipment and satellites, also aim to facilitate scientific advances.
“China already leads in the fields of Internet, new energy and AI. It will be an important player in the new round of scientific revolution and reform. In the next five years, more surprises are expected from China,” Chen said.
Statistics show China will import $10 trillion of commodities in the next five years. It will make 500 billion of investment. Chinese are expected to make 500 million trips abroad.
According to the five-year target, the economy will grow around 6.5 percent every year. “The plan will decisively overhaul, modernize and strengthen China’s growth engine, laying stable foundations for further growth,” said Amanullah Khan, chair of the Pakistan-China Business and Investment Promotion Committee.
China will be the leading source of global growth in the coming five years, thanks to an expanding market, ample capital and more commodities, he said.
“China has almost fully integrated into the world chain of industry, value and logistics, and further opening-up will produce more fruits for both China and the world,” said Zhou Hanmin, a national political advisor and law expert based in Shanghai.
The draft states that China will continue opening-up, in part driven by the Belt and Road initiative. Strategic mutual-trust, economic cooperation and people-to-people exchanges with other countries will also be pursued.
Analysts say local government officials and companies are already engaged in cross-border economic corridors with Mongolia, Russia, Pakistan, Myanmar and other southeastern Asian countries.
Zhang Yupu, Communist Party of China secretary of Mudanjiang City, Heilongjiang province, said cooperative projects are being developed along its border with Russia.
The Five-Year Plan also presents China’s approach to global governance. According to the plan draft, China will actively participate in global economic governance, support major global and regional governance and cooperation platforms, and contribute to a fair and reasonable global governance mechanism.
Analysts say China will prioritize mutual development and building global partnership.
China will host the G20 summit in September, which will offer Chinese leaders the opportunity to explain the diplomatic policy in this regard.
Jia Qingguo, an international relations expert in Peking University, said that China will contribute more to world economic growth, and cement its place in global economic governance and the international economic order.
“China will bear its share of responsibilities, spread messages of common understanding, while sharing opportunities, said Zheng Changzhong, associate professor in international diplomacy at Fudan University.