China’s five year plans serve as a guide for the nation’s economic planning. Since 1953, there have been 12 such plans, which have seen the country overcome the ravages of war to become the world’s second biggest economy. This year sees the end of the 12th 5-year-plan which officials are already hailing as a big success.
In 2014, China’s trade of goods, including imports and exports, reached $4.3 trillion and for the second consecutive year it was the largest goods trader in the world.
Over the last five years, China’s annual growth of imports and exports of goods is estimated to be at 7 percent. The figure is much higher than the global trade growth which is below 3 percent. As the commodity structure is continuously being optimized and upgraded, in 2014, China’s exports of raw materials and other primary products decreased to 5 percent of its total exports.
China’s imports, meanwhile, have been increasing. As the world’s second largest importer, China imported nearly $2 trillion in goods annually during the 12th five-year-plan. The country has created a good investment climate and provided millions of job opportunities.