The new blueprint for China’s development is an incubator for the world

In the golden month of October, the eyes of the world are on Beijing. The fifth Plenary Session of the 19th CPC Central Committee concluded on October 29 and adopted the CPC Central Committee’s Proposal on formulating the 14th Five-Year Plan for National Economic and Social Development and the Forward-looking Goals for the year 2035. According to all the bulletin content and 30th at the press conference of the central committee of the communist party of China information, the big files based on constantly meet people’s yearning for a better life, a new development concept throughout the whole process and whole field, and puts forward the new results were obtained in economic development, reform and opening up new strides, well-being of the people’s livelihood reached a new high in the next five years, such as the main goal of China’s economic and social development, major tasks and major initiatives, concentrated answered to realize what kind of development under the new situation, how to realize the development of the major issues. This will not only draw a blueprint for China’s future development and chart its course, but also create new opportunities for world economic recovery and growth.

Medium — and long-term planning is an important way for the CPC to guide economic and social development. An important task of this plenary session is to Orient the pulse of China’s development during the 14th five-year Plan period. This period will be the first five years for China to embark on a new journey of building a modern socialist country in an all-round way and march towards the second Centenary Goal, on the basis of completing the building of a moderately prosperous society in all respects and achieving the first Centenary goal. It is of extraordinary significance. In terms of the international situation, the major changes unseen in a century are accelerating. The COVID-19 epidemic has seriously impacted global economic and social development, and all countries in the world are looking forward to new impetus and new opportunities for recovery. Against this backdrop, the development layout of the world’s second largest economy at this critical juncture has undoubtedly drawn wide expectations from the international community.

It was noted that the communique of the fifth Plenary Session of the 19th CPC Central Committee did not put forward a quantified target for economic growth, but stressed that “new achievements have been made in economic development and sustained and sound economic development should be achieved on the basis of significant improvement in quality and efficiency”. This fully meets China’s objective need to enter a new stage of development and implement the new concept of development. As Reuters quotes experts, this shows that China is no longer pursuing mere quantitative expansion, but high-quality development. In fact, all the communique specifically, with the development of high quality as the theme, in order to deepen the reform of the supply side structural as the main line, the free-standing self-improvement as a national strategy to support the development of science and technology, expanding domestic demand as the strategic basis points, especially for the construction of domestic large cycle as the main body, the international and domestic dual cycle of mutual promotion new development pattern to make strategic plan, to say the main direction of development and the important points of profound significance for China and the world.

How do you understand China’s “new development pattern”? It is the active action of the COMMUNIST Party of China on the basis of accurately grasping the objective law of economic development and actively responding to the changes of international and domestic situation. This long-term strategy emphasizes not the single cycle of the domestic economy, but the open domestic and international double cycle. A common feature of major economies is that they are domestically recyclable, and China is no exception. In fact, since the 2008 international financial crisis, China’s economic rebalancing has made remarkable progress. For example, the ratio of current account surplus to GDP has dropped from about 10% in 2007 to around 1% in 2019, and the ratio of foreign trade dependence has also dropped from over 60% in the past to around 30% now. This shows that China’s economic growth is increasingly relying on domestic consumption and investment.

Markets are a scarce global resource. A strong internal circulation in China with a super-large market will inevitably attract more high-quality factor resources from around the world, so as to drive the international economic circulation and realize the mutual promotion of domestic circulation and international circulation. In fact, “high-level opening up” is the essence of the new pattern of development. The communique of the Plenum, with its three themes of “wider scope, wider scope and deeper level”, defines the direction of future opening up and further sends the international community firm confidence in building an open world economy. As Chinese officials stressed at the press conference, the establishment of a new development pattern does not mean a decline in the status of opening-up. On the contrary, looking into the future, China’s foreign trade imports and exports, foreign capital utilization and overseas investment will continue to expand, and China will be better able to achieve mutual benefit and common development with the rest of the world, which is also an important feature of a major economy.

China not only has the strategic vision to plan for a new development pattern, but also has the strength to promote both domestic and international cycles. Global foreign direct investment (FDI) fell by 49% in the first half of this year compared with the same period last year, while FDI flows into China remained relatively resilient, according to a report released by the United Nations Conference on Trade and Development (UNCTAD) on Wednesday. Since the beginning of this year, BMW, Daimler, Siemens, Toyota, LG, BASF and a number of other large foreign-funded projects have increased their investment and production in China. Recently, exhibits from all over the world are arriving in Shanghai. This fully demonstrates that the “China opportunity” has inspired the world.

Notable is that the communist party of China (in addition to the approval of the fifth plenary session of the 19 Suggestions for the next five years economic and social development planning, also passed the advice about 2035 vision, this includes: economy and urban and rural residents per capita income will move to a new large steps, key core technology breakthrough, per capita gross domestic product up to the level of the moderately developed countries, more obvious substantial progress was made in all the people common prosperity, etc. If the above goals are achieved as scheduled, China will basically achieve socialist modernization. This shows that China’s development takes a long-term perspective and the certainty it brings to the world will last a long time. It fully demonstrates China’s responsibility as a responsible major country.

The blueprint has been drawn and the goal is clear. In this era of surging ahead, China, which is still in an important period of strategic opportunities for development, will always stand on the right side of history, work hard one step at a time, focus on doing its own thing well, join hands with the rest of the world, and build a community with a Shared future for mankind. Such a China is bound to create greater development miracles and win-win opportunities, and deserves the expectation of the world.