CHINA'S FIVE YEAR PLAN GLOBAL IMPACT

We’ve been talking about China’s Communist Party annual meeting about its Five Year Plan lately. This time, let’s figure out about its global impact!

It’s not only about domestic affairs, but also global

An analyst said that as China steered itself toward quality development in the next five years, and it will be a critical period of transition, thus, the world should cast their eyes east. The draft of its Five Year Plan (2016-2020) includes 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 added.

Innovation Field

One Chinese oceanologist plans to take a manned deep sea submersible 10,000 meters down to the Mariana Trench, world’s deepest point by 2019. This deep sea exploration is one of the main projects under the Scientific Innovation 2030 initiative umbrella that is also part of the plan.

Based on the fact, like I also mentioned in previous article, China’s R&D investment will account for 2.5% of GDP. The contribution of scientific and technological advances to economic growth will rise to 60%. Investment in semiconductors, chip materials, robotics, aviation equipment and satellites, also for the purpose of scientific advances. Statistics show China will import 10 trillion USD of commodities in the next five years and it means that China will make 500 billion USD of investment.

If the path is smooth enough, then China’s economy is expected to grow approximately 6.5% annually. China is also aiming to be the source leader of global growth in the next five years. How is it possible? It’s analyzed by Chinese expanding market, ample capital and more commodities.

Doors are Open

Chinese economic analyst said that China had almost fully integrated into the world chain of industry, value and logistics, and further opening up would produce more fruits for both China and the world. The draft confirms that China will continue to open up. Strategic mutual trust, economic cooperation and people-to-people exchanges with other countries will also be the aim to achieve.

Trans Siberian Train that connects Bejing-Moscow

One of the actual facts can be seen on China’s investment in cross-border economic corridors with Mongolia, Russia, Pakistan, Myanmar and other southeastern Asian countries.

Other Plans

In this Five-Year Plan, China also approaches to the global governance. China will participate in global economic governance; support major global, regional governance and cooperation platforms; and contribute to a fair and reasonable global governance mechanism. China will also prioritize mutual development and building global partnership.