[Asia Economy Reporter Kim Eunbyeol] Chinese President Xi Jinping has instructed that the next economic development plan must be well formulated. His remarks have attracted attention amid escalating tensions between the United States and China.
According to China Central Television on the 6th, President Xi emphasized that both the government and the people must unite to create a good plan in relation to the 14th Five-Year Plan (2021?2025). He stated, "Formulating and implementing the Five-Year Plan for national economic and social development is an important way to realize the Chinese Communist Party's governance philosophy."
President Xi said, "The formulation of the Five-Year Plan is related to various fields such as economic and social development and is closely connected to the production and lives of the people," adding, "Strengthen the government's strategy and unify the people's opinions to prepare the 14th Five-Year Plan."
His remarks on this day drew more attention as they came amid comprehensive pressure from the United States. China is aiming for economic self-reliance through the 14th Five-Year Plan. The Chinese Academy of Social Sciences, a think tank under the State Council of China, recently suggested in a report that "China should focus on the domestic economy in the next five years to cope with a hostile external environment."
The Academy of Social Sciences mentioned the need for economic self-reliance measures in preparation for worsening relations with the United States, stating, "As strategic games between major powers intensify and the international order is reshaped, major changes unseen in the past 100 years will occur in China over the next five years."
Considering these points, the next economic development plan is expected to focus on reducing dependence on the United States and pursuing autonomous development.
China has been creating and implementing mid- to long-term economic development plans every five years. After the 13th Five-Year Plan (2016?2020) ends this year, the 14th Five-Year Plan will be announced after March next year.
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