Achieving Middle-Income Country Status with Per Capita GDP by 2035
Unifying Prosperous Nation and Strong Military through Army Modernization
[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese leadership has adopted strengthening domestic demand and becoming a technological powerhouse as economic strategies for the next five years.
They also set a goal to raise per capita Gross Domestic Product (GDP) to a middle-income country level by 2035 to achieve socialist modernization.
According to Xinhua News Agency, the Chinese leadership adopted the "dual circulation" development strategy to strengthen the domestic market for the 14th Five-Year Plan (2021?2025) at the 5th Plenary Session of the 19th Central Committee of the Communist Party held in Beijing on the 29th.
The dual circulation strategy is a concept of maintaining close ties with the global economy while maximizing the development of the domestic economy.
In the meeting materials (communiqu?), the Chinese leadership stated, "We will form a strong domestic market and establish a new development pattern," adding, "We will maintain the strategic focus on expanding domestic demand to create new demand."
To this end, they decided to further strengthen the domestic market, improve the economic structure, and enhance innovation capabilities, focusing on upgrading industrial foundations and modernizing industrial structures.
This approach seeks survival momentum from within rather than from outside, which appears to be a choice considering the all-out offensive from the United States.
With a massive market of 1.4 billion people, China is expected to boost the power of its domestic market and accelerate industrial independence through technological self-reliance to counter the United States.
Additionally, the 14th Five-Year Plan period will focus on technological independence.
The Chinese leadership stated in the communiqu?, "We will adopt scientific self-reliance and self-strengthening as national development strategies, complement the innovation system on the global technology front and economic battlefield, and accelerate the building of a strong scientific and technological nation."
Regarding the long-term development strategy for 2035, President Xi Jinping presented the realization of socialist modernization as the fundamental goal.
To achieve this, they proposed building trust through opening up to the outside world, reaching a per capita GDP at the middle-income level, expanding the middle class, and resolving development gaps between urban and rural areas as solutions.
Furthermore, the Chinese leadership also set a goal to unify a prosperous country and a strong military through military modernization, indirectly signaling their intention to compete with the United States not only economically but also militarily.
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