[Asia Economy Reporter Buaeri] While the entire world is facing an unpredictable situation due to the novel coronavirus infection (COVID-19), China has established a mid- to long-term economic plan.
The Central Committee, the core power organ of the Chinese Communist Party, set the 14th Five-Year Economic Plan for 2021?2025 and a long-term economic development plan through 2035 at the 5th Plenary Session of the 19th Central Committee (19th 5th Plenary Session).
CNN reported on the 29th (local time) that amid the chaos of the COVID-19 pandemic and the U.S. presidential election, the mid- to long-term economic plan announced by China will serve as an opportunity to strengthen the leadership system centered on President Xi Jinping.
China will accelerate comprehensive green and low-carbon development through economic and social development for green growth.
In particular, regarding the 2035 long-term development strategy, President Xi Jinping presented the realization of socialist modernization as the fundamental goal.
CNN interpreted that while many countries are struggling to make plans on a weekly basis due to the spread of COVID-19, China’s ability to establish such a long-term economic plan is due to its authoritarian political system.
It also contrasted this with democratic countries where regimes often change through elections.
Amid the ongoing mudslinging election battle between U.S. President Donald Trump and Democratic candidate Joe Biden, and the possibility of disputes over the voting results and legal battles, CNN predicted that Chinese state media will further emphasize the stability of its own system.
CNN viewed that since Xi became leader in 2012, he has continuously strengthened absolute power over China and laid the groundwork to extend his rule.
Although Xi’s term ends in 2022, the constitutional provision limiting the presidency to three terms was removed at the 13th National People's Congress in 2018, making long-term rule possible.
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