The coronavirus pandemic crisis has left some countries in the world in trouble to keep the economy afloat. However, in Beijing this week, Chinese leaders met to set plans for their economy for the next 5 years.
In a four-day closed-door meeting, Chinese Communist Party (CCP) officials not only presented the country's 5-year plan, but also outlined a vision for 2035, a long-term proposal for the year set by President Xi Jinping as a deadline for China to achieve socialist modernization.
Although there are no complete details on this plan that will not be revealed until next year's parliamentary session, but there are some key targets previewed by the local media namely economy, environment and achieving independence in science and technology amid pressure from the United States.
Through its 5-year plan, China will aim to achieve sustainable and healthy economic development by 2021-2025 with a focus on better quality growth.
In addition, as previously stated by President Xi Jinping, China will implement a 'dual circulation' model. This strategy is to ensure that the country depends on ‘domestic circulation’ for the next phase of expansion with the support of external sources namely ‘international circulation’.
Next, China will increase its independence in technology by becoming a strategic pillar for the country's development, with the aim of achieving great success in key technologies by 2035.
China will work to reduce carbon emissions in an effort to accelerate green development, while also promising to form a new open economy system at a higher level in the next five years.
