New era dawns for China in post-COVID-19 era

Source:CCTV.com 23-10-20 04:04 Updated BJT
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By Tom McGregor

The Chinese government has started to solicit public views and suggestions online to formulate the country's 14th Five-Year Plan (2021-2025) for economic and social development earlier this month. Chinese President Xi Jinping has called for the country to usher in more sweeping national, economic and social development as China continues to flourish in its stage of a moderately prosperous society.

Zhong'an Joint Coal Company Limited, located in Huainan City, Anhui Province, invested heavily into realize sewage recycling and high-quality economic development.

The world can expect to witness an even more modernized and urbanized nation as the new five-year plan gets implemented. The Communist Party of China (CPC) will focus on jumpstarting the domestic economy as we enter a post-coronavirus era starting next year when the cases of infections and deaths from COVID-19 have dropped significantly and an effective virus will crush it.

All sovereign governments crawling out of the pandemic crisis next year will stand eager to pursue economic rebound policies to get people back to work, money circulation with increased consumption, and investments.

Cong Yi, a Tianjin University professor of Finance and Economics, said, "The 14th Five-Year Plan would further upgrade China's extensive economy to high-quality economic growth, and expand investments into independent research and development on key technologies to avoid being stifled by others."

There's plenty to digest in the professor's statement, so let's break it down further. High quality growth is in reference to marching ahead on sustainable growth patterns rather than emphasizing high annual GDP (gross domestic product) growth rates. The Chinese government will tackle pollution by promoting eco-friendly energy resources and technologies.

Beijing will increase social welfare spending to provide better health-care coverage for all people residing in China, as well as to upgrade government services offerings for the elderly, impoverished and disabled Chinese citizens since they are most in need of a helping hand.

The five-year plan highlights expanding "investments into independent research and development on key technologies." That's essential for China's science and hi-tech sectors to succeed as rising trade protectionist and nationalism sentiments continue to sweep across the globe. Beijing has to adapt to such circumstances.

A higher number of sovereign governments have imposed sanctions and obstacles on China's hi-tech firms. Just take a look at Shenzhen-based Huawei Corp, the world's largest telecom equipment manufacturer and a mobile devices maker. Huawei has gotten hard hit by sanctions.

The Chinese government intends to counter-act by prompting more consumption domestically, as well as to embrace localization (make local and buy local) while more subsidies will be offered to China's hi-tech companies, academia and R&D (research and development) hubs.

Hence, Shenzhen and the surrounding cities of the Greater Bay Region - Guangzhou, Hong Kong and Macao Special Administrative regions will play a crucial role here. Don't be surprised to see Shenzhen emerge as the world's leading Silicon Valley to surpass California in the years ahead.

A major topic theme for the five year plan is what's known as "a development pattern centered on 'internal circulation' and supplemented by the 'external circulation.'" We should infer that the Chinese consumer and services sector will play more important roles to drive economic growth in the country.

Meanwhile, China's economy will open up wider to welcome more foreign direct investments. Foreign companies can receive more fair treatment as they conduct business dealings in the nation.

Consequently, the Chinese economy and its citizens will continue on with the path of peace and prosperity. The upcoming five year plan will ensure that China can move forward on the great rejuvenation of the Chinese nation, which is the key element of the Chinese Dream.

(The views don't necessarily represent those of the CCTV.com.)

Editor: zhangrui
23-10-20 04:04 BJT
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