When chairing a symposium on economic and social work on August 24, President Xi Jinping of the People’s Republic of China, reiterating that the world is undergoing profound changes unseen in a century, stressed that global outbreak of Covid-19 is accelerating the changes, with protectionism and unilateralism rising and the world economy going sluggish; the global industrial chain and supply chain are being confronted with non-economic setbacks; international economic, cultural, political, security, scientific and technological regimes are undergoing fundamental adjustments; the world is entering a period fraught with changes and disturbances.
Facing the new international conditions, China will pursue economic and social development in the post-pandemic era from the following perspectives:
Drawing up the 14th “five-year” plan to navigate future economic and social development:
Drawn up every five years since 1953, the five-year plan is a major feature of China’s governance system, setting growth targets and defining economic and social development policies to ensure national strategies keep pace with the times. Five-year plans in the past did achieve unparalleled miracles of rapid economic growth and lasting social stability in China. Experience has shown that conducting mid- to long-term planning would allow the market to play a decisive role in the allocation of resources, while allowing the government to play a better role. The 14th five-year plan covering the period of 2021-2025 will mark the first five years of China’s new journey after fully building a moderately prosperous society toward pursuing the second centenary goal of building China into a great modern socialist country. Therefore, China will grasp the new conditions, pool talents and wisdom and think far and forward for formulating a comprehensive 14th “five-year” plan to guide future development of China.
Instituting the “dual circulation” economic development pattern to boost future economic and social development:
The new development pattern known as “dual circulation”, which takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, has been placed high on the authorities’ agenda. The dual circulation is formulated on basis of current stage and conditions of China’s development. As a strategic choice, the new pattern will help advance cooperation between China and the world and build stronger new competitive advantages of China. According to President Xi, the new pattern is by no means a closed domestic loop, but an open dual circulation that involves both the domestic and foreign markets. Sticking to its fundamental national policy of opening-up, China with its status rising in the world economy, will forge closer ties with and offer more extensive market opportunities to it global partners.
Creating new growth momentum through scientific and technological innovation to consolidate future economic and social development:
Full scope will be given to enterprises as the main actors in technological innovation. By vigorously cultivating and introducing world-class scientific research talents and teams, and giving full play to the scientific researchers’ initiative, breakthroughs will be achieved in key and core technologies as soon as possible for creating new and upgraded technologies that can be put into extensive use, accelerating translation of scientific and technological research achievements into actual production power and enhancing development of industrial chain in China. In this aspect, China will continue following its opening-up and cooperation policy to work closely with the international community and bring benefits to the world.
Mr Anwaer is the Chinese Ambassador to Bahrain