China sets goals for 2016-2020

CCTV News

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The CPC’s 18th Central Committee has been gathering in Beijing for the fifth plenary session from Monday to Thursday. Topping the agenda is the 13th Five-Year Plan, which maps the government’s main economic and development initiatives for the period from 2016 to 2020.

Hundreds of Committee members have gathered for the closed-door conference.

十三五之歌 The 13 WHAT - A song about China\'s 13th 5-year-plan

十三五之歌 The 13 WHAT - A song about China\'s 13th 5-year-plan

The CPC's 18th Central Committee has been gathering in Beijing for the fifth plenary session from Monday to Thursday. Topping the agenda is the 13th Five-Year-Plan, which maps the government's main economic and development initiatives for the period from 2016 to 2020. The Road to Rejuvenation Studio created an animated song for the event. (we guarantee the tune will stick with you)

Video Courtesy: Road to Rejuvenation Studio

China has seen 12 five-year plans implemented. The first five-year plan was launched in 1953. Each of the previous 12 plans has had different targets set for the five years that followed.

The 10th plan focused on a GDP target of about 7%, and on increasing the number of urban employees, as well as kicking-start the operations of more infrastructure facilities.

The goals of the 11th Five-Year Plan were to boost annual GDP to 7.5% and increase the share of the service industry’s value, while also increasing China’s urbanization rate.

For the 12th Five-Year Plan, the targets were to grow GDP by around 7%, and boost the urbanization rate. Other targets included expanding China’s highway network, building 36 million units of low-price apartments, and developing the e-commerce industry.

For the upcoming 13th plan, China’s financial industry is expected to see deepening reforms in several areas, according to Ma Jun, Chief Economist of the People’s Bank of China.

“China will see fast-tracking of foreign exchange liberalization process,” Ma said. China will also have more access to affordable financial services for all individuals and businesses, especially for low-income households and rural residents in the west of the country. Ma said the aim of the 13th Five-Year Plan is to help more low-income earning people as well as to address the needs of small and micro businesses.

Meanwhile, development of internet finance and micro-financing for start-up businesses are highly anticipated too, according to Ma. This type of finance is thought to be more convenient for people in remote countryside areas to access because online finance has lower borrowing cost.

Story by CCTV.