Focus on technology as China pursues “socialist modernisation”

November 11, 2020

BEIJING --  Technological advancement is the new focus of China's 2021-2025 Five-year Plan, says the global financial group, BBVA, in a summary paper of the Fifth Plenum of 19th Chinese Communist Party's Central Committee. "As we expected, the Five-year Plan does not mention an explicit growth target figure for the next five years, BBVA says.

"The five-year plan will press ahead with domestic structural reforms to release growth potential, continue with opening-up policies going forward. and further enhance environmental protection and the green economy." 

BBVA says the "dual circulation" model with a focus on "internal circulation" will be the authorities' new strategy throughout the 14th Five Year Plan in the new international environment.

China's 2035 long-term target, BBVA says, is to "basically achieve socialist modernisation", when China's economic and technological strength as well as the composite national strength will increase significantly.

" In particular, by that time, the GDP per capita of China will reach the level of moderately developed countries,"  BBVA says. (ATI)