Business / Economy

China's Five-Year Plan to boost domestic, global economies: experts

(Xinhua) Updated: 2015-12-07 14:06

SAO PAULO - China's 13th Five-Year Plan is set to boost both domestic and global economies, Brazilian experts told Xinhua in recent interviews.

China's development path is in step with that of the world's major economies, with its emphasis on innovation, coordination and medium-to long-term growth, the political observers said.

According to the plan, China aims to double its gross domestic product (GDP) and per capita income of residents of 2010 by 2020, and to shift the engine of growth from investment and exports to domestic consumption, among others.

While China's galloping growth of past years may have slowed to a trot, its economy continues to drive global growth, said Daniel Bicudo, an expert on Brazil-China ties at the University of Sao Paulo.

He said he believes other developing countries should consider adopting similar five-year plans.

To that end, Bicudo said, China's presentation of its plan was a great contribution to countries around the world.

Luis Paulino, an economist and China expert at the State University of Sao Paulo, said the plan, coupled with economic and financial reforms China is undertaking, will give growth a much-needed shot in the arm and help promote global economic governance.

Simply by maintaining a stable growth rate, said Paulino, China, as the world's second largest economy, can positively impact the rest of the world, and bolster confidence in the global economy.

Following the 2008 global financial crisis, he noted, emerging economies, such as Brazil and China, helped stabilize a shaky global economy.

Antonio Zoeller, of the Sao Paulo-based Business, Economics and Law Institute of Higher Learning agreed, saying what China says and does has great influence on an increasingly more interconnected global economy.

Severino Bezerra Cabral, director of the Institute of China and Asia Pacific Studies, said China's initiative to promote global governance through collective consultation can help resolve universal problems of development or conflict.

Such an initiative helps developing countries get a greater say, and promotes peaceful resolution to conflicts, said Cabral.

Ronnie Lins de Almeida, director of the Brazilian Center for China Studies, believes China's proposal to improve consultation between countries and the coordination of macroeconomic policies can bolster policies and actions.

Such cooperation is essential in today's world, said Lins.

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