Business / Economy

The global impact of China's 13th Five-Year Plan

(Xinhua) Updated: 2016-03-10 17:22

BEIJING - China's 13th Five-Year Plan concerns more than just its own domestic affairs. The world should sit up and pay attention: it will have a global impact, analysts said.

"China has been the powerhouse of the world for decades. In the next five years, ballooning domestic demand, investment and buying power will further vitalize the global economy," said Chen Fengying, world economy researcher with the China Institute of Contemporary International Relations.

As China steers itself toward quality development in the next five years, a critical period of transition, the world should cast their eyes east, said Chen.

The draft of the 13th Five-Year Plan (2016-2020), outlines policies, priorities, as well as clear economic and social targets.

"Such clear goals will serve as assurance to foreign entities as it will paint a clear picture of what measures will be taken," she said.

Innovation, growth

Cui Jicheng, 53, is a oceanologist. By 2019, he plans to take a manned deep-sea submersible 10,000 meters down to the Mariana Trench.

Deep-sea exploration is one of the principle projects under the Scientific Innovation 2030 initiative, outlined in the plan.

According to the draft, by 2020, China's R&D investment will account for 2.5 percent of GDP. The contribution of scientific and technological advances to economic growth will rise to 60 percent.

Investment into semiconductors, chip materials, robotics, aviation equipment and satellites, also aim to facilitate scientific advances.

"China already leads in the fields of Internet, new energy and AI. It will be an important player in the new round of scientific revolution and reform. In the next five years, expect more surprises from China," Chen said.

Statistics show China will import $10 trillion of commodities in the next five years. It will make $500 billion of investment. Chinese are expected to make 500 million trips abroad.

According to the five-year target, the economy will grow around 6.5 percent every year. "The plan will decisively overhaul, modernize and strengthen China's growth engine, laying stable foundations for further growth," said Amanullah Khan, chair of the Pakistan-China Business and Investment Promotion Committee.

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