Editorial | 5-year plan offers hope of stability amid global uncertainty
‘Peaceful’ role for Hong Kong as blueprint charts China’s future through high-quality development, technological self-reliance, innovation
The fourth plenum of the Communist Party’s Central Committee has signed off on China’s 15th five-year plan charting the country’s social and economic future, with a pledge to pursue high-quality development and “substantially improve” its capacity for technological self-reliance and innovation.
The draft now goes to the “two sessions” of China’s parliament for approval.
The 376 full and alternate members of the committee discussed proposals across a broad swathe of areas, from the economy to climate change. They aim to provide clear direction and welcome predictability at a time of global uncertainty.
According to a communique outlining the decisions, China will make new breakthroughs in “further deepening reforms across the board” while continuing to improve people’s living standards.
While acknowledging external uncertainties, particularly fragile and volatile relations with the United States, the communique highlights the resilience and potential of China’s economy.
Apart from external economic headwinds, China has grappled with challenges including weak domestic demand, a property crisis and deflationary pressures.