Contact Us

China's leadership kicks off economic planning session

Published October 26,2020

China's communist leadership on Monday kicked off a four-day meeting to draw the next five-year economic plan and set development goals until 2035.

China's 14th five-year plan is set to focus on economic self-reliance, technological innovation and a cleaner environment.

Beijing is pushing ahead with a "dual circulation" philosophy, which aims to boost economic self-reliance while still benefiting from globalization.

Chinese President Xi Jinping read a work report aloud as he opened the plenary session of the Communist Party's Central Committee, a top ruling body, state broadcaster CGTN said.

The plenum is set to run until Thursday, but decisions made there will likely not be announced until the next parliamentary session, which usually takes place in March.

The meeting takes place against the backdrop of increased tensions over trade, human rights and the coronavirus pandemic with the United States, Australia and other Western countries.

While the US, Europe and other parts of the world are experiencing a second wave of the coronavirus pandemic, China has managed to keep the virus largely under control, which has allowed its economy to recover.

The economy accelerated to 4.9 per cent growth in the third quarter of the year after a historic decline of 6.8 per cent in the first three months of the year and 3.2 per cent growth in the second quarter.