2016 “Two Sessions”: A Brand New Start
The annual meetings “two Sessions” ( National People’s Congress & Chinese People’s Political Consultative Conference) have always had global relevance. But this year, the sessions are attracting even greater attention worldwide, as the year 2016 marks the start of China’s 13th Five-year Plan, which focuses on transforming the country’s development mode, economic reforms, promoting the rule of law and improving living standards.
In the government work report made by Premier Li Keqiang, you can find a lot of keywords — emphasizing the success of the past experience, but also putting forward new expectations.
This year’s target is aligned with China’s goal of completing the building of a moderately prosperous society in all respects, and takes into consideration the need to advance structural reform, Li said.
During the sessions, China announced GDP growth target of at least 6.5% during the 13th Five-year Plan in 2016-2020 and 6.5%-7.0% for 2016. For the first time to make an interval for GDP numbers, which was not only an important manifestation of actively adapting to the “new normal”, respecting the characteristics of China’s economic transition, but also helped to win a greater space for China’s reform .
The government work report also reaffirmed the importance of the supply-side structural reforms, a popular notion proposed by China’s policymakers. The main aims of this reform policy are to optimize the economic structure and enhance the efficiency of all contributing factors. To this end, measures will be implemented to streamline government and delegate powers, to relax macro-regulation, to spur innovation, and to extend reform in the financial sector, in land use rights, and in the management of SOES.
“New economy” was also first introduced in the latest government report. When development has reached a certain stage, it is natural for traditional growth drivers to begin to weaken. The “new economy” is not just about the emerging forms of businesses and industries, such as e-commerce, cloud computing and the Internet of Things. It is also found in smart manufacturing, large-scale customized production, family farms, and share-holding cooperatives in agriculture, said Premier Li.
China also called for more to be done to facilitate “Opening up policy”. It is said in the government work report that promoting a new round of high level of opening up, achieving win-win cooperation, and putting forward the “Belt and Road” construction, expanding international cooperation capacity, promoting the innovation and development of foreign trade, improving the level of utilizing foreign capital, and accelerating the implementation of the strategy of free trade zones.
As China’s opening to the outside world has deepened, the level and quality of foreign trade are greatly improved, which not only provide opportunities for the development of other countries/regions, but also are conducive to promoting the common prosperity.
Moreover, China’s pursuit of win-win cooperation and common development through the “Belt and Road” initiative, the establishment of the Asian Infrastructure Investment Bank and other moves have also benefited the world.