2016 “Two Ses­sions”: A Brand New Start

China's Foreign Trade (English) - - Contents - By Lily Wang

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.

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