China's new five-year plan boosts global sustainable development

Wednesday, 16 March 2016 03:35 Written by  Heart of asia Published in Economy Read 48219 times

China's 13th Five-Year Plan (2016-2020), which experts see critical in tiding the country through a transition period, will create more opportunities for sustainable growth within and beyond its borders.

 

China's economy experiences different phases of its development cycle. It is now shifting its focus to consumption and service industries from heavy polluting industries and manufacturing via complex reforms, the experts said.

A natural result of the transition is lower yet sustainable and balanced growth, and it continues to create development opportunities for the world, they said.

During the transition, a significant portion of the growth will be based on domestic consumption. The model is changing from "simple mass consumption to higher consumption," said Michael Zakkour, vice president of China/APAC at Tompkins International and author of "China's Super Consumers."

The increased importance of the Chinese consumers is not only to the Chinese economy but to the global one. Zakkour said this is providing huge opportunities for companies and governments investing in China.

Innovation, coordination, green development, opening up and sharing are the five cornerstones proposed by President Xi Jinping for China to secure resilient and sustainable growth.

Looking into the next five years' development, the global business circle is aware of China going global, and the economy is moving forward healthier and more balanced.

"We continue to believe that if China implements the market-based economic reforms it has committed to, it has the necessary tools to support domestic demand and succeed in this economic transition," said U.S. Treasury Under Secretary for International Affairs Nathan Sheets in an opinion-page article published on Medium recently.

"This transformation would allow China to solidify its status as a driver of global demand and offers the best formula for China to achieve an orderly transition and put its economy on a more sustainable footing for healthy growth in the future," said Sheets.

"We want to see China make this transition, because we recognize that China' s success ultimately benefits our own," stressed the U.S. official.

"The world simply can't do without China," said Oh Ei Sun, senior fellow with S. Rajaratnam School of International Studies, Nanyang Technological University.

Unstable U.S. economy and continued depression in Europe have protruded China's position as a locomotive of the world economy, said Oh, who is also former political advisor to Malaysian Prime Minister Najib Razak.

Oh said the transition period provides China with a superb chance to upgrade its economic development, which he believed will also benefit the rest of the world.

Many countries, especially those in South East Asia, hope to have deeper trade interactions with China, said Oh, adding thatASEAN members desire to have more cooperation based on free trade deals with China.

 

Last modified on Monday, 19 February 2018 13:00

375 comments

  • Comment Link Alexandria Monday, 18 June 2018 04:14 posted by Alexandria

    Somebody necessarily lend a hand to make severely posts
    I'd state. This is the first time I frequented your web page and to this point?
    I surprised with the research you made to create this particular publish extraordinary.

    Excellent process!

  • Comment Link Miguel Monday, 18 June 2018 01:44 posted by Miguel

    Wow, awesome blog structure! How long have you been running a blog for?

    you make blogging look easy. The entire look of your web site is magnificent, as smartly as the content material!

  • Comment Link Bidojveilk Sunday, 17 June 2018 23:44 posted by Bidojveilk

    online gambling casino casino games casino blackjack gsn casino slots casino games bovada casino online casino gambling online casino slots usa online casino online casino real money online casino games online casinos bovada casino best online casino casino slots online casino gambling online gambling casino gsn casino games online gambling real money casino casino play online casino usa online casino casino real money casino slots gsn casino games

  • Comment Link Joseph Saturday, 16 June 2018 19:55 posted by Joseph

    If some one wants expert view about blogging and site-building after that
    i advise him/her to pay a quick visit this webpage, Keep up
    the good job.

  • Comment Link Tobias Friday, 15 June 2018 19:19 posted by Tobias

    Way cool! Some very valid points! I appreciate you penning this post plus the rest of the website
    is really good.

  • Comment Link Violet Friday, 15 June 2018 18:16 posted by Violet

    What's up to every , since I am genuinely keen of reading
    this blog's post to be updated daily. It consists of
    nice stuff.

  • Comment Link Alina Friday, 15 June 2018 13:30 posted by Alina

    Exceptional post however , I was wanting to know
    if you could write a litte more on this topic?

    I'd be very grateful if you could elaborate a
    little bit more. Bless you!

  • Comment Link Mohammad Friday, 15 June 2018 02:43 posted by Mohammad

    phân phối chung cư vіnhomеs

  • Comment Link Arlene Wednesday, 13 June 2018 05:06 posted by Arlene

    May I just say what a comfort to discover somebody
    who genuinely understands what they are talking about on the net.
    You actually understand how to bring an issue to light and make it important.
    A lot more people ought to read this and understand this side of
    your story. I can't believe you're not more popular given that you definitely have the gift.

  • Comment Link Jerri Tuesday, 12 June 2018 08:56 posted by Jerri

    Howdy! Do you use Twitter? I'd like to follow you if that would be okay.
    I'm absolutely enjoying your blog and look forward to new updates.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.