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New waves of corona infection in Europe this fall have caused concern among politicians. Spain is likely to continue with the new restrictions until May next year. Although the use of a coronary vaccine may be approved before the New Year, it will be a long time before the situation normalizes.
China believes it has left the corona pandemic behind after two quarters of economic growth: almost 4.9 percent growth in the third quarter.
China’s resorts reopen
This group of tourists became the first to visit the Giant Buddha at Leshan in Sichuan, China after the pandemic.
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Now the communist leadership is trying to look ahead. They meet this week to complete the five-year plan through 2025, the fourteenth in a row.
“The meetings will be held behind closed doors and the details will not be known until March next year,” Capital Economics said in a report.
30 year plan
The plans are considered very important to anyone involved in the Chinese economy. The economic plans and strategies that will be harnessed will affect the Chinese economy for decades and will be the legacy of President Xi Jinping.
“This plan is not just for the next five years, but for the next 30 years,” Qin Gang, founder of consulting firm YaSong City Strategy, told CNBC.
Five years ago, the “Made in China 2025” strategy was formulated. The goal was to become the world’s most innovative industrial nation in driverless cars, the next-generation mobile phone network (5G), marine technology, environmental technology, artificial intelligence (AI) and advanced computer chips.
– The new plan will be much less detailed. The details of the 2025 plan have created so much trouble for China and contributed to American opposition. “I hope they adhere to the general guidelines and are vague on the details,” Chen Zhiwu, director of the Asia Global Institute think tank at the University of Hong Kong, told Bloomberg.
U.S. sanctions against Chinese tech companies like Huawei and Tiktok have led to a downgrade of global ambitions.
“The number one priority is to increase the production of computer chips. This is also China’s most important import. The United States has already made it difficult for Chinese companies to obtain the most advanced technology. State support for Chinese computer chip companies is it has more than doubled this year, ”writes Capital Economics.
Weaker economic growth
In 2010, ambitious goals were set to double the size of the economy and create 50 new jobs by 2020. It took seven years to double gross domestic product to $ 12 billion, according to the World Bank.
The size of the Chinese economy will end at around $ 15 billion this year. If growth continues in recent years between five and six percent, China will surpass the United States as the world’s largest economy over the next decade.
The next five-year plan will focus on technological innovation, economic autonomy and the environment. President Xi announced in September that China will stop increasing its climate emissions by 2030 and become carbon neutral by 2060.
– This reflects China’s assessment of the situation in the world. Self-government is about investing in research and innovation. This is a necessary and justifiable response to growing international uncertainty, founder Fred Hu of investment firm Primavera Capital tells Bloomberg.
In recent years, the goal has not been economic growth at all costs. The Chinese leadership, led by President Xi Jinping, has called for quality growth. Citizens have become much more aware of environmental problems.
– For the next five years, China will really focus on high-quality growth. Growth itself may not be as high as it used to be, Bank and China chief analyst Zong Liang tells CNBC.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
