Manufacturing News

China's new five-year plan offers opportunities for world: economist

China will likely further open its economy and foster innovation in the next five years, creating fresh opportunities for international cooperation, an economist said on Tuesday.

While boosting domestic consumption would be a significant factor for the Chinese government over the next five years, the country will remain open to the world as part of the "dual circulation" development paradigm, said Zhu Min, chairman of the National Institute of Financial Research at Tsinghua University, at a forum.

"The interaction between the domestic market and the international market will play an important role in stimulating China's technology advances and pushing products to move up the value chain," Zhu said at the forum themed on China and the world during the 14th Five-Year Plan (2021-2025) period and China-Africa cooperation.

While the country's policymakers are still mulling detailed development plans for the next five years, the proposals for formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 adopted by the Communist Party of China Central Committee have outlined some keywords for development, being opening-up, and innovation, among others.

China is expected to pioneer a high-standard opening-up in the next five years and attract more foreign investment, Zhu said.

As China moves to stimulate the digital economy, the demand for digital infrastructure is massive, calling for cooperation among companies to satisfy these needs, he noted.

China is willing to work with countries in Africa on digital infrastructure development and help small and medium-sized enterprises thrive amid this process, Zhu said.

Organized by the Center for China and Globalization, a think tank, the forum was attended by ambassadors, senior diplomats, and entrepreneurs.

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