China To Upgrade To Version 2020

Published 10/30/2015, 06:52 AM
Updated 05/14/2017, 06:45 AM

The so-called Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee running this week concluded yesterday, with a communiqué by president Xi Jinping approved by the Central Committee.

The main purpose of the session was to discuss a new Five-Year Plan covering the period 2016-20. It is the first Five-Year Plan launched by the new leadership, which took over the reins in China in 2013 and, in many ways, it is a continuation of the current policy with focus on reforms and innovation and a rebalancing of the economy. A new lower growth target of 6.5% combined with focus on rebalancing means the era of high growth in the industrial sector of 10-15% is behind us, and commodity demand from China will continue to grow much more slowly in the future.

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