China unveils proposals for formulating nation's five-year plan

Updated: 2015-11-03 15:03

(Xinhua)

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China unveils proposals for formulating nation's five-year plan

The Fifth Session of the 18th CPC Central Committee, which was held last week, adopted proposals for economic and social development in the 13th Five-year Plan (2016 to 2020).[Photo/Xinhua]

BEIJING - Chinese President Xi Jinping said Tuesday that the country's annual growth rate should be no less than 6.5 percent in the next five years to realize the goal to double 2010 GDP and per capita income by 2020.

The Communist Party of China (CPC) on Tuesday issued the full text of proposals for mapping out a blueprint for China's development over the next five years starting 2016.

The document, the CPC Central Committee's Proposal on Formulating the Thirteenth Five-year Plan (2016-2020) on National Economic and Social Development, was adopted at the Fifth Session of the 18th CPC Central Committee which ended Oct. 29.

Anti-corruption

The principle of comprehensively strictly governing the Party should be upheld and the rules as well as discipline of the Party must be observed, according to the full text of the proposal.

The document pledged efforts to cement the achievements made in the anti-corruption campaign and tightened supervision and checks over power, in addition to working out an effective mechanism that would stem corruption.

Poverty relief

Chinese President Xi Jinping said the country is able to deliver its poverty alleviation target set for 2020, according to a statement issued Tuesday by the Communist Party of China.

The CPC on Tuesday reiterated its determination to fight against poverty, pledging to step up financial support to impoverished areas in the next five years. The document said ridding the rural population of poverty is the most arduous task for China's ambition to build a moderately prosperous society.

China had 70.17 million impoverished people in rural areas as of the end of 2014, and the government plans to lift all of them out of poverty by 2020.

Income gap

China also aims to narrow the income gap and raise the proportion of middle-income population in the next five years.

Financial reform

China will continue to support RMB's bid for inclusion in the IMF Special Drawing Right(SDR) basket and push ahead with capital account liberalization and the internationalization of RMB, according to the document.

China will accelerate reforms in its financial system to establish a transparent and healthy capital market.

Investment

China will continue to open up its economy to attract foreign investment and encourage Chinese firms to make overseas investment.

China will further open up sectors with natural monopoly features for investment over the next five years, the document said. Efforts will be accelerated to open up competitive businesses of sectors such as oil, natural gas, electricity, telecommunications, transportation and utilities.

Military reform

China will speed up reform of the military, aiming to reach its reform target by 2020.

Development fund

China will establish the Green Development Fund to promote clean production mode and sustainable growth.