By: Wang Wen     Source: RDCY     Published:2020-11-10

The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China was held from October 26 to 29 in Beijing. It adopted the CPC Central Committee’s proposals for the formulation of the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, which charts the country’s course for the next 5, or even 15 years.

In the past year, I was appointed as a consultant on the 14th Five-Year Plan of two ministries and commissions and one province in western China. And thus I comprehended that the 14th Five-Year Plan was comprehensive, continuous, and practical, with a special focus on the global view.

First, it is comprehensive. China still sees prominent unbalanced development between the eastern and western regions, the urban and rural areas, and the rich and the poor, which requires the 14th Five-Year Plan to be more delicate and take everyone’s interest into account.

Second, it is continuous. The 14th Five-Year Plan serves as a link between past and future and is a significant design for China to start to build a modern socialist country, after achieving its goal of becoming a moderately well-off society. The Plan needs to consider sustainable development in a world that is undergoing drastic changes in domestic growth and global orders.

Third, it is practical. Compilation of the 14th Five-Year Plan has to take into consideration not only the likelihood of its expected completion, but also the progress of the previous five-year plan; not only the current vital strategic strategies, but also the underlying risks in complicated domestic and international environments.

Facing a turbulent situation not seen in a century, we have to make it through the following tough five years. However, I’m convinced that China will welcome new developments in this period, if we can grasp the rules, maintain our strength, enhance our awareness of risks and opportunities, and nurture new opportunities amidst crises.

Wang Wen, Executive Dean of Chongyang Institute for Financial Studies and Deputy Dean and Professor of Silk Road School of Renmin University of China, and Researcher of the Financial Research Center of the Counsellor Office of the State Council

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