China’s 13th and 14th Five-Year Plans: Review and Advice
Wu Li1 and Li Yang2
1Institute of Contemporary China Studies, Chinese Academy of Social Sciences (CASS), Beijing, China
2College of Marxist Studies, Central University of Finance & Economics (CFUE) , Beijing, China
Abstract: The 13th Five-year Plan period ushered in a new era of socialism with Chinese characteristics. During this period, China’s economy transitioned from rapid to high-quality growth and weathered the storms of the trade war with the United States and the COVID-19 outbreak. Chinese policymakers embraced new development concepts, and fought to cut overcapacity and excess inventory, deleverage, lower costs, and bolster weak areas under the theme of supply-side structural reforms. In fighting the three tough battles of major risk prevention, targeted poverty reduction and pollution abatement, China has largely resolved myriad structural contradictions and maintained rapid domestic economic growth and stability. Most targets for the 13th Five-year Plan period have been achieved ahead of time or are near completion on time. Institutional sophistication has bolstered high-quality development.
Keywords: 13th Five-year Plan, supply-side structural reforms, high-quality development, 14th Five-year Plan
JEL classification code: O20, P00P21
DOI: 10.19602/j .chinaeconomist.2020.07.01