China’s five-year plan

The five-year plans of People's Republic of China (PRC) are a series of social and economic development initiatives. The economy was shaped by the Communist Party of China (CPC) through the plenary sessions of the Central Committee and national congresses. The party plays a leading role in establishing the foundations and principles of Chinese communism, mapping strategies for economic development, setting growth targets, and launching reforms.

 

Planning is a key characteristic of centralized, communist economies, and one plan established for the entire country normally contains detailed economic development guidelines for all its regions. In order to more accurately reflect China's transition from a Soviet-style planned economy to a socialist market economy (socialism with Chinese characteristics), the name of the 11th five-year program was changed to "guideline".

 

The draft of China's 12th Five-Year Plan (2011-2015) was submitted Saturday to the National People's Congress (NPC), the top legislature for reviewing.

Following are key targets of the draft:
 

-- GDP to grow by 7 percent annually on average

-- More than 45 million jobs to be created in urban areas;

-- Urban registered unemployment to be kept no higher than 5 percent;

-- Prices to be kept generally stable.
 

-- Rise in domestic consumption;

-- Breakthrough in emerging strategic industries;

-- Service sector value-added output to account for 47 percent of GDP, up 4 percentage points;

-- Urbanization rate to reach 51.5 percent, up 4 percentage points.

Innovation

-- Expenditure on research and development to account for 2.2 percent GDP

-- Every 10,000 people to have 3.3 patents.
 

-- Non-fossil fuel to account for 11.4 percent of primary energy consumption

-- Water consumption per unit of value-added industrial output to be cut by 30 percent;

-- Energy consumption per unit of GDP to be cut by 16 percent

-- Carbon dioxide emission per unit of GDP to be cut by 17 percent

-- Forest coverage rate to rise to 21.66 percent and forest stock to increase by 600 million cubic meters;
 

-- Annual grain production capacity to be no less than 540 million tones;

-- Farmland reserves to be no less than 1.818 billion mu.
 

-- Population to be no larger than 1.39 billion

-- Life span per person to increase by one year;

-- Pension schemes to cover all rural residents and 357 million urban residents;

-- Construction and Renovation of 36 million apartments for low-income families;

-- Minimum wage standard to increase by no less than 13 percent on average each year;
 

-- Improved public service for both urban and rural residents;

-- Improved democracy and legal system;

-- Better social management system for greater social harmony;

-- More than 10 percent of all residents will be registered as community volunteers.
 

-- Encourage qualified enterprises to get listed in stock markets;

-- In-depth reform in monopoly industries for easier market entry and more competition;

-- Improved government efficiency and credibility