Interpretations on the 14th Five-Year Plan and the Long-Range Objectives Through the Year 2035

December 2020

In November 2020, the Communist Party of China Central Committee (“CPCCC”) published the CPCCC’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 (“the Proposals”).

Containing more than 20,000 words, the Proposals offers 60 recommendations in 15 sections. It serves as a significant guideline for China’s social and economic development in the five to fifteen years to come.

The Proposals is comprised of: 1) a review of the major achievements on the way to building a moderately prosperous society in all respects; 2) long-range objectives through the year 2035 raised based on an analysis of the future development trend; and 3) an illustration of the guiding philosophy, principles and major objectives for the 14th Five-Year Plan period, as well as the detailed development scenarios and priorities from 12 aspects.

Compared with previous medium-to-long-term development plans, the Proposals reflects noteworthy new development philosophy, mindset and policies. In specific, we should attach greater importance to the following economy-related highlights：

Shifting from quantity-focused development to all-round development
Upholding the central role of innovation in the modernisation drive
Attaching more weight to the build-up of a modern industrial system
Fostering a “dual circulation” development model relying on the strong domestic market
Deepening reform continuously in pursuit of a high-level socialist market economy
Breaking new ground in high-level opening-up and mutually beneficial cooperation