On October 29, the Communiqué of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, which has received much attention, was officially released.
The Communiqué drew the blueprint for China’s development in the next five to fifteen years, and was followed and reported by many overseas media.
Bloomberg News reported that the Communiqué of the Fifth Plenary Session of the 19th Central Committee paid more attention to the quality of development than the speed of development.
The report pointed out that the communiqué showed that China has promoted scientific and technological self-reliance to the height of national strategic support
proposed to build China into a scientific and technological power, and put more emphasis on high-quality development in terms of economic growth.
The report of BNN Bloomberg summarized the analysis of the Communiqué of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.
The report pointed out that the ANZ Bank economist team believed that although the communiqué did not propose a specific economic growth rate, it mentioned that China’s per capita GDP should reach the level of a moderately developed country by 2035.
The team believes that this means that China’s per capita GDP will be comparable to South Korea, Israel or Spain by then, and the per capita GDP of these countries will be between 35,000 and 40,000 US dollars at present value.
In terms of innovation to promote economic development, the UBS analyst team believes that the communiqué’s emphasis on technology and innovation means that China will accelerate the pace of industrial upgrading and will increase investment in R&D and education in the future.
China will also give more resources to basic research and frontier research.
In terms of promoting domestic consumption, the Goldman Sachs Group economist team believes that China’s promotion of domestic consumption to achieve sustainable growth means that China will increase total factor productivity and focus on the balance of economic growth in various regions and industries.
The South China Morning Post report noted that the communiqué stated that the long-term goal of socialist modernization should be basically achieved by 2035.
The report pointed out that technological innovation is an important support for the realization of this plan.
Reuters report focused on the communiqué on economic growth, domestic and international dual cycles, technological innovation, and population aging.
The report noted that the communiqué once again emphasized the need to give full play to the decisive role of the market in the allocation of resources
and proposed that major progress should be made in the reform of the property rights system and the reform of the market-oriented allocation of factors.
The Reuters report also paid attention to the content related to technological innovation in the communiqué.
The report pointed out that investors are looking forward to China’s specific measures to promote technological innovation.
The National Public Radio (NPR) report pointed out that the communiqué showed that China has redoubled its efforts to develop high-tech industries on the one hand, and promote domestic consumption on the other, so as to reduce its dependence on trade for economic growth.
This strategy of self-reliance is embodied in the term “double cycle”. According to the report, the message conveyed by the communiqué is that China has the confidence to face various challenges.
