Long-term planning is key to China’s continued growth

BEIJING, June 16, 2021 / PRNewswire / – Speaking days before the Earth Day climate change summit in April, the US Secretary of State Antoine Blinken recognized that the United States had fallen behind China in developing the technology needed to combat climate change.

CGTN: Long-term planning is key to China’s continued growth

from China the global domination of renewable energies is no accident. It is the result of the type of long-term planning that has become a well-known feature of the nation’s governance system.

The base of from China economic planning was its five-year plans which began in 1953 and were modeled initially on the centralized Soviet system. During the first few years, economic and production goals did not always go as planned, and managers made mistakes.

For example, during the Great Leap Forward, an economic campaign in the late 1950s to transform China from an agrarian economy to an industrial economy, many objectives were not achieved because they were too ambitious. As a result, the campaign ended in disaster.

The country learned lessons from this experience, setting achievable goals and consulting widely over the following years. It wasn’t until the 1970s – and the onslaught of revolutionary “reform and openness” policies – that the world really picked up and took notice.

Since then, the CCP’s visionary five-year strategic planning has been widely recognized for facilitating continued economic expansion in China and underpins its transformation into the world’s second-largest economy.

The strong centralization of the past has been changed in favor of broad adherence to national development goals. Therefore, they have a better chance of succeeding. Contribution is sought from ministries, state-owned enterprises, provincial governments, academics and think tanks, local CPC delegates, non-CPC political parties, and the private sector.

The result is that from China the economy grew from more than 76 billion dollars (493 billion yuan) in 1981 to almost $ 16 trillion (100,000 billion yuan) in 2020. The country’s GDP per capita was comparable to that of india in 1978 around $ 200 (1,280 yuan). Today, it is five times the size of its neighbor in $ 10,000 (64,000 yuan).

from China leaders often stress that the market should be allowed to play a decisive role in the allocation of resources, and the country can never revert to a dominant centrally-planned economy.

The five-year plans combine the visible hand of government and the invisible hand of the market to transform China in the second largest economy in the world.




View original content to download multimedia:http://www.prnewswire.com/news-releases/cgtn-long-term-planning-key-to-chinas-continuous-growth-301313973.html


About Emilie Brandow

Check Also

Trade finance software market is booming globally: Finastra, Aite Matrix, Newgen Software

Latest research study published by HTF MI “Global Trade Finance Software Market” with 100+ pages …

Leave a Reply

Your email address will not be published.