China’s economic, social development under 14th 5-year plan on track despite ‘extremely unusual’ time
- 16 of the 20 major goals included in China’s 14th five-year plan for 2021-25 are within expectation or better than anticipated, according to Beijing’s top economic planner
- But energy consumption, carbon emission, air quality and childcare service goals are lagging amid a bumpy economic recovery
Beijing’s top economic planner has sent out an upbeat message about China’s growth prospects in an assessment of a key economic plan amid growing calls to lift expectations for expansion.
The world’s second-largest economy has advanced as expected in most aspects outlined in its 14th five-year plan covering economic and social development for 2021-25, according to a midterm assessment from the National Development and Reform Commission (NDRC).
Despite several challenges, including technological chokepoints, 16 of the 20 major goals included in the plan are within expectation or better than anticipated, NDRC head Zheng Shanjie said in his report to the country’s top legislature on Tuesday.
Calling the past couple of years “extremely unusual”, Zheng said China has “basically met expectations” in terms of gross domestic product (GDP) growth and residents’ income despite Western-led containment efforts and shocks from the coronavirus pandemic.
Investor and consumer confidence has remained low amid a bumpy economic recovery after reopening, mainly due to an ailing property sector and subdued external demand.