China sets October 26-29 date for key meeting to draft 13th five-year development plan

PUBLISHED : Monday, 12 October, 2015, 5:15pm
UPDATED : Tuesday, 23 January, 2018, 11:54am

Beijing set the date on Monday for a key meeting later this month, which will help draft the next five-year plan that will set the tone for the world’s second largest economy for the next half a decade.

The meeting comes following a period of increasing turbulence during the past year.

The Central Committee, the decision-making body of China’s Communist Party, said the meeting would be held from October 26 to 29, Xinhua reported.

The decision was made in a Politburo Committee meeting held on Monday.

The party is expected to approve a draft of the national economic and social development programme from 2016 to 2020 during the meeting. The full plan will then be put to the National People’s Congress for rubberstamping in March, before each region and industry comes up with its own plan with more details.

Pundits will be watching the plan closely as China’s economy faces increasing downward pressure.

Its gross domestic product growth hit 7 per cent in the first quarter of this year and stayed the same during the second quarter – the slowest period of growth during the past six years.

China’s central bank, the People’s Bank of China, shocked the markets on August 11 when it devalued its currency, the yuan.