China Pledges Quality Growth, Tech Powerhouse in 5-Year Plan

China Pledges Quality Growth, Tech Powerhouse in 5-Year Plan

China unveiled the first glimpses of its economic plans for the next five years, promising to build the nation into a technological powerhouse as it emphasized quality growth over speed.

Initial details released by the Communist Party’s Central Committee Thursday stressed the need for sustainable growth and also pledged to develop a robust domestic market. The communique published by state media following a four-day closed-door meeting didn’t specify the pace of growth policy makers would target.

Five Year Plans
China’s economy has experienced much upheaval since the first plan started in 1953

The new plan elevated China’s self-reliance in technology into a national strategic pillar, a move signaled by officials from President Xi Jinping down in the lead up to the meeting. Central to that endeavor is self-reliance in chips, the building blocks for innovations from artificial intelligence to fifth-generation networking and autonomous vehicles.