China 13th Five-Year Plan 2016-20 Summary, sets ‘pragmatic’ targets through 2035

Summary of the 13th Five-Year Plan 2016-20 Infographic: GT

During the 13th Five-Year Plan period, from 2016 to 2020, China has made great strides in improving the economy, people's livelihood and other fields. China has contributed over 30 percent to global economic growth, with GDP hitting almost 100 trillion yuan ($14.9 trillion). Over 50 million people have been relieved from poverty, and 53.78 million new urban jobs have been created. New standard bearers in technology emerged, including high-speed trains, the BeiDou Navigation Satellite System and domestic passenger aircraft C919. This rapid technological development can be attributed to investment in research and development, which totaled 2.17 trillion yuan in 2019, accounting for 2.19 percent of GDP and up 56.3 percent from 2015. 

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China designs next 14th Five Year Plan

彭博：十四五规划或推动中国经济十年内超越美国_联合早报

中国4G超全球一半，5G终端超亿台

 

 

Highlights of the fifth plenary session of the 19th CPC Central Committee Infographic: GT

With decisive progress in the past five years and a strategic victory against the COVID-19, top leadership of the Communist Part of China (CPC) on Thursday unveiled a steady and bright picture for the country's future, as it sets sweeping social and economic development goals for the next five to 15 years that aim to build the world's most populous nation into a modern socialist power in the economic, technological and other fields by 2035.

In a wide-ranging communiqué released after the fifth plenary session of the 19th Central Committee of the CPC ended in Beijing, top officials conclude that  China remains in a major strategic development period, citing "decisive achievements" in the past five years and "major strategic results" of the COVID-19 epidemic, and offered sweeping solutions in a wide range of areas, from economy, to security, and to governance.

While the communiqué projected confidence in China's development paths and prospects, certain targets, particularly in economic areas, reflected a cautious and pragmatic sentiment among top officials, given mounting domestic and external pressure on growth, while other goals such as greenhouse gas reductions underscored the country's determination to pursue high-quality growth and tackle global issues, experts said.



Sweeping targets

"Having deeply analyzed the profound and complex changes our country faces in its development, the plenary session believes that China's development remains in an important strategic period," the communiqué said, calling for strategic patience in overcoming challenges and striving for progress.

Among the key takeaways from the communiqué are sweeping targets sets for the 14th Five-Year Plan (2021-25) and long-range goals through the year 2035. Coming at a critical inflection point for China, the four-day meeting and the targets for the coming five to 15 years are essential steps in China's long-term goal for national rejuvenation. The 14th Five-Year Plan would also mark the start of the pursuit of the second centenary goal to build a modern socialist country.

"Previously, we usually set five-year plans, but this time we mentioned the 'long-range goals for 2035' for the first time. The time span extended from five years to 15 years. That shows we have become more strategic," Yang Xuedong, a professor of political science at Tsinghua University, told the Global Times on Thursday.

Under the goals in the communiqué, China will achieve modern socialism by 2035. What that entails includes achieving "big leaps" in economic strength, technological prowess as well as overall national strength, the document said. Total economic output and urban and rural income will reach a "new level," and major breakthroughs would be made in core technologies.

"I think those targets are very pragmatic as they reflect our advantages and long-term development goals, as well as the many challenges we have to face," Tian Yun, vice director of the Beijing Economic Operation Association, told the Global Times on Thursday.

Though the document refrained from offering specific empirical targets, Tian said that those goals could mean that China would double its current GDP of around 100 trillion yuan in 2035, and double current per capita GDP of $10,000. "That would require a real GDP growth of around 3.5 percent annually; it is a big target but can be done if China's full potential is realized," he said.

In keeping with a decades-long tradition, the communiqué also included goals for the 14th Five-Year Plan. During the coming five-year period, China will aim for "new achievements" and "sustained and sound growth" based on improvements in quality. The domestic market will be further boosted and economic structure would be improved, it said.

In a breakaway from previous five-year plans, the 14th Five-Year Plan did not include an annual growth target. In the 13th Five-Year Plan, an annual growth target of around 6.5 percent, which, experts say, could be missed due to the COVID-19 epidemic.

That decision reflected the considerable risks and challenges the country is confronted with, including the COVID-19 pandemic, experts noted.

The new five-year plan came at a critical juncture for the Chinese economy. Though China has effectively reined in the epidemic and embarked on a steady economic recovery path with a 4.9 percent growth in the third quarter in the year, the deadly virus continues to ravage across the world, which is already mired in rising trade and geopolitical tensions.

While the 6,200-word communiqué focused mostly on economic issues, it also touched on a long list of issues, including governance system, security, social fairness, education, healthcare, and environmental protection - all part of China's long-term strategy to build a modern socialist society.

In security, the communiqué called for modernizing its military. On environmental protection, the communiqué said that China will continue to reduce carbon dioxide emissions after reaching a peak by 2035, which experts called a "bold" pledge that reflects China's determination to tackle climate and environment issues.

Paths to success

The communiqué also outlined strategies and paths that China would take to overcome those challenges, and reach its goals in the medium-to-long term.

Among the major steps listed in the document is a strategy that has already gained widespread attention - the "dual circulation" model. In line with previous speeches from top officials, the communiqué called for forming a "powerful" domestic market and establishing a new growth model, where the internal circulation would play a main role in driving growth, though the external circulation would also be boosted. "Consumption would be boosted and room for investments would be expanded fully," the document said.

Though China is at a transitory period where both opportunities and challenges are abundant, "fully grasping the 'dual circulation' would turn this into a period of opportunities," Wang Huiyao, an adviser to China's State Council and president of the think tank Center for China and Globalization, told the Global Times on Thursday.

With China's exports, which have already been declining in recent years, facing a tough situation due to the raging pandemic and tensions, Chinese policymakers are counting on the massive domestic market to ensure economic growth and security. China, which already has a middle-income population of over 400 million, is set to overtake the US as the world's biggest consumer market in the coming years.

Aside from the "dual circulation" strategy, the communiqué also highlighted the country's focus on technological innovation to drive sustainable growth, calling it an "innovation-driven" development strategy, and aiming to become a global leader in innovation. The Chinese character for innovation appeared nearly 20 times in the document, and for technology, 13 times.

"One of the most important points in the communiqué is mentioning innovation as a core national strategy… Facing the complex global situation, China needs to improve these areas," Wang said.

However, as the communiqué has made clear, focusing on the internal circulation does not mean China will turn inward and stop its long-standing opening-up policies. China will firmly adhere to its opening-up paths, and will continuously expand opening-up at a higher level, the document said.

"When we talk about the 14th Five-Year Plan, we shouldn't stress its effect on domestic development. It also has a significant meaning globally. China's economy is the engine for the global economy. China achieving a strategic victory against the epidemic and sustained economic growth is also a dose of confidence for the world," Yang said. 

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US profited from its weapons of deaths sales to Taiwan can be curbed? Yes and undoubtedly

/> A Taiwan warship launches a US-made Harpoon missile during the annual "Han Kuang" military drill on July 15, 2020. Photo: A...

 

US profited from its weapons of deaths sales to Taiwan can be curbed? Yes and undoubtedly

A Taiwan warship launches a US-made Harpoon missile during the annual "Han Kuang" military drill on July 15, 2020. Photo: AFP

The US has decided to sell 100 Harpoon Coast Defense Systems to the island of Taiwan for $2.37 billion, a deal that Taiwan authorities have welcomed and appreciated, according to Western media reports. It is reportedly the fourth of seven arms sales that Washington announced in September, and the second to have been approved in a week.

US arms sales to Taiwan have broken some previous restrictions under the Trump administration, becoming significantly more aggressive with an increase in the attack capability of the weapons. It appears that the country aims to gradually eliminate the taboo of selling defensive weapons to Taiwan by doing so. In the past, the US refrained on aggressive arms sales to Taiwan, except for the deal that the George H. W. Bush administration made in 1992 when the US sold 150 F-16 fighter jets to the island.

With the intention of using the "Taiwan card" to undermine China's development strengthens, the US is now seeing arms sales to Taiwan as a favorite trick of straight flush as it not only plays up the island's increased dependence on it and hope of "Taiwan secessionists" on the US over security, but also provokes the Chinese mainland. Washington has put itself on a position of being both player and banker in the risky game across the Taiwan Straits.

However, the increasing strength provides the Chinese mainland with a theoretically higher control of the situation. We should have the courage and wisdom to activate this capability, create leverage to exert strong influence and limit US arms sales to the island, and gradually seize the initiative in the game.

First, we should make an objective and firm judgment on the comparison of military strength across the Taiwan Straits - that is to say, the military strength of the mainland have formed an overwhelming advantage over Taiwan, which cannot be changed by US arms sales to Taiwan.

This gives us the strategic advantage to resolve the issue of US arms sales to Taiwan once and for all. We have the initiative in hand to decide how to eliminate this problem - on how long, at what intensity, and at what cost.

The momentum of US arms sales to Taiwan must be checked to fight the arrogance of "Taiwan secessionists." The sales have become the most substantial link between the US and the island of Taiwan, from which more interest chains and space for collusion can derive. We should not be indifferent to the sales despite our stronger military power over the island. Preventing US arms sales to the island from upgrading should become one of the main battlefields for the next cross-Straits struggle.

In the interest chain of US arms sales to Taiwan, the weak part is the Taiwan authorities and relevant US enterprises and interest groups. China in the next step should carefully investigate the institutions and individuals that have played a role in the US arms sales to Taiwan, and step up sanctions on them, making them pay the price.

We must make it clear to Taiwan authorities that purchasing weapons, especially offensive ones on a large scale, from the US will never be accepted by the Chinese mainland. The mainland will therefore take punitive measures, just like military actions as a warning if higher-level US officials visit Taiwan. As a result, Taiwan's purchase of US arms will be of no help in deterring the mainland, but the process itself is highly risky. The more US weapons the island buys, the more insecure it will become.

The mainland's punitive measures will, first of all, include making it routine to fly military aircraft across the so-called middle line of the Taiwan Straits. The mainland can also dispatch its jets over the island of Taiwan, normalize aircraft patrols approaching the island, and launch economic blockade against the island.

If these still cannot curb the military collusion between the US and the island of Taiwan, the mainland can resort to the ultimate warning - the People's Liberation Army would destroy the US offensive weapons Taiwan newly deploys. If Taiwan authorities refuse to be restrained, the mainland will end the dirty arms trade between the US and the island with a crisis. When there is a severe clash between the US, the Chinese mainland and the island of Taiwan, Taiwan authorities must be crushed first.

The long-term peace in the Taiwan Straits has emboldened Taiwan secessionists. The strength of the mainland is growing, while the "Taiwan secession" has come to a dead end. However, the Democratic Progressive Party authorities are becoming increasingly unbridled, thinking they have gained more support from the US. They misjudge the situation. The mainland must exert unprecedented pressure on the island to curb the evil trend. 

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The spirit of CPV soldiers resisting US aggression in Korean War inspires generations of Chinese people

The Memorial Hall of the War to Resist US Aggression and Aid Korea in Dandong, Northeast China's Liaoning Province Photo: Li Qiao/GT

It's hard to imagine visitors bursting into song when they visit a memorial hall. But it occurs often in the Memorial Hall of the War to Resist US Aggression and Aid Korea in Dandong, Northeast China's Liaoning Province. The border city attracts many seeking to learn the history and commemorate the spirit of the Chinese People's Volunteers (CPV) army.

Visitors hum the nationally renowned anthem of the CPV army. "This song and the heroic deeds of CPV soldiers were with us growing up," a visitor in her seventies, with a Chinese national flag sticker on her face, told the Global Times.

October 25 was the CPV army's first fighting day of the war, exactly 70 years ago in 1950. Seventy years have passed and more CPV soldiers have left us in recent years. It may be difficult for the next generation to hear their stories in person. However, the CPV army's sacrifice of resisting US aggression, aiding Korea and defending national security is not forgotten, and their heroism is inspiring generations of Chinese committed to serving their country.

CPV soldier Han Tingfu, 94, is wheeled on a visit to the exhibition of the War to Resist US Aggression and Aid Korea in the Military Museum of the Chinese People's Revolution in Beijing on Sunday. Photo: Li Hao/GT

Heroes not forgotten

More than 29 million CPV soldiers participated in the War to Resist US Aggression and Aid Korea, with 197,653 soldiers confirmed as martyrs by China's Civil Affairs Ministry. Many of the surviving soldiers are in their nineties. For some veterans, it might be difficult to visit the memorial hall or other historical sites of the war in Dandong. But people related to CPV soldiers and who experienced that period of history still commemorate their legacy in various ways.

"Inspired by the CPV soldiers I admire most, I became a radar operator in Air Force when I grew up," He Shufang, an 84-year-old visitor from Fencheng city, Northeast China's Liaoning Province, told the Global Times.

While looking at a CPV exhibit in the memorial hall, He sang "Heroic Auto Driver," a song about the War to Resist US Aggression and Aid Korea. "It was a CPV soldier who taught me this song when we lived together. My biggest regret was seeing them go to the battlefield but not seeing them come back," He said.

Fengcheng is only 73 kilometers away from Dandong. Seventy years ago, his family lent a room to CPV soldiers. Half of his school building was lent to CPV soldiers.

"Even though we were far behind the US in terms of weaponry, I felt that our CPV soldiers were still full of courage to rush to the battlefield to defeat US aggressors under difficult conditions. The days living with them inspired me to join the army and defend our country later," He said.

He said he would enlist in the army again if he could and expects young people to work hard and love their country. "We Chinese love peace and don't want to get involved in wars but we are not afraid of wars if there are aggressions," He noted.

Visitors tour the Military Museum of the Chinese People's Revolution in Beijing on the first day of a special exhibition marking the 70th anniversary of the CPV army's participation in the War to Resist US Aggression and Aid Korea on Sunday. Photo: Li Hao/GT

There are also many relatives of CPV soldiers who visited the memorial hall in memory of their loved ones. "I came to visit the memorial hall for the sake of my brother who passed away two years ago," said Xiao Yumei, a 75-year-old woman from Dalian, a four-hour's drive away from Dandong.

Her older brother, Xiao Peiyuan, was a CPV soldier who was transferred back home after losing a toe on his left foot during the war. The soldiers who fought with him all died in combat.

"Looking at the mock scene of the war, it's as if my brother is one of the unnamed heroes here on display. If only my brother could come see it and celebrate the 70th anniversary with us." Xiao said.

Xiao noted the living should appreciate heroes who sacrificed their lives for the safety of a neighboring country and the motherland, and that the living should follow in their footsteps of history.

Zhang Fasong, 90, traveled 1,223 kilometers from Hegang, Northeast China's Heilongjiang Province to observe the war's 70th anniversary in Dandong. He described this trip as his dream journey.

Seventy years ago, Zhang failed to join the CPV army because he was two centimeters short of the height requirement.

Standing on the Yalu River Broken Bridge watching North Korea on the other side, Zhang told the Global Times that, "I'm 90 and I don't know how long I'll live. Before I die, I just want to see the Yalu River and tell the CPV soldiers who crossed the river 70 years ago that China is today prosperous and we are enjoying a peaceful and happy life now."

Six-year-old Huhu, dressed in CPV army clothing, commemorates the War to Resist US Aggression and Aid Korea, which his great-grandfather had participated in, on the Yalu River Broken Bridge in Dandong on Friday. Photo: Cui Meng/GT

Inheriting the spirit

Many young Chinese only learn about the history from textbooks and have little personal connection with the war. Some of them specifically come to Dandong to learn about this history, saying they are touched and inspired by the spirit of the CPV after learning of their heroism.

Zhang Yating, 32, expects to completely learn about the war history in Dandong. She is a nurse from Beijing who battled on the anti-epidemic front line earlier this year. She was honored as one of "the most admirable people in the new era."

Zhang was responsible for conducting nucleic acid tests.

"It was a very difficult time being wrapped in protective clothing every day and not being able to see my children and parents for safety reasons. However, compared with dangers which CPV soldiers suffered from, the difficulties which I experienced for anti-epidemic work were nothing," Zhang said after visiting the memorial hall.

Zhang said she was disappointed by US smears toward China's anti-epidemic work. "Our CPV heroes defeated US aggression 70 years ago. Our medical staff, inheriting their heroic spirit, struck down US slander by effectively controlling COVID-19," Zhang noted.

During Qingming Festival, Mid-autumn Festival and other national holidays, people from all over the country come to sweep tombs for CPV martyrs, Sun Dali, the director of the Dandong Cemetery of the War to Resist US Aggression and Aid Korea Martyrs, told the Global Times.

Because of anti-epidemic measures, the cemetery held an online memorial service for the Qingming Festival in April. A CPV martyr's relative in the epidemic's most affected city, Wuhan, Central China's Hubei Province, was quarantined at home and burst into tears seeing the tombstone online, Sun said.

China introduced the Heroes and Martyrs Protection Law in 2018, which protects the reputation of heroes and promotes commemoration of their legacy.

"The nation and society have paid more and more attention to the CPV martyrs in recent years. The young generation will inherit the spirit of our heroes," Sun said.

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Targeting China no cure to woes of the US, India

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Startups can apply for seed financing from S’pore fund

LuneX to provide funding to blockchain firms based in Malaysia

“Together with MAVCAP, we are actively looking for Malaysian-based blockchain startups, particularly in the early stage"

 - LuneX Ventures founding partner Kenrick Drijkoningen

 Meanwhile, MAVCAP CEO Shahril Anas said with blockchain technology being increasingly adopted in Malaysia, the VC firm saw the opportunity to increase availability of funding for innovative start-ups in this space and invested in LuneX.

PETALING JAYA: Blockchain startups based in Malaysia can apply for growth funding from LuneX Ventures (LuneX), a Singapore-based dedicated blockchain and cryptocurrency fund.

Launched in 2018, LuneX partners Golden Gate Ventures, a venture capital firm that invests across South-East Asia.

Government-backed Malaysia Venture Capital Management Bhd (MAVCAP), the country’s largest venture capital (VC) firm, also invested in LuneX in 2019.

“Together with MAVCAP, we are actively looking for Malaysian-based blockchain startups, particularly in the early stage, to back and grow, ” said LuneX Ventures founding partner Kenrick Drijkoningen, noting that Malaysia has a lot of tech talent and a relatively young population picking up new trends rapidly.

“In Malaysia, we see the crypto finance movement being adopted by young people in droves, meaning for many of these products, there is a large market to find product market fit, ” he added.

Drijkoningen also pointed out there were bright prospects for blockchain start-ups in Malaysia as the country has a very open economy with a lot of cross border movement and finance - areas that blockchain technology will make significantly more efficient in years to come.

LuneX usually invests at the seed stage of financing, meaning the company is raising anywhere from US$100,000 to a few million dollars.

LuneX looks at whether the blockchain start-ups fits its investment thesis and the size of the markets they are operating in, in addition to the experience and passion of the founding teams.

“The best entrepreneurs are those who are able to pivot quickly if they see changing market conditions, ” said Drijkoningen.

He added that an oft-overlooked criteria is whether there is good working chemistry between the blockchain start-up and LuneX.

“An investment is very much a long-term commitment and working with each other should be productive, fun and an overall good experience for both parties, ” he said.

Drijkoningen said South-East Asia has boomed as a start-up ecosystem over the past 10 years and LuneX aims to ensure it also develops as a leading region for blockchain start-ups.

He recalled that while the blockchain ecosystem was heating up in 2017, there was no dedicated VC fund in South-East Asia specialising in the industry.

With this knowledge gap at traditional venture capital companies, it was hard for blockchain entrepreneurs to raise equity financing. Thus, tapping on the emerging blockchain ecosystem in South-East Asia, LuneX invests in blockchain and cryptocurrency-related early stage start-ups, as well as application tokens, protocol tokens, app coins andother digital and cryptofinance technology.

LuneX has a portfolio that is diversified across tokens in key players like Ethereum, Terra and Kyber; to equity in crypto finance infrastructural companies like Propine (custody), Merklescience (AML solution), Sparrow (Exchange) as well as blockchain application technology like Accredify and Keyless.

Other companies LuneX has invested in include Fleek, Stakewith.us, DEXTF, Blue Wallet, Accredify and Bank of Hodlers.

Drijkoningen said LuneX draws on a wide network to support its portfolio companies and help with business strategy, hiring, marketing and fund raising.

“Specific examples include placing senior management, working on a rebrand, introducing new round lead investors and helping prepare pitch decks, ” he said.

According to Drijkoningen, the Covid-19 pandemic has been positive for digital transformation and growth in blockchain and crypto finance has accelerated, as more things need to be done digitally.

“That being said, it has been more difficult to make investment decisions, as we do prefer to meet people in person, visit their office and spend some time socially.

“Nonetheless, we are in active talks with a number of start-ups and will continue to seek out opportunities to expand our portfolio, ” he said.

Regarding LuneX’s partnership with MAVCAP, Drijkoningen said both companies share similar long-term views and look to grow the industry together.

“MAVCAP has an amazing reputation and this helps with finding great talent and companies and providing them with the resources needed to succeed.

“Also, MAVCAP really understands how the future of finance, fintech and blockchain are merging into a new era of innovation, ” he said.

Meanwhile, MAVCAP CEO Shahril Anas said with blockchain technology being increasingly adopted in Malaysia, the VC firm saw the opportunity to increase availability of funding for innovative start-ups in this space and invested in LuneX.

“With our participation in this fund, we can provide greater opportunities for Malaysians entrepreneurs with innovative blockchain-based solutions, combining the expertise of LuneX in the blockchain industry with MAVCAP’s track record and deep knowledge of the local VC ecosystem, ” said Shahril.

He noted that LuneX has a wealth ofexperience in blockchain, which for MAVCAP is an uncharted sector.

“We are able to tap into the knowledge and experience of LuneX to provide training and actively engage with industry players, including regulatory bodies and start-ups, to create a conducive and secure blockchain framework for Malaysia.

“Also, our local VC talent pool gains technical know-how to be able to identify local start-ups with good potential and make investments in this sector, ” said Shahril.

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