China listens to global experts for new five-year plan
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Some of top global bankers and economists sit with China's economic policy makers face to face in Beijing Tuesday, discussing suggestions on the country's development strategy for the next five years.
It is the first time that China invites international expertise to advise on goals and policies of its key Five-year Plan, according to officials and experts attending an international seminar held by the National Development and Reform Commission (NDRC).
They said it was very important for China to consider its development strategy more from a global perspective as China has been increasingly incorporated with the world economy.
China has started the work on formulating the 12th Five-year Plan (2011-2015), said Xu Xianping, vice minister of the NDRC, the country's top economic planning body.
The seminar invited distinguished thinkers from near and afar to focus discussions on how China's 12th Five-year Plan can be designed to rebalance economy, environmental and social performance, and to reflect a global perspective, said C. Lawrence Greenwood, vice president of the Asian Development Bank (ADB), co-sponsor of the seminar.
"One Chinese thinker of the past said 'Rocks from other mountains may be used to carve jade'," Greenwood said. The old saying means one can correct his own defects by learning from advice or experiences of others.
"China is already a major developing country with a very high degree of openness, and is closely linked to the global economy." said Li Shantong, a senior researcher with the Development Research Center of the Chinese State Council, or the cabinet.
Li said the development of China was no longer just affected by domestic factors, but also by factors from outside world.
The new five-year plan, regarded by many experts as needing more thorough considerations as both domestic and global environments have become more "complicated", would be critical for China to realize a sustainable growth of economy.
Experts say after 30 years of fast growth, the country badly needs to make substantial progress in shifting its development pattern by improving policies and deepening reforms.
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