China's new five year development plan
- By Sajjad Malik
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E-mail China.org.cn, March 10, 2016
Innovations and sustainable growth are the key watchwords, which will herald the changes in China's economic growth and development agenda. But it will need some major reforms in the educational system. Unless universities and key institutions of higher learning are ready to take up the challenge of bringing newness, no system can rise to the top.
With the educational reform, entrepreneurship should be promoted. Small and medium size enterprises have a role to play despite global love for big industry. New ways to save energy and protect environment are also important in addition to the development of infrastructure and construction of sky-high buildings.
China also needs to take care of debt which is increasing with the economic growth. It may not be immediate worry but it can create ripples in the future if left unmanaged. It is said in the media reports that the ratio of debt to GDP is already around 250 percent.
Critics of Chinese model of development will also keenly watch the reforms in the state-owned enterprises. There are hundreds and thousands of such entities controlled by the central government and local authorities, which are also mainstay of the growth. But some of them are in the dire need of reforms to keep the pace with the fast economic growth and social development.
Premier Li Keqiang, while announcing the new plan, warned that "China will face more and tougher problems and challenges in its development this year" and said that people should be prepared for facing these challenges. "China has laid a solid material foundation, and its economy is hugely resilient and has enormous potential and ample room for growth," he said.
The Chinese economic miracle has been helped by the determination to find a recipe for every problem it came across. Hence, on good faith, it is expected that the country will meet the targets of the 13th Five Year Plan and also end it in 2020 by achieving the objective of a "low-high-income country."
Sajjad Malik is a columnist with China.org.cn. For more information please visit:
http://www.china.org.cn/opinion/SajjadMalik.htm
Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.
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