Five-year plans the ballast for stable growth

For over seven decades, China's five-year development plans have stood as the foundation of the country's economic and social progress, and functioned as powerful tools of governance to translate the leadership's strategic vision into measurable action.

- By CAO DESHENG

After the fourth session of the 14th National People's Congress, China's top legislature, opened in Beijing on March 5, the draft bill on national development planning was submitted for review. Under a longstanding practice, it is expected to be codified into law.

The draft law, which has undergone three readings and an array of revisions at NPC Standing Committee sessions, consists of six chapters and 37 articles. It outlines the overarching requirements for national development planning and procedures for formulation, review, and approval, as well as supervision of the implementation of national development plans in accordance with the law.

The five-year plans also serve as a window for the international community to observe China's medium to long-term policies. Analysts have said national development planning legislation helps improve the country’s macroeconomic governance framework, enhances the guiding role of national development planning in promoting high-quality development, and advances the modernisation of the country's governance system and capacity.