Enabling Chinese ambitions

AIM TO IDENTIFY TECH BREAKTHROUGHS UNDERSCORES GOAL OF SECURING LEVERAGE IN INDUSTRIES OF THE FUTURE

- AMITENDU PALIT

AS THE WORLD tries to come to terms with the energy crisis caused by the US-Israel military conflict with Iran, China finalised its 15th Five Year Plan (FYP) during the 14th National People’s Congress (NPC).To be implemented over the next five years (2026-2030), the FYP is distinct in its strategic emphases for enabling China secure its global ambitions.

The first emphasis is on lowering economic growth. Since the 11th FYP, China has been bringing down its target rate of annual growth of GDP. While the 11th FYP (2006-2010) proposed 7.5% growth in GDP, the 12th FYP (2011-2015) and 13th FYP (2016-2020) targeted 7% and 6.5% annual average growth rates. The 14th FYP (2021-2026)—the first five-year plan announced after Covid-19—focused on “high-quality” growth as opposed to high growth and underpinned annual average growth rate targets of around 5%. The latest FYP has maintained the trend and refrained from setting predetermined annual growth targets. While the text of the final FYP is awaited, the broad expectation is that the growth target will be capped at 5% with a “reasonable range” justifying an even lower annual average growth of 4.5% or thereabouts.