China has become one of the world's
major economic powers with the greatest potential. The
overall living standard has reached a fairly well-off
society. China's economy developed at an
unprecedented speed and the momentum has been held steady
into the 21st century because of the reform and opening-up
strategy. The economy reached its best in the recent
years, for the government strengthened and improved
its macro control.
China adopts the "five-year-plan"
strategy for economic development. The 9th Five-Year
Plan (1996-2000) was outstandingly successful, and the
following 10th Five-Year Plan (2001-2005) mapped out
the first plan for the new century, setting these main
1: Sustaining fairly rapid growth, strategic
restructuring, improving the quality and benefits of
economic growth so as to lay firm foundations for doubling
the 2000 GDP by 2010; substantial perfection of the
socialist market economy and putting state-owned enterprises
on a modern enterprise footing, thus allowing greater
participation in international cooperation and competition.
2: GDP to reach some 12,500 billion yuan,
and per capita GDP 9,400 yuan by 2005 (at 2000 prices
assuming annual economic growth of around 7 percent).
A marked improvement in quality of life, with 5 percent
annual growth in the disposable income of urban residents
and in the net income of rural residents; keeping the
registered urban unemployment rate stable at around
5 percent; maintaining generally stable prices and basically
balancing international revenue and expenditure.
3: Optimizing and upgrading the industrial
structure to sharpen China's competitive edge. By 2005,
the added value of the primary, secondary and tertiary
industries will account for 13 percent, 51 percent and
36 percent, respectively, of GDP; employing 44 percent,
23 percent and 33 percent, respectively, of the labor
force. Further improvement to infrastructure; increased
urbanization and bringing the widening development disparity
between regions under effective control.
Most of these targets have already been
achieved ahead of schedule. At present, the government
is drafting the 11th Five-Year Plan (2006-2010).