Two Sessions to map out blueprint for China's next five-year development

22:15, February 25, 2011      

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The fourth session of the 11th National People's Congress, and the fourth session of the 11th National Committee of the Chinese People's Political Consultative Conference, will be held beginning next week.

One important agenda to be weighed during the two sessions is to review and approve the outline for the nation's 12th five-year plan covering the period for 2011 to 2015.

Since 1953, China has drawn up eleven five-year plans. Through the implementation of these plans, China has achieved marked successes.

China's annual economic growth rate exceeded 10 percent during the past five years. In 2010, China's gross domestic product expanded 10.3 percent year on year to 39.8 trillion yuan (6 trillion U.S. dollars), surpassing Japan as the world's second largest economy.

However, China still faces great challenges, including a widening wealth gap, unbalanced development between urban and rural areas, weak competitiveness in its industries and enterprises and an economic growth model which over-relies on investment and exports.

Wu Jinglian, senior research fellow of the Development Research Center of the State Council, or China's cabinet, said the transformation of the nation's economic development pattern is the key to solving long-term economic <font color='#ff0000'>problems</font>.

China would stick to the strategy of expanding domestic demand, consumption in particular, and seek a new phase of economic growth boosted by consumption, investment and exports, according to the outline of the 12th five-year plan.

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