European Chamber positive about Chinese Government’s GDP targets announced in the 13th Five-Year Plan Go back »

2015-11-03 | All chapters

Beijing, 2nd November, 2015 – The European Chamber of Commerce in China (European Chamber) commends the government’s announcement that the 13th Five Year-Plan (FYP) will focus on higher quality and more sustainable economic growth. This presents an unmissable opportunity to push forward with bold reforms.

The European Chamber is encouraged by the announcement at the Fifth Plenum that the 13th FYP will target a modest economic growth rate that is more in line with China’s changing economic conditions. China is now looking to prioritise quality over quantity by decreasing fixed-asset investment, expand consumption-driven growth and increase their focus on innovation. 

European companies had indicated in the run up to the Fifth Plenum that they hoped to see environmental concerns prioritised in  the 13th FYP, so the European Chamber was also heartened to see this issue high on the agenda, along with the move to confront demographic imbalances with people-centered development.

These enlightened goals have raised expectations, both in China and abroad, so it is essential that they now be matched with the bold reforms necessary to attain them. This requires a swift departure from the prevailing piecemeal approach toward a deeper and more comprehensive implementation of the reform agenda outlined in the Third Plenum’s Decision.

European Chamber President Jörg Wuttke stated, “While to date the implementation of the reform agenda has been too slow and too modest, China’s economy is now at an inflection point. The 13th Five-Year Plan presents an ideal opportunity to take the critical measures needed to move China’s economy forward on a more sustainable track that will allow it to continue to move up the value chain. We now need to see words matched with actions.”

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