China Adopts New Five-Year Economic Plan with Reforms Crucial to its Success

 

Twelve days of parliamentary pomp and ceremony have ended in China with the adoption of a new five-year plan for the economy.

It was agreed with a 92.7 percent vote – seen as a rubber stamping of the plan.

Concerns have been voiced about the health of China’s economy which expanded at its slowest pace in 25 years in 2015.

The Premier Li Keqiang stressed the importance of reforms in the plan to the country’s economic vitality.

“We are fully confident of China’s long term economic growth. The confidence is not from nowhere as we are confident that as long as we continue to reform and open up, China’s economy will not suffer a ‘hard landing’,” he said.

The 13th five-year plan aims to maintain growth at an average of between 6.5 and 7 percent a year by 2020. 

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Source: Euronews