China’s National Conferences open in Beijing
The NPC and CPCCC are the two annual points at which the Government reports on its work, and expresses its annual plans and, in this case, publishes and explains its Five Year Plan through to 2021.
Below is a link for a CCTV discussion which includes 48 Group Chairman, Stephen Perry.
The process of change from a low cost export led economy to a more mature one based on domestic consumption is well under way. The building of a service sector up to 65pc of the economy is well under way, as are plans to cut back the capacity of simple basic industries surplus capacity, no longer needed as the basic building blocks of infrastructure and cities begins to reduce in demand.
Agricultural population has dropped to the point that large scale agriculture can now accelerate the quantity and diversity of products from the land.
Innovation will be the priority going forward to leapfrog china to the world class levels of advanced technologies, and prioritizing the environment will also continue to take China to a cleaner and safer place.
China is experiencing the challenge of change but it has done this before and has a very good system of scientific methods of approaching these problems.
Much media commentary from a Western press, preoccupied by its own economies’ troubles with its own financial sectors, focus on the challenges in that sector in China. Yes, developing a new set of finances for production and innovation, away from mere bank lending, is challenging, but some in the Western media think China’s destiny is a financial services sector like ours.
But China does not want to be overwhelmed by financial capitalism and preoccupations with buying quarterly growth. China is going to a different destination where stability and enough is more important than debt financed consumption amid a world of m and a manias.
In time this will be appreciated and China’s destiny is more Denmark than the USA, but that journey will take it through a vibrant market economy stage, where the tremors of change will challenge the leaders. But China has been here before and betting against them is not to be recommended, however much the media and some political and military leaders might encourage that.
For China there will be frequent needs to manage challenges both internally and externally. But I would guess that within a comparatively short period China will have transited this period and be on more stable ground on the far shore. The world needs China’s 6.5-7.0pc growth as there is little global alternatives in sight. It behoves us to support China’s changes.
China is moving forward with considerable speed and reading what they say is more important than the passing comments of gainsayers.
By 2021 they will be restructured and the Silk Roads will be well advanced. Business may be tempted to be risk averse, but then the big opportunities of first moves may have been taken by the more positive moves of American companies who are more aggressive than their European counterparts.
A new world is being carved out between the USA and China and by China in Asia. It provides for shared prosperity and we are better off inside than out. The UK in Asia is as important as the UK in Europe.
Both decisions are of great importance to our national future.