The 19th Party Congress closed at noon on Tuesday. Photo: cpc.people.com.cn

The Communist Party of China (CPC) Central Committee has proposed a set of long-range objectives in a development plan for the country to basically achieve socialist modernization by 2035.

The CPC Central Committee’s proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 were adopted at the fifth plenary session of the 19th CPC Central Committee, which closed on October 29. The full text of the proposals was made public on Tuesday.

According to the proposals, China’s economic and technological strength, and composite national strength, will increase significantly. New strides will be made in the growth of the economy and the per capita income of urban and rural residents. Making major breakthroughs in core technologies in key areas, China will become a global leader in innovation.

China will finish building a modernized economy. New industrialization, IT applications, urbanization and agricultural modernization will be basically achieved.

The modernization of China’s system and capacity for governance will be basically achieved. The people’s rights to participate and to develop as equals will be adequately protected. The rule of law for the country, the government, and society will be basically in place.

China will become a strong country in culture, education, talent, sport and health. The well-rounded development of all people and social etiquette and civility will be significantly enhanced. China’s cultural soft power will grow much stronger, said the proposals.

China’s new development plan

Xi Jinping, the general secretary of the CPC Central Committee, on Tuesday released an explanatory speech along with the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

The drafting process officially kicked off on April 13 when a drafting group headed by Xi held its first plenary session of the 19th CPC Central Committee.

Coordinating the formulation of the 14th Five-Year Plan and the long-range objectives through 2035 is of great significance to mobilizing and motivating the whole party, the whole nation and people of all ethnic groups to overcome all the risks and challenges on the road ahead and getting off to a good start in fully building a modern socialist China, Xi said in the speech, citing a consensus reached during the solicitation of comments.

Extensive solicitations of comments and suggestions from various sectors were held. Online solicitations also received more than one million comments from August 16 to 29.

The drafting group studied all the comments and suggestions sent to them piece by piece, holding discussions and revising the proposals many times, Xi said.

A total of 546 comments and suggestions have been reflected in the proposals, Xi said, calling the drafting process “a vivid example of the CPC’s intraparty democracy and China’s socialist democracy.”

China should focus on promoting high-quality development during its 14th Five-Year Plan period, Xi said. This is based on the scientific assessment of the stage, environment and conditions for the country’s development.

To forestall and defuse various kinds of risks and proactively address challenges brought by external changes, China needs to focus on taking care of its own matters and improving the quality of development, said Xi.

Market liquidity

The People’s Bank of China, the country’s central bank, pumped cash into the banking system through open market operations to maintain liquidity Wednesday.

The PBoC injected 120 billion yuan (US$17.97 billion) into the market through seven-day reverse repos at an interest rate of 2.2%, according to a statement on its website.

The move was intended to maintain reasonably ample liquidity in the banking system, the central bank said. As 120 billion yuan of reverse repos matured, the money market saw zero net injections Wednesday.

Company news

A list of the top 100 companies in advanced computing in China was released at the 2020 World Computer Congress, which kicked off Tuesday in Changsha, the capital of central China’s Hunan Province.

The three top companies on the list were: Huawei Technologies; China’s leading cloud-computing and big-data service provider Inspur Group; and Legend Holdings Corporation, the parent company of Lenovo. They were followed by Microsoft China, Intel China and China’s enterprise software and solutions provider Yonyou Network Technology.

The list was compiled by CCID Consulting, a company affiliated with a think tank under the Ministry of Industry and Information Technology, based on an evaluation of the firms’ operating income and growth rate, market share and R&D capability in the field of advanced computing.

Some companies leading the rankings had an average annual revenue in excess of 10 billion yuan in the past three years, with the proportion of R&D investment between 10% and 15%, the CCID said.

The stories were compiled by Nadeem Xu and Shan Hui and first published at ATimesCN.com.

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