What do these international organizations think about the development of China's "13th Five-Year Plan"?
Recently, on topics such as the significance of China’s 13th Five-Year Plan achievements to regional and global development, relevant leaders and economists of many important international organizations have been interviewed by reporters from Economic Daily.
They believe that during the 13th Five-Year Plan period, China has made impressive development achievements in building a well-off society in all respects, deepening reform and opening up, and promoting sustainable development.
James Lynch, Director of the East Asia Department of the Asian Development Bank:
China’s "13th Five-Year Plan" development is of great significance to the integrated development of the Asia-Pacific region and global economic growth
The main points
The achievements in poverty eradication are impressive.
On the one hand, the incidence of extreme poverty in China has dropped from 80% before 1978 to less than 1% in 2019, and the number of extremely poor people has dropped significantly by 850 million people, accounting for 70% of the global poverty reduction in the same period.
On the other hand, the Chinese government has increased spending on social services aimed at promoting inclusive development.
This has boosted consumer confidence and spending, which bodes well for regional development and global growth.
Significant progress has been made in opening up.
During the "Thirteenth Five-Year Plan" period, China's export business has further increased, and the introduction of advanced technology and the import of high-quality consumer goods have also increased, creating more opportunities for foreign companies in the fields of finance, education, medical care and logistics.
In addition, the new foreign investment law has relaxed restrictions on foreign investment, and the negative list of foreign investment has also been greatly reduced.
Since 2018, foreign banks and insurance companies have set up nearly 100 institutions in China.
The construction of ecological civilization has achieved remarkable results.
In 2018, China incorporated the construction of ecological civilization into the national constitution, and encouraged the priority to adopt a green, open, innovative, coordinated and shared development model.
The process of transforming the concept of ecological civilization construction into practice in China has achieved remarkable results in rural areas.
While natural resources have become more sustainable, poverty and inequality in rural areas have been reduced, and food security has improved.
Shi Diwen, head of sovereign ratings for Asia Pacific, Fitch Ratings:
China's "13th Five-Year Plan" Achievements Boost Global Confidence
The main points
During the 13th Five-Year Plan period, the overall performance of China's economy was outstanding, and fruitful results were achieved in areas such as building a well-off society in an all-round way, deepening reform and opening up, and advancing the construction of the “Belt and Road”, which are of great significance to promoting the integrated development of the Asia-Pacific and boosting global growth confidence .
During the "13th Five-Year Plan" period, China's economy maintained strong growth.
Fitch Ratings predicts that despite the impact of the new crown pneumonia epidemic, the average annual growth rate of China's economy from 2016 to 2020 will remain around 5.75%.
"This growth rate will make China one of the fastest growing economies in the world over the same period, and will play an important role in driving global growth."
From the perspective of rating agencies, through public financing reform to increase the transparency of fiscal accounts, clarify the main responsibilities of the central and local governments, and enhance the international application of the renminbi by increasing the flexibility of the two-way floating exchange rate of the renminbi and joining the IMF Special Drawing Rights Through the promulgation and implementation of a series of rules and regulations to reduce shadow banking risks, these policies have achieved effective results in the past five years.
China's various measures to accelerate reform and opening up are impressive.
China's financial regulatory agencies have lifted restrictions on foreign investment in securities companies, asset management companies, and QFII/RQFII investment shares, which has facilitated the further acceleration of offshore investors' integration into the Chinese capital market.
Infrastructure construction in countries and regions related to the “Belt and Road” initiative has benefited a lot from the implementation of this initiative.
In the next step, continue to improve the financing convenience of all parties involved, which will benefit China and relevant countries and regions to further promote the "Belt and Road" construction.
Sean Rocher, Chief Economist of S&P Global Ratings Asia Pacific:
China's development creates opportunities for global growth
The main points
During the "Thirteenth Five-Year Plan" period, China's development balance has been significantly enhanced, with gratifying development results in various fields, creating opportunities for global growth.
In terms of improving balance, one of the most remarkable achievements during the 13th Five-Year Plan period is the rapid development of the service industry.
The added value of the service industry accounted for 53.9% of GDP in 2019, an increase of 3.4 percentage points from 2015.
The contribution of the service industry to economic growth has risen by more than 10%, reaching about 60%.
China's increase in the proportion of the service industry has a positive spillover effect on the global economy.
This will help improve the balance of China's economy and reduce risks and debt levels.
Many service industries require much lower physical investment than other industries, and therefore usually do not require large debts.
In addition, the number of employees in the service industry unit output value is often more than that in the manufacturing industry. In the past five years, China has created tens of millions of new jobs, not only absorbing graduates, but also the labor population who might otherwise be engaged in agriculture or basic manufacturing.
Before the epidemic broke out, China was on the track of achieving complete poverty alleviation by the end of 2020, and complete poverty alleviation itself is an amazing goal.
The improvement of the living standards of the rural population will stimulate domestic consumption, including service industry consumption, which in turn will bring employment and income to others.
During the "13th Five-Year Plan" period, China has made remarkable achievements in implementing financial system reforms and steadily promoting opening up.
For example, improving the flexibility and marketization of the exchange rate is essential. Exchange rate reform allows the People's Bank to use interest rates instead of exchange rates as the main monetary policy tool. This is important for the modernization of the financial system (including interest rate liberalization and the formation of risk hedging markets). Is indispensable.
Source/Economic Daily WeChat (Reporter Tianyuan)