New Five-Year Plan Finalized at Annual 'Two Meetings'

Over the weekend, the Chinese Communist Party wrapped up its annual "Two Meetings" in Beijing - namely, the National People's Congress meeting and the Chinese People's Political Consultative Conference. In his "Government Work Report" published on the morning of March 7, Premier Li Keqiang summarized the outcomes of the meetings and provided insight into future policy direction. 

 

Regarding the government's key areas of emphasis in 2015, Premier Li highlighted the importance of ICT-related policies as being key to China's attempt to build a more efficient, sustainable economic development model. Premier Li specifically cited the Internet Plus Action Plan, China Manufacturing 2025, the establishment of"emerging industry investment funds," "small and medium-sized business development funds" and "expanded national indigenous innovation trial zones" as examples of the government's success in 2015. 

 

Premier Li also outlined the key emphases of the 13th Five-Year Plan, which was discussed and approved at the "Two Meetings." Premier Li's remarks have broad relevance to the information communications technology (ICT) industry. The Premier highlighted the following objectives:
  • Maintain a growth rate greater than 6.5 percent over the coming 5 years, driven by major gains in efficiency
  • Strengthen innovation, with breakthroughs in Big Data, cloud computing and Internet of Things applications; ensure that 2.5 percent of GDP is invested in research and development
  • Advance the reform and opening of China's economy, including a pledge to move towards a negative list and expand the network of existing Free Trade Zones
 
According to news reports, Premier Li also stressed that the main goals of the 13th five-year plan are to further promote entrepreneurship and innovation and facilitate developments in big data, cloud computing and the Internet of Things. He also outlined the following significant measures:
  • Commence new batch of national science and technology projects
  • Establish high-level national science centers and technology innovation centers
  • Cultivate internationally competitive enterprises
 
The 2016 work priorities include:
  • Standardize and develop Internet finance
  • Promote Internet Plus government services
  • Build smart cities
  • Improve electricity penetration in the countryside
  • Expand cross-border electricity pilot programs
  • Improve the national cyber-security system