The 50 Forum is a one of China’s leading economic think tanks and as such is instrumental in setting the framework for the 13th Five Year Plan that will cover 2016 – 2020. These plans have set the basis for the economic transformation that we have been watching over the last 20 years. To get a sense of how economic leaders are thinking we offer the following quotes from the annual meeting of Chinese Economists 50 Forum.
Fan Gang, head of the National Economic Research Institute and former advisor to China’s central bank, said ,”The average pace of economic growth for the next five years is likely to be 7 percent, and a potential growth of 7 to 7.5 percent is also achievable.”
Xu Lin, director of the Department of Development Planning under the National Development and Reform Commission (NDRC), said, “Economic growth for the next five years, under the state of new normal, should be aiming at higher quality and efficiency, driven by innovation, with a greener mentality.”
Yang Weimin, vice minister of the Office of the Central Leading Group on Finance and Economic Affairs, said, “Ten big questions have to be answered in planning out the 13th Five-Year plan, including how to maintain steady economic growth, how to increase income, especially that of the low-income groups, how to reform the traditional development mode, as well as how to expand the scale of opening up.” Source: Global Times