Notably, the average rate of gross domestic product (GDP) growth has been lowered from eight percent to seven percent, signifying that economic development will not be pursued at the expense of other priorities. The plan suggests China’s attempt at a long-overdue transition from an overly export-dependent economic development model mainly based on low-cost manufacturing, to one driven by domestic consumption and services.
China: New Incentives?
The People’s Republic of China’s twelfth five-year plan, which provides the overarching guidelines for its domestic policies from 2011- 2015, was officially adopted on March 14 of this year.
