Page 7 - Explanation of the Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development

progress and new breakthroughs in boosting scientific and technological
innovation, fostering new drivers of growth, and promoting economic
structural improvement and upgrading.
The draft document highlights the guiding role of scientific and
technological innovation and makes overall plans for modernizing the
industrial system, boosting self-reliance and strength in science and
technology, and accelerating the green transition across the board. It proposes
to promote upgrading of traditional industries, foster emerging industries
and industries of the future, and strengthen the foundations of the real
economy. It recommends promoting advances in original innovation and
breakthroughs in core technologies in key fields, boosting full integration
between technological and industrial innovation, pursuing integrated
development of education, science and technology, and human resources, and
advancing the Digital China Initiative. It also makes the recommendations of
moving faster to develop a new energy system and accelerating the shift to
eco-friendly production practices and lifestyles. It should be noted that the
development of new quality productive forces is contingent on the presence
of certain resource endowments, which means we must properly assess the
feasibility of all relevant plans. In highlighting the need to develop new
quality productive forces in line with local conditions in the document, we
aim to guide all parties concerned to adopt a sound, rational, and realistic
approach in their work and refrain from rushing headlong into new
initiatives.
Fourth, strengthening the domestic economy and promoting
unimpeded domestic and international economic flows
As the international landscape becomes increasingly challenging and
complex, we must move faster to create a new development pattern and keep
a firm hold on the initiative in development. At present and for some time to
come, we must work to strengthen the domestic economy and boost domestic
economic flows, so as to leverage the stability of the domestic economy as a
hedge against uncertainties in the international economy.
To this end, the draft document highlights the need to strengthen the
domestic economy and makes overall plans regarding the development of a
robust domestic market and a high-standard socialist market economy. It
emphasizes the need to pursue the strategy of expanding domestic demand,
work toward improving living standards while increasing consumer
spending, make investments in both physical assets and human capital, boost
consumption, expand effective investment, and eliminate bottlenecks and
obstacles hindering the development of a unified national market. It
highlights the need to stimulate the vitality of all market entities, move faster
to improve institutions and mechanisms for market-based allocation of
production factors, and make macroeconomic governance more effective. The
document also calls for efforts to promote broader international economic
flows, expand opening up at the institutional level, safeguard the multilateral
trading system, and pursue high-quality Belt and Road cooperation.

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