Major economic policies boost recovery in 2021

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The 14th Five-Year Plan (2021-25)

The closing meeting of the fourth session of the 13th National People's Congress is held at the Great Hall of the People in Beijing on March 11, 2021. [Photo by Wang Jing/]

China's top legislature adopted the 14th Five-Year Plan (2021-25) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 on March 11.

The period will be the first five years during which China begins its march toward the second Centenary Goal of building a modern socialist country. It will build off success during the first Centenary, in which the goal was to build a moderately prosperous society.

The outline expounds on China's strategic intentions, specifies the government's priorities, and guides and regulates the behaviors of market entities. China set major quantifiable objectives and tasks for economic and social development during the period starting this year.

These objectives and tasks include maintaining the surveyed urban unemployment rate within 5.5 percent, increasing R&D spending by more than 7 percent per year and reducing energy consumption per unit of GDP by 13.5 percent. It also aimed to cut carbon dioxide emissions per unit of GDP by 18 percent.

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