China’s annual political season: High-quality development tops agenda
High-quality development is one of the top items on the agenda during the two sessions. China’s economy is facing a transition period from rapid growth to one that is more innovative and environmentally-friendly. What kind of high-quality development has China achieved? And where will the country go?
China is on track to achieve “high-quality” development. The National Development and Reform Commission has provided policy direction for the coming year.
Besides providing supply-side structural reform and combating the “three critical battles,” Beijing is also committed to pursuing a green economy and innovation-driven development.
Chinese Premier Li Keqiang said that China will strengthen R&D and the application of big data and artificial intelligence technologies, and foster clusters of emerging industries like next-generation information technology and expand the digital economy.
Premier Li’s words reflect China’s efforts in fostering new drivers of economic growth.
Consistent improvements have been made in supporting the areas of science and technology.
Last year, spending on research and development was higher than expected. Science and technology reached their goals of contributing to about 58.5 percent of economic growth.
This year, spending will account for 2.2 percent of the GDP, with their contribution expected to be nearly one percent higher than last year.
Premier Li also said the main projected targets for economic and social development this year are set as follows: GDP growth of 6-6.5 percent.
To achieve such “high-quality” development, other targets include a per capita labor productivity growth of 6.3 percent.
The urban population will account for over 60 percent of the total as measured by permanent urban residents, and over 40 percent as measured by registered urban residents. CTGN