China's New Five-Year Plan Sharpens Industry, Tech Focus

An anonymous reader shares a report: China's Communist Party elite vowed on Thursday to build a modern industrial system and make more efforts to achieve technological self-reliance, moves it sees as key to bolstering its position in its intensifying rivalry with the United States. As expected, the Party's Central Committee also promised more efforts to expand domestic demand and improve people's livelihoods - long-standing goals that in recent years have been little more than an afterthought as China prioritised manufacturing and investment - without giving many details.

The full five-year plan will only be released at a parliamentary meeting in March, but the post-plenum outline from state news agency Xinhua hinted at policy continuity, which concerns economists who have been calling for a shift towards aâgrowth model that relies more on household demand. Building 'a modern industrial system with advanced manufacturing as the backbone' and accelerating 'high-level scientific and technological self-reliance' were listed ahead of the development of 'a strong domestic market,' the communique showed.

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