The top leadership of China's Communist Party has laid out plans to build a more modern industrial system. At the same time, China, which is in a race with the United States, must increase its technological independence. It is part of a five-year plan, parts of which have been made public after a closed-door meeting lasting several days. This is reported by the news agency Reuters.
However, the details of the plan have not yet been made public. They are expected in March, when an annual growth target is also expected.
Allan von Mehren, chief analyst at Danske Bank with a focus on China, writes in a comment that the "Chinese rulers are painting a picture of being in a situation with strategic opportunities." But they also see "big challenges, great uncertainty and unpredictable factors", he writes.
- The strategic opportunities are undoubtedly about China's ability to become a technological leader, but also about increasing power in a world where the United States has sided with most countries, writes von Mehren.
The meeting was the so-called fourth plenary session of the Central Committee of the Communist Party of China. Here, 11 members of the committee were also replaced, which is the highest number since 2017.
As expected, the top of the Communist Party of China also announced that China will increase domestic demand and improve living standards. The Chinese economy has long had problems with domestic demand and dependence on production and exports.
/ritzau/
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