12th Five-year Plan is off to a good start

In March 2011, the fourth session of the 11th National People's Congress discussed and approved the PRC Outline of the 12th Five-year Plan for National Economic and Social Development (中华人民共和国国民经济和社会发展第十二个五年规划纲要) (the 12th Plan). Compared to the previous five-year plans which focused more on consolidating Gross Domestic Product (GDP) rates, China's current leadership is aiming to introduce a new concept of quality growth and to structurally adjust the whole nation's economy to accommodate this concept in the years between 2011 and 2015.

During the past 30 years, China's rapid development has undoubtedly lifted millions of citizens out of poverty and improved standards of living throughout the country. However, it has also raised the question of sustainability, leaving many feeling that the basis of growth for the last 30 years has reached its limit. The promulgation of the 12th Plan has therefore come at a right time and, being at national level, its main objective is to assist China to solve this sustainability problem by increasing “national wealth” and assuring “people live in plenty”.