Fourteenth Five-Year Plan

Fourteenth Five-Year Plan
Name	Fourteenth Five-Year Plan
Period	2021–2025
Country	People's Republic of China
Approved	2021
Authority	National People's Congress

Fourteenth Five-Year Plan

The Fourteenth Five-Year Plan framed development for 2021–2025 under the leadership of Xi Jinping, setting strategic direction after the Thirteenth Five-Year Plan (China), during the tenure of the 13th National People's Congress, the State Council of the People's Republic of China, and the Chinese Communist Party Politburo. The plan followed themes articulated at the 19th National Congress of the Chinese Communist Party, building on initiatives such as Made in China 2025, the Belt and Road Initiative, and precedents from the Reform and Opening-up (China) era led by figures like Deng Xiaoping and implemented through institutions such as the National Development and Reform Commission and the People's Bank of China.

Background and development

Drafting combined inputs from the National People's Congress Standing Committee, the Chinese Academy of Social Sciences, the State Council Research Office, provincial delegations from Guangdong, Jiangsu, Sichuan, and municipal delegations from Beijing and Shanghai, alongside consultations with think tanks such as the Development Research Center of the State Council and the Chinese Academy of Engineering. Historical context referenced the Eleventh Five-Year Plan (China), Twelfth Five-Year Plan (China), and the Thirteenth Five-Year Plan (China), with leadership directives influenced by events like the COVID-19 pandemic, supply-chain tensions involving United States–China trade war, and global frameworks including the Paris Agreement and objectives of the World Health Organization. Key architects included members of the Politburo Standing Committee, economists associated with Peking University, Tsinghua University, and advisors linked to the Central Committee of the Chinese Communist Party.

Key objectives and targets

The plan articulated measurable goals for indicators tracked by the National Bureau of Statistics of China such as gross domestic product growth guidance, per-capita income targets similar to prior thresholds used by the International Monetary Fund, urbanization rates paralleling United Nations Department of Economic and Social Affairs estimates, and scientific milestones echoing programs at the Chinese Academy of Sciences and Academia Sinica. It emphasized innovation-led growth with targets for research and development intensity comparable to benchmarks from the Organisation for Economic Co-operation and Development and adoption rates in fields like quantum communication exemplified by projects from University of Science and Technology of China, semiconductor advancement tied to firms such as SMIC (Semiconductor Manufacturing International Corporation), and renewable energy expansion involving State Grid Corporation of China and China Three Gorges Corporation. Social objectives referenced poverty alleviation milestones tied to campaigns led by Central Committee of the Chinese Communist Party cadres in provinces like Yunnan, Guizhou, and Shaanxi.

Economic policies and sectoral priorities

Policy prescriptions built on industrial strategies including support for high-tech firms like Huawei, BYD Auto, and Tencent Holdings, combined with financial reforms involving the China Banking and Insurance Regulatory Commission and capital-market measures at the Shanghai Stock Exchange and Shenzhen Stock Exchange. Sectoral emphasis covered advanced manufacturing, information technology sectors related to companies such as Alibaba Group, aerospace projects with the China Aerospace Science and Technology Corporation, biopharmaceutical initiatives linked to Sinopharm, and green energy projects developed by China National Nuclear Corporation and Goldwind. Trade and external relations strategies navigated institutions and agreements including the Regional Comprehensive Economic Partnership, the World Trade Organization, and bilateral frameworks with Russia, European Union, and ASEAN members. Fiscal priorities referenced taxation policies overseen by the Ministry of Finance (China) and bond issuance coordinated with the People's Bank of China.

Implementation and governance

Implementation relied on multi-level coordination across the State Council of the People's Republic of China, provincial governments such as Henan and Shandong, municipal authorities in Chongqing and Tianjin, and regulatory bodies including the National Energy Administration and the Ministry of Ecology and Environment. Governance mechanisms invoked the Central Financial and Economic Affairs Commission and performance evaluation methods used previously in campaigns overseen by the Central Commission for Discipline Inspection. Capital allocation used policy banks like the China Development Bank and regulatory oversight involved the China Securities Regulatory Commission. International cooperation channels engaged institutions like the Asian Infrastructure Investment Bank and multilateral forums such as the G20.

Regional and provincial plans

Provincial five-year blueprints aligned with the national framework through tailored initiatives in Xinjiang, Inner Mongolia, Tibet, and coastal provinces including Fujian and Zhejiang, with special pilot zones such as the Hainan Free Trade Port, the Shenzhen Special Economic Zone, and the Xiong'an New Area referenced as focal points. Urban renewal and megaprojects intersected with planning agencies like the Ministry of Housing and Urban-Rural Development, transportation investments tied to the China Railway network, and port expansions at Shanghai Port and Ningbo-Zhoushan Port. Regional industrial upgrading drew on local champions including state-owned enterprises such as China National Petroleum Corporation and private conglomerates like Wanda Group.

Monitoring, evaluation, and outcomes

Monitoring utilized statistical reporting by the National Bureau of Statistics of China, audits by the National Audit Office of the People's Republic of China, and evaluations involving academic partners from Renmin University of China and Fudan University. Outcomes were assessed against indicators recognized by the World Bank and the International Monetary Fund, with mid-course adjustments informed by shocks including the COVID-19 pandemic resurgence and external pressures from the United States Department of Commerce. Policy learning drew on comparative experience from planning systems in India, Japan, and South Korea, and informed subsequent planning discourse among scholars at institutions such as the London School of Economics and Harvard University.

Category:Five-Year Plans of China