Editor’s Note: The Chinese economy has continued to develop and has contributed to the global economic recovery despite the COVID-19 pandemic, thanks to a series of cautious and effective measures taken by the government.
Let’s take a look at some of the major economic policies that have boosted China’s economic recovery in 2021.
The 14th five-year plan (2021-25)
The closing meeting of the fourth session of the 13th National People’s Congress is held at the Great Hall of the People in Beijing on March 11, 2021. （Photo by Wang Jing / chinadaily.com.cn）
On March 11, China’s highest legislature adopted the 14th Five-Year Plan (2021-25) for national economic and social development and long-term goals until 2035.
The period will be the first five years in which China will begin its march towards the second centenary goal of building a modern socialist country. It will build on the success of the first centenary, the aim of which was to build a moderately prosperous society.
The plan sets out China’s strategic intentions, specifies government priorities, and guides and regulates the behavior of market entities. China has set major quantifiable goals and tasks for economic and social development during the period starting this year.
These goals and tasks include keeping the studied urban unemployment rate below 5.5%, increasing R&D spending by more than 7% per year, and reducing energy consumption per unit of GDP by 13 , 5%. It also aimed to reduce carbon dioxide emissions per unit of GDP by 18%.
IPR protection for a better business environment
China has stepped up efforts on protecting intellectual property rights for a better business environment this year.
The China Council for the Promotion of International Trade on Oct. 29 released trade mediation rules for settling foreign intellectual property rights disputes, the first of their kind in the country.
Taking effect on November 1, the rules detail regulations on claims, personnel, modes and fees related to mediating IPR disputes.
The rules are expected to play an active role in improving China’s IPR dispute settlement mechanism, advancing the development of commercial mediation and helping the country engage more deeply in global IPR governance.