What does China’s dual circulation policy mean?
The national five-year plan is the most important guide of policy direction for China’s short-term economic, political, cultural and social development.
Against a background of higher education enrolment surpassing 50% of the university age cohort in 2019 and a growing number of Chinese universities achieving world-class status as institutions or for certain disciplines, the 14th Five-Year Plan for 2021-25 and Economic Goals for 2035 (hereafter, the Plan) was reviewed and approved in the 19th Central Committee of the Chinese Communist Party in late October 2020.
It consists of two policy blueprints. One is the 14th Five-Year Plan (2021-25), which is the first five-year period in which China outlines its aims to become a broadly prosperous society. The other is the 2035 vision (2021-35), which creates a mid-term vision for how China can achieve ‘socialist modernisation’.
Although the final and full plan still has to be ratified by the National People’s Congress in March 2021, the guidelines and key points are unlikely to be changed. So, what, together, do these suggest?
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