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Buildings hug the coast of Haikou Bay, South China's Hainan province. [Photo/VCG]
High-level opening-up will promote high-quality development during the 14th Five-Year Plan, beginning in 14 months, according to experts attending the 85th International Forum on China Reform in Haikou, capital of Hainan province.
During the period covered by the 14th Five-Year Plan - 2021-2025 - China will tilt the focus of opening-up from the manufacturing industry to the services sector, and from the opening of the commodities market to the opening of institutional systems, said Kuang Xianming, director of the economic research center at the China Institute for Reform and Development, a leading think tank that is studying thoughts on reform and opening-up during the next five-year plan, adding that China will also strive to promote economic globalization.
"Continuing the upgrading of China's industrial structure, consumption structure and urban-rural structure will breed huge domestic demand potential, which should be the key power to support the nation's economic growth of about 6 percent in the next five years," Kuang said.
Zheng Jingping, former deputy director of the National Bureau of Statistics, said that it will not be easy to achieve a 6 percent growth target, but there are favorable conditions to back up the expectation: the government's determination to continue to open up, social stability, a sound foundation of infrastructure and economic development, and a huge domestic market.
On the domestic front, he said the country should continue to modernize and improve the capacity of its governance system, encourage scientific and technological innovation and upgrade the incentive mechanism for enterprises and individuals.
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