Outlook of China's Rural Area Development in 14th Five-Year PeriodAn EMIS Insights Industry Report
EMIS is an ISI Emerging Markets Group Company Date: December 2020
Available in: English
While China is recapping its achievements at the end of the 13th Five-Year Plan (FYP) in 2020, it is also getting prepared to enter the next stage of development and at the same time dealing with the impact of the COVID-19 pandemic that abruptly changed the growth trajectory of the economy. As a long-standing major net exporter globally, China saw a significant deterioration of the growth in its external trade in 2020. Despite being the first country to register economic recovery and to start supplying pharmaceutical products to the rest of the world upon effective control of the pandemic domestically at the end of the first quarter, the total export value in the first ten months of the year only recorded 2.4% y/y growth, much milder than the 5% and 7.1% y/y full-year growth rates in 2019 and 2018, respectively. The stagnation of overseas economic and production activities also delayed China’s outward investment. During the January-October 2020 period, the amount of non-financial outward investment contracted by 4.5% on the year. Yet, the country still foresees a robust economic growth in the coming years, supported by different drivers. One of these drivers is expected to be the socalled internal circulation or the domestic cycle of production, distribution, and consumption, which is also the emphasis of a new development mode, promulgated by the Chinese government in March 2020.
Why is it important to develop rural areas?
What rural area development targets are set in China’s 14th FYP?
How will the targets be achieved?
Transportation and Logistics
Residential and Public Infrastructure
Health and Elderly Care