Lin Min linmin67@hotmail.com THE outline plan for China’s development in the next five years and beyond, now under discussion at the annual session of the national legislature, is undoubtedly closely watched by U.S. politicians who increasingly see China as a rising rival they hope to contain. The draft Outline for the 14th Five-Year Plan for Economic and Social Development and Long-Range Objectives Through the Year 2035 mainly addresses domestic issues and sets targets and goals for China’s modernization, after the country declared a “complete victory” in eradicating absolute poverty last month. Although details of the outline have not been revealed to the public, the Central authorities published their suggestions on drafting the blueprint last November, offering the public and the international community a glimpse into the draft’s frame, general goals and underlying principles. While Sinophobes might see the blueprint as China’s determination to outrival America, the outline offers reassurances that China will stick to peaceful development and continue to open up its economy, offering opportunities for the rest of the world as the domestic market expands with a huge population that has a growing appetite for imported goods and services. According to the Central authorities’ suggestions on the draft plan, China will unswervingly open its economy wider, further promote the free flow of goods and capital, and expand institutional opening up in the coming five years. China will leverage its domestic market to attract global production factors and resources in the coming five years, as part of its effort to build the new dual-circulation development paradigm, in which the domestic market is the mainstay while the domestic and international markets support each other, Xinhua News Agency said Friday in its report of the blueprint. The outline stresses the balance between imports and exports, “coordinated development” in introducing foreign capital and making overseas investments, as well as the importance of achieving basic equilibrium in the international balance of payments. This means China will not seek trade surpluses with other trading partners and more efforts will be made to expand imports to improve the people’s quality of life. In his government work report delivered at the national legislature Friday, Premier Li Keqiang outlined specific opening-up measures for 2021, the start of the 14th Five-Year Plan period. The measures include further reducing the negative list for foreign investment, opening the service sector in a well-regulated way, formulating a negative list for cross-border trade in services and advancing the development of the Hainan Free Trade Port. China will promote the steady growth of imports and exports this year, increase credit support to small and medium-sized foreign trade firms and encourage the development of new trade forms such as cross-border e-commerce, Li’s report says. China will also proceed to put the Regional Comprehensive Economic Partnership agreement into force as soon as possible, work to sign an investment deal with the European Union, and accelerate its free trade negotiations with Japan and South Korea, according to the work report. The blueprint features high-quality development, technological innovation, a more prosperous population, and a greener future for the country. All these offer huge opportunities not only for Chinese enterprises, but also their counterparts from around the world. Even as China attaches greater importance to developing the domestic market, it continues to promote free trade. The Central authorities said in their suggestions that China will take part in the reform of the global economic governance system, and safeguard the multilateral trade system. The suggestions also call for upgrading the country’s free trade zones that are open to the rest of the world. “The EU, in particular, may spot plenty of opportunities in China’s new blueprint. The two sides have a common interest in defending free trade. Both champion necessary reform of the WTO under the able leadership of a new director-general. Both recognize the significance of free trade for global development and poverty reduction,” said an article in The Brussels Times last December. Iris Pang, chief China economist at Dutch bank ING, told China Daily that China is expected to become “more interlinked” with the rest of the world as the country implements the dual-circulation paradigm in the 14th Five-Year Plan period. The opportunities arising from China’s ambitious development in the next five years and beyond will not only benefit the EU, but other regions and countries that seek fair trade and friendly, win-win cooperation with China. Any attempt to suffocate the Chinese nation’s rejuvenation bid will only reinforce the country’s determination to develop its technological prowess by indigenous innovation, as demonstrated in the blueprint. (The author is a deputy editor-in-chief of Shenzhen Daily.) | 