China's leaders have vowed to reduce its reliance on foreign advanced technology and spur stronger domestic demand as it weathers “high winds” amid elevated trade tensions with the US.
An outline of the ruling Communist Party's blueprint for the next five years was laid out in a 5,000-word communique released on Thursday after a four-day top level meeting in Beijing, just days ahead of planned talks between Chinese leader Xi Jinping and US President Donald Trump.
Five-year plans are a throwback to the days of Soviet-style central planning. China still relies heavily on them to map out policy priorities and decide on funding. Party “plenum” meetings like the one held this week also are used to rally the party around Xi's leadership.
Thursday's announcement signalled no major policy shifts. Despite mounting trade tensions, China intends to remain a global manufacturing power while sustaining strong economic growth at home.
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