China pursues new type of development: Goals of the latest five-year development plan

Abstract

This article analyzes some of the changes in China's development model aimed at shifting the fundamentals of growth, i.e., moving from an addition of inputs to an increase in the productivity of production factors. China hopes this process will also narrow the inequality gap and help preserve the environment. The Asian giant urgently needs to develop its domestic market so that it can depend less on fixed investment and exports as sources of accumulation. This will slow the pace of economic expansion but will have the advantage of creating a more balanced growth.