The 14th Five-Year Plan period (from 2021 to 2025) is a crucial stage to start our journey to build a modern socialist country in all respects and achieve the second centenary goal. It is a milestone in the development process of China. He Lifeng,Chairman of the National Development and Reform Commission, explains China’s macro policy orientations during the 14th Five-Year Plan period, which draw great attention in the international community. He says, this year China will continue to leverage macro policies to alleviate the difficulties of market entities, maintain necessary policy support for achieving this goal, and avoid sharp turns in policy.

According to He, the government work report sets a goal of over 6 percent GDP growth for 2021. China will work to improve macro economy governance system, take expanding domestic demand as a strategic move, and integrate the strategy of expanding domestic demand with intensifying supply-side structural reform, to continue improving the quality and effectiveness of development and growth potential. China will ensure the continuity, consistency, and sustainability of macro policies. On the basis of range-based macro regulation, we will enhance targeted, well-timed, and precision regulation. We will continue to leverage macro policies to alleviate the difficulties of market entities, maintain necessary policy support for achieving this goal, and avoid sharp turns in policy. China will stick to proactive fiscal policies, prudent monetary policies and employment-first policy, better leverage reform policies, and make adjustments and improvements based on new developments, so as to reinforce the fundamentals of the economy.

China will still face complex international and domestic economic environment during the 14th Five-Year Plan period. Looking at the new development stage, five foreign guests offer constructive advice and suggestions on how macro policies can help to apply the new development philosophy, create a new pattern of development and pursue high-quality development; and share their insights on fiscal and monetary policy orientations during the 14th Five-Year Plan period.

Download the full report：Session II Macro Policy Orientations in the 14th Five-year Plan