![On the 4th, the opening ceremony of the plenary meeting of the Chinese People's Political Conference (Political Cooperation) was held at the People's Congress of Beijing, China. The top legislative body, the National People's Congress (Non-in University) and the policy advisory body, the Plenary Meeting of the Political Association are held almost simultaneously every year and are called both parties. [연합뉴스]](https://i0.wp.com/pds.joins.com/news/component/htmlphoto_mmdata/202103/12/08dc6ecd-d914-480a-b8a0-0f5d67c9996c.jpg?w=560&ssl=1)
On the 4th, the opening ceremony of the plenary meeting of the Chinese People’s Political Conference (Political Cooperation) was held at the People’s Congress of Beijing, China. The top legislative body, the National People’s Congress (Non-in University) and the policy advisory body, the Plenary Meeting of the Political Association are held almost simultaneously every year and are called both parties. [연합뉴스]
It is analyzed that the Chinese economy has already escaped from the shock of the novel coronavirus infection (Corona 19) and has entered the normal trajectory. There is also a forecast that China’s gross domestic product (GDP) will surpass that of the United States as early as 2027. As the degree of technological independence in China improves, the dependence on imports of intermediate goods declines rapidly, so it is pointed out that domestic export companies should also strive for technological innovation to produce high-quality intermediate goods.
On the 12th, the Korea International Trade Association (martial arts association) released a report on China’s major policy directions and implications for 2021, which forecasts China’s economic policy. It was based on the main contents of Yanghoe, China’s largest annual political event, which closed on the 11th (local time). The two meetings presented concrete details on China’s policy projects in the wake of the 100th anniversary of the founding of the Chinese Communist Party and the first year of the 14th Five-Year Plan (2021-2025).
Last year, China’s GDP rose 2.3% year-on-year to 101 trillion 5986 billion yuan (about 7,000 trillion won), exceeding 100 trillion yuan for the first time ever. Although retail sales declined 3.9% in the aftermath of Corona 19, economic activities resumed in the second quarter, and indicators such as investment in fixed assets and exports recovered. Among the world’s major countries, China is the only country that recorded positive growth.
China focuses on science and technology, expanding domestic demand, and eco-friendly
According to the report, this year, the Chinese government is expected to focus on policies in three areas: strengthening science and technology capacity, expanding domestic demand, and realizing carbon neutrality. China is strategically fostering science and technology at the national level in order to outperform the United States in the high-tech field.
The draft 14th Five-Year Plan approved by the two organizations included new materials such as rare earth, robotics, aircraft engines, and eight industries such as smart cars. It also announced that it will achieve results in seven fields, including artificial intelligence, quantum computing, semiconductors, brain science, gene and bio technology, deep space exploration, and clinical medicine and healthcare by 2035.
To expand domestic demand, each local government in China has announced specific consumption promotion goals, such as traditional consumption and the construction of an international consumption center city. China has set its retail sales target in 2021 at an annual average of 8.6%, the level before Corona 19.
Earlier, China declared that it would achieve carbon neutrality by 2060. The two meetings announced that the proportion of non-fossil energy will be raised from the current 15% level to 20% by 2025. To this end, China’s largest power grid state-owned company, the National Outlook Corporation, plans to expand the current 450GW of wind and solar installations to 1200GW by 2030.
Korea needs to upgrade the quality of export products
The report cited data from the Brookings Institute in the United States and the Institute for Economic Management in the UK, and predicted that China’s GDP would surpass the United States as early as 2027. Jeon Bo-hee, senior researcher at the Martial Arts Strategic Market Research Laboratory, said, “Through this two meetings, it has been confirmed that the Chinese economy has escaped from the impact of Corona 19 and is entering the normal trajectory.” “We will focus on achieving the three goals, such as technological innovation.”
If China’s technological independence improves, the degree of dependence on imports of intermediate goods will sharply decrease, and domestic export companies are expected to suffer. A former senior researcher advised, “In preparation for this, domestic companies should seek ways to increase the quality of intermediate goods through technological innovation while expanding cooperation with local companies.”
It is pointed out that it is necessary to seek export plans aimed at China’s eco-friendly policy. “In the future, the demand for new and renewable energy-related parts and materials such as solar cells and wind towers is expected to increase,” said former chief researcher. Said.
Reporter Kim Kyung-mi [email protected]
