Malaysia Hotline: +603- 2141 8908
China has issued its
13th Five-Year Plan (2016-20) at a time when the world is worried about its
economic slowdown. Such worries are understandable because China is one of the
most important engines of global growth. If the Chinese economy slows down
further, economies that heavily rely on it for their growth will suffer "collateral
damage".
But the 13th Five-Year
Plan suggests that its economy still has much room for growth and will continue
contributing to global growth. People need to view China's contribution
differently, though.
The plan sent a
message to the world that the country will maintain a medium-to-high growth
rate, setting 6.5 percent as the bottom line for annual growth. This should
brighten the growth prospects of many industries in China and offer more
opportunities for foreign enterprises. For example, the growth of the service
sector and development of new-type industries both are the result of China's
economic transition and the foundation of future growth.
In fact, foreign
enterprises have already increased their investments in China, which will help
propel the country's economic growth and offer many benefits to multinational
companies.
By deepening reform
and opening-up, China will make it easier for foreign companies to invest in
the Chinese market. And by making financial sector an integral part of the
service industry, China will attract more foreign investment which will earn
better returns.
Also, since its
economic growth will rely more on innovation, technological innovation in
particular, China will not only offer development opportunities to Chinese
high-tech enterprises but also attract some foreign high-tech innovative
enterprises.
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