Former senior officials float big ideas for 15th Five-Year Plan
On Tuesday, Wang Huning chaired a meeting of the political advisory body (CPPCC) to have a natter about the 15th Five-Year Plan (FYP).
Wang’s the man: The party’s fourth-ranked official – Wang is heavily involved in economic policymaking.
- He served as one of the deputy leads in drafting the 14th FYP, and may hold a similar role this time round.
- That means policies discussed at the CPPCC could well find their way into the final plan.
Of the numerous policy proposals the CPPCC discussed, four stood out to us:
First, Wang Guosheng – former Party secretary of Henan and Qinghai – suggested setting an annual economic growth target slightly above the annual ~5.5% growth rate seen over the past five years.
Second, Miao Wei – former minister of industry – suggested the central government subsidize manufacturers’ investments into intelligent upgrades.
Third, Ma Jiantang – former head of the stats bureau – recommended using ultra-long special treasury bonds (STBs) to replenish social security funds and expand individual income tax rebates for those with children under three.
Finally, Wang Zhigang – former minister of science and technology – called for promoting procurement of homegrown technologies to support their commercialization.
Get smart: Not all these proposals will make it into the 15th FYP, but they offer a window into the current policy discussion in Beijing.
- Innovation, industrial upgrading, and consumption are emerging as three main focus areas.