02 Mar '11, 5am

China to unveil 5-year growth plan

BEIJING: China, long the bargain workshop to the world, plans in the next five years to boost wages and narrow a worrying wealth gap as it vies to head off social unrest in a new and improved economic model. After decades of blistering growth that elevated its economy to number two in the world, Beijing wants a more sustainable path via higher domestic consumption and less reliance on exports and investment. The 2011-2015 blueprint, to be unveiled when parliament convenes for its annual session from Saturday, will focus on ameliorating social welfare, championing innovation and reducing China's world-beating carbon emissions. "China's 12th Five-Year Plan could represent a watershed in the country's pattern of economic development," Eswar Prasad, the former head of the International Monetary Fund's China division, told AFP. "The main objective of the plan is to reorient gro...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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