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China faces profound, complex changes in development environment

China is facing profound and complex changes in its development environment, according to the full text of the Party leadership's development proposals.

The country is still in an important period of strategic opportunity for development at present and for the foreseeable future, but there are new developments in both opportunities and challenges, said the document.

China has entered a stage of high-quality development with its long-term momentum for economic growth amid many advantages and conditions for continued development.

The whole Party should coordinate the overall strategic plan for the great rejuvenation of the Chinese nation and major global changes unseen in a century, said the proposals, stressing maintaining strategic focus based on the basic national conditions that China remains in the primary stage of socialism.

The CPC Central Committee also called for efforts to foster opportunities amid challenges in a pre-emptive way and make new advances amid changes.

CPC proposals outline China's development principles over next five years

China must follow a set of guiding principles during the 14th Five-Year Plan (2021-2025) period in a bid to achieve social and economic development targets, according to the full text of the Party leadership's proposals.

The proposals stress upholding the overall leadership of the CPC, sticking to a people-centered approach, adopting a new vision for development, deepening reforms and opening up, and sticking to systematic concept.

China to advance RMB internationalization steadily and prudently

China aims to promote the internationalization of its currency, the renminbi (RMB), in a steady and prudent manner, according to the full text of the CPC Central Committee's development proposals.

The country will stick to the market-driven approach, allow companies to make their own choices, and create a new type of relations of mutually beneficial cooperation based on the free usage of RMB, the document said.

China to build open economy at higher level

China will enhance the level of opening-up, promote trade and investment liberalization and facilitation, and strengthen the comprehensive competitiveness of foreign trade, according to the full text of the Party leadership's development proposals.

The country will improve the "pre-establishment national treatment plus negative list" management system for foreign investment, expand the opening-up of the service sector and protect foreign companies' legitimate rights and interests, the document said.

Pilot free trade zones will be granted greater decision-making power in reform while the construction of Hainan free trade port will be advanced steadily.

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