BEIJING - The five-year plan unveiled in Premier Wen Jiabao's government work report not only provides a guide for China's economic transformation, but is also significant for the healthy development of the world economy.

As this year marks the start of both China's 12th Five-Year Plan (2011-2015) and the second decade of the 21st century, Premier Wen's report setting forth China's development strategy in the next five years has attracted world attention.

The world is watching how China -- a bellwether of global economic recovery -- copes with the current complex situation and seizes the strategic opportunities for its development.

Some foreign media believe the shift from an economy based on exports and public spending to one powered by consumer spending will be a crucial part of the effort to rebalance global trade.

As an economic expert of the Asian Development Bank put it, the strategic significance of the 12th Five-Year Plan is just equal to the first Five-Year Plan considering its profoundness, complexity and challenges of the reforms.

"The 12th Five-Year period is crucial for building a moderately prosperous society in all respects and for deepening reform and opening up and speeding up the transformation of the pattern of economic development," Wen said in the report.

A calmer and more rational philosophy for development is seen in China's target of "7 percent of annual economic growth over the coming five years with significant improvement in the quality and performance of economic development."

An economic growth target based on the premise of significantly improving quality and performance will be surely conducive to the sustained development of world economy.

Besides, the speeding up of the transformation of economic development pattern, a highlight in Premier Wen's report, is to exert influence on the world economy.

For instance, in the 12th Five-Year period, "China will reduce energy consumption and CO2 emissions per unit of GDP by 16 percent and 17 percent respectively, and cut the release of major pollutants by 8 percent to 10 percent," an opportunity for exploring new economic edges for the whole world.

Moreover, the improvement of people's lives, regarded by Premier Wen as the pivot linking reform, development and stability, will also be beneficial to boost domestic demand and strengthen the driving force of the world economic recovery.

As the blueprint has been drawn and the direction set, the 12th Five-Year Plan will definitely advance China's social and economic development, and then extends blessings to the world.