Dispatches from China

China approves its next Five-Year Plan

The National People’s Congress (NPC) approved the 12th Five-Year Plan (FYP) on March 14, 2011. The NPC is China’s law-making body. Each Five-Year Plan in essence becomes the blueprint for direct government action and further law- and rule-making.

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Adjustments can be made during the course of the Plan but it is generally handled as a matter of emphasis rather than revision.

Over the next two months, policy experts and economists from within China and around the world will be studying the 105-page document to decipher its intent.

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Five-Year Plans tend to emphasize continuity of thought and effort and are carefully worded so even small alterations can signal significant changes. As said before, business follows government in China.

Every province, city and district in China will be studying the plan to figure out how they will be proceeding. The document is in essence China’s economic bible and is therefore something you should be familiar with if you are doing, or intend to do, business in China. Having become the world’s second-largest economy after the United States, and given the situation in Japan; watching and understanding China has become a necessity whether you are in or outside of China.

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