European Union to Benefit from the Implementation of China’s Five Year Development Plan
According to the Head of the Chinese Mission to the European Union Yang Yanyi, Europe is said to benefit in the implementation of China’s five year development plan. Once successfully implemented the 13th Five Year Plan, the country’s economic and social development plans for the 2016-2020 period facilitates the European Union’s effort in the recovery of the sustainable path being set.
Based on the 13th Five Year Plan to place China on a more qualitative and more sustainable growth ad further galvanize global growth is said to be favorable for the 28 country bloc to further unlock investments, create productivity and speed up the process of convergence. China have set their GDP or Gross Domestic Product growth target range at 6.5 to 7 percent for this year in efforts to thry to restructure the economy into a sustainable one that is driven by domestic consumption and service sectors.
The shift leads to the increase in demand by China which is a huge market as the country have a population of over 1.3 billion people that imports consumer goods and services and at the same time boost the EU’s exports to China. Being the world second largest economy, based on plans it will be speeding up the implementation of the free trade strategy that is said to boost negotiations in investment agreements between China and the European Union to move forward to broader ambitions including the China-EU free trade agreement.
Furthermore European companies will be enjoying more opportunities in using technological knowledge in gaining foothold in the Chinese market including in the areas of innovation, information technology, connectivity, urbanization, clean energy, services, finance and circular economy. China and the European Union are both Major partners that are also involved in dealing with climate change. Based on the 13th Five Year Plan, China ambitious target to cut down its carbon dioxide emissions by 18 percent in 2020.