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Commentary: China's development strategy in world's eye
Last Updated(Beijing Time):2011-03-16 09:46

Experts around the world are busy reading China's new Five-Year Plan, a detailed national development strategy for the coming years with both domestic and global significance.

A spotlight on the plan is the result of globalization and China's growing economic strength and its efforts in leading the global recovery after the hit of a decades-worst financial crisis.

Elizabeth Economy, a C.V. Starr senior fellow and director for Asia studies, said in a recent publication that how China balances its economic and social priorities and its success in meeting economic targets "has enormous implications for the rest of the world."

Concluding its annual parliamentary session, the National People's Congress (NPC) of China on Monday endorsed the 12th Five-Year Plan for National Economic and Social Development in 2011-2015, which proposes that China should take scientific development as the theme and accelerate transformation of the pattern of economic development as the main thread.

The plan also urges to ensure and improve the people's livelihood, and promote long-term, steady and rapid economic development and social harmony and stability.

"By 2015, China will be a fairer, greener society," Reuters said in an article last week on why the world should heed the plan.

The article highlighted in particular China's goal of building 10 million homes for low-income people in 2011 and 36 million by 2015.

It quoted Andy Rothman, a strategist with Asia's leading brokerage and investment group CLSA, who said he was "completely convinced that they're going to spend a hell of a lot of money on affordable housing this year."

Meanwhile, British daily The Guardian considered China's pledge of building houses for the poor a chance for others as well.

"The size of the market means that the world needs to be paying attention because what happens in the Chinese property market affects everything from steel outputs in Brazil to iron ore exports from Australia," it quoted Duncan Innes-Ker of the Economist Intelligence Unit as saying.

Also in the new Five-Year Plan, the world media have noticed China's will to continue opening up and sticking to the "going global" strategy to boost mutual investment, as well as its wish to promote dialogue and cooperation with major powers while advancing ties with other developing nations.

The Wall Street Journal took China's economic links with Japan and Brazil as examples.

"In Japan, the largest maker of construction equipment Komatsu Ltd drew 2.3 percent of revenue from China a decade ago; today it gets 19 percent," the newspaper said Friday in an article on China's rising economic interactions with the world.

It also mentioned the plan of Eike Batista, Brazil's richest man, to build a superport worth 2.6 billion U.S. dollars for China-bound tankers.

Meanwhile, in its latest volume, Foreign Affairs magazine has anticipated a more confident and constructive China as a partner in the world.

Indeed, as China seeks common development and prosperity with the world, it is acting soundly to rebut the allegation that it is "eating other's lunch."

As peace and development remain the world's major themes, it is widely believed that China's new development blueprint for the coming five years will not only bring new momentum to its own growth, but also contribute to world peace and common development.

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