News

China’s new 5 year plan helps Australian export

Release Date

01 April 2011

In March 2011 China released its 12th Five-Year Plan (FYP). The plan outlined important issues such as infrastructure, environment as well as rising inequality while establishing the nation’s new short-term course. 

The new FYP seems to have shifted the strategy from powerful investment and export-led growth to one that focus more on the attractive domestic market. The Chinese government seems to be developing a stronger internal market with the boosting of employment, increase of wages and considerable increase of the purchasing power for China's 1.3 billion consumers.

Former British Prime Minister Tony Blair - who has been to China 17 times since he left office - believes that China's new Five-Year Plan is very ambitious.

“China aims to get 15 percent of its energy from non-fossil fuels by 2020. This is a big big change," Blair says. Also according to him, "The biggest challenge (to meet the targets) is China's growth and its industrialization is on a scale that the world has never seen before".

"China is changing in all sorts of way, economically, but also socially, culturally; politically, I think it is also evolving," he says. "People want a green future, but a future with growth, jobs, a better life, prosperity. Australia-China Relationship Many opportunities lay ahead Australian companies with China’s new FYP.

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