China’s New Five-Year Plan Offers Opportunities to Europe: Expert

FRANKFURT/APP, Mar 12:FRANKFURT, March 12 (APP/Xinhua): China’s new five-year plan gives the country more room and possibilities for sustainable growth, and will also offer great opportunities to European investors and companies, said a German expert.

Setting a modest annual economic growth target, the 14th Five-Year Plan (2021-2025) will provide China with “more possibilities, more room, and more opportunities” for sustainable growth, Horst Loechel, a professor of economics and head of the Sino-German Center at Frankfurt School of Finance and Management, told Xinhua in a recent interview.

The new development paradigm of “dual circulation,” where domestic and overseas markets reinforce each other with the domestic market as the mainstay, shows that China is much intended to increase consumption and self-reliance on high tech, said Loechel, a longtime China watcher. China has targeted economic growth of over 6 percent for 2021, as the world’s second-largest economy is experiencing fundamental changes with its development focus shifting from quantity-driven growth to a quality-oriented model.

Loechel added that China’s pursuit of innovation-driven development outlined in the plan “is fully right.” Making development plans every five years makes it much more predictable for foreign investors and companies to do business in China, he said. The expert said he hopes Europe and China can further promote cooperation in such areas as high-quality consumption, technology and green economy. For example, many foreign companies “are very strong” in high-quality products and services, for which China has a strong demand, noted Loechel.

Besides, China is already very advanced in areas such as artificial intelligence, he said.

“If European, German companies cooperate with Chinese companies in this kind of areas, they also have some benefits.”

It is also “a huge opportunity” for Europe to cooperate with China in green finance, sustainable development and pollution-free production, as the two sides “have very strong joint interest” in green economy, he said. Foreign investors will have a lot to gain as they seize the opportunities in the Chinese market, he said.

“The German industry, German trade unions and employers (will be) very happy to have a lot of business with China.”

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