China will continue to open up its economy to attract foreign investment and will encourage domestic firms to invest overseas, according to a proposal unveiled Tuesday.
The Communist Party of China (CPC) Central Committee's "Proposal on Formulating the Thirteenth Five-year Plan (2016-2020) on National Economic and Social Development," was adopted at the Fifth Session of the 18th CPC Central Committee, which ended Oct. 29.
Coastal areas will be given support to participate in global economic cooperation, advanced manufacturing bases and economic zones will be established, and border and cross-border economic cooperation zones will continue to be improved, said the proposal.
In the next five years, China will optimize foreign trade and open wider to the global economy. More will be done to explore innovative models of foreign trade, equipment manufacturing and services.
Meanwhile, China will continue to promote the "Belt and Road" initiative through cooperation with countries and regions along the route, and participate in global industrial and equipment manufacturing cooperation, according to the proposal.
Hong Kong and Macao will see their roles enhanced in terms of promoting economic development and opening up. Economic cooperation across the Taiwan Strait will also be promoted so it benefits more of the public as well as small and medium enterprises.
The 13th Five-Year Plan, the first under the leadership of President Xi Jinping, came as the world's second largest economy is adjusting to plateauing growth. The economy expanded 6.9 percent year on year in the third quarter of 2015, the lowest reading since the second quarter of 2009.
