Lu Zhongyuan: China’s Economic Development and Transformation in the Twelfth Five-year Period

 

Abstract: Under the framework of the 12th Five-year Plan, this article attempts to present the path and major goals for developing and transformingChina’s economy. The transformation requires environmental breakthroughs, incentives for innovation and improvements to welfare. ForChina’s economic growth from today to 2030, this article offers three forecasts, indicating that slowing growth requires faster transformation and increased contribution from total factor productivity. Analysis and clarification ofChina’s overdependence on international demand provides further scientific support for choosing the right transformation direction.

Keywords: 12th five-year plan, Economic development, Transformation

Source: China Finance and Economic Review, Volume 2, No.2, 2013