China unveils proposals for formulating nation's 5-year plan

The Fifth Session of the 18th CPC Central Committee, which was held last week, adopted proposals for economic and social development in the 13th Five-year Plan (2016 to 2020).[Photo/Xinhua]

BEIJING - The Communist Party of China (CPC) on Tuesday issued the full text of proposals for mapping out a blueprint for China's development over the next five years starting 2016.

The document, the 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.

According to the document, China aims to narrow the income gap and raise the proportion of middle-income population in the next five years.

China will continue to open up its economy to attract foreign investment and encourage Chinese firms to make overseas investment.

China will further open up sectors with natural monopoly features for investment over the next five years, the document said. Efforts will be accelerated to open up competitive businesses of sectors such as oil, natural gas, electricity, telecommunications, transportation and utilities.

The document also said China will accelerate reforms in its financial system to establish a transparent and healthy capital market.

And China will establish the Green Development Fund to promote clean production mode and sustainable growth.