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

Anti-corruption

The principle of comprehensively strictly governing the Party should be upheld and the rules as well as discipline of the Party must be observed, according to the full text of the proposal.

The document pledged efforts to cement the achievements made in the anti-corruption campaign and tightened supervision and checks over power, in addition to working out an effective mechanism that would stem corruption.

Urbanization

One of the tasks in the five-year plan is to increase the urbanization ratio based on the number of registered residents. That ratio is expected to reach around 45 percent by 2020.

Poverty relief

Chinese President Xi Jinping said the country is able to deliver its poverty alleviation target set for 2020, according to a statement issued Tuesday by the Communist Party of China.

The CPC on Tuesday reiterated its determination to fight against poverty, pledging to step up financial support to impoverished areas in the next five years. The document said ridding the rural population of poverty is the most arduous task for China's ambition to build a moderately prosperous society.

China had 70.17 million impoverished people in rural areas as of the end of 2014, and the government plans to lift all of them out of poverty by 2020.

Income gap

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

Financial reform

China will continue to support RMB's bid for inclusion in the IMF Special Drawing Right(SDR) basket and push ahead with capital account liberalization and the internationalization of RMB, according to the document.

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

Investment

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. Efforts will be accelerated to open up competitive businesses of sectors such as oil, natural gas, electricity, telecommunications, transportation and utilities.

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.

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.