Regulatory/market assessment

摘要

1. In March 2021 the National People's Congress (the legislature) approved the 14th five-year plan (FYP), which sets out national economic and social development goals for the 2021-25 period. Among its provisions, the FYP elevates the status of manufacturing to move China up the value chain and consolidate existing competitive advantages. The FYP complements a "long-range" development plan to 2035, which was also passed in March 2021. 8 2. The FYP breaks new ground by not setting a target for annual average real GDP growth, although the government has stated that it will still set an annual GDP target according to "actual conditions". The 2021 target of "above 6% growth" was easily met, owing to the low base of comparison from 2020, when the coronavirus (covid-19) pandemic began 8.