The details, carried by the official Xinhua news agency Wednesday, come a week after the party's annual plenary session adopted the 11th five-year plan for economic and social development.

It said that China must bring about more balanced and efficient growth and calls for major efforts to raise rural incomes, boost employment and create a more effective social security system.

While reiterating the goal of doubling 2000 gross domestic product per capita of 855 US dollars by 2010, China must "fully carry out the scientific concept of development, coordinating regional development and making China an energy-efficient and environmentally friendly society".

Gross domestic product per capita is currently around 1,000 dollars.

The world's most populous country aims to reduce its profligate energy consumption per unit of production by about 20 percent from current levels that is four times that in the United States.

It also vowed to intensify pollution controls, while promoting the development of the information, biotechnology, hi-tech materials, recyclable energy and aerospace sectors, the report said.

New technologies should be widely adopted to develop recognisable name brands with proprietary intellectual property rights, it said.

China should also improve its new currency regime after it revalued the yuan in late July and set up a managed float, aiming to gradually reach full convertibility, it said, but gave no timeline.

It repeated that China would introduce a more market-oriented interest rate system step by step and put in place a deposit insurance system to promote investor protection.

The plan further reiterates its intention to actively develop the stock and bond markets.

Meanwhile, a social security system suited to the nation's economic development level should be established, a goal regulators are still struggling with since the breakdown of the state's cradle-to-grave model.

Income distribution which has created a yawning wealth divide between rich and poor must be adjusted, it stated without saying how.

Greater efforts should be made to protect the rights of women and children, as well as develop welfare for the handicapped, while at the same time more must be invested in the health sector and public medical services, it added.

However, despite Beijing's good intentions the kind of sweeping change proposed would be tough to implement, ING economist Tim Condon said.

"They take (the plan) seriously and they do want to orient policies in a way that removes outright discrimination that favors urban areas over rural areas," Condon said.

"But I don't think they will do anything that will materially slow growth," he said.

"That's the constraint they're under, they need the rapid growth to create the 15 million or so jobs every year that are required to absorb the growth in the labor force."

The document also formally endorses ongoing efforts to build a strategic oil reserve, a scheme that has repeatedly been delayed.

It adds that China would rely on domestic resources to meet its energy supply and develop oil substitutes, even though the country is increasingly reliant on exports to meet the needs of an economy that in the first half of this year expanded at 9.5 percent.

The National People's Congress, China's rubber stamp legislature, will review the draft of the five-year plan at its annual session next March.

Community
Email This Article
Comment On This Article

Related Links
SpaceDaily
Search SpaceDaily
Subscribe To SpaceDaily Express
China News from SinoDaily.com

Memory Foam Mattress Review

SPACE MEDIA NETWORK PROMOTIONS Solar Energy Solutions Tempur-Pedic Mattress Comparison ... Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News