China’s 13th Five-Year Plan, an economic and social blueprint, could give important insights to U.S. companies planning China business strategies, by providing industry specific plans, local designations for free trade zones, and new policies across the country.

China’s new Five-Year Plan emphasizes the quality of growth rather than speed as the country enters a period of ‘new normal’. Maintaining 6.5 percent of economic growth is a priority, but it is even more important to keep such a growth rate sustainable and to channel that growth toward improving the quality of life for the majority of Chinese citizens.

The Renminbi surprised the world markets by its unexpected devaluations first in August 2015 and then in January 2016. The author argues that the Renminbi is unlikely to devalue abruptly and significantly going forward, even though there may be small fluctuations in the Renminbi exchange rate.

Divergence and competition between the two major players has intensified as both economies and their business communities want to seize the initiative in developing a more profound and mutually beneficial economic relationship with ASEAN. But there is still room for win-win-win results in this tri-cornered interaction.

The years ahead offer parallel tracks for growth for both countries, and an “early harvest” for US enterprises, if opportunities are seized in areas such as innovation, Internet plus, reducing capacity, expanding the service sector – especially in healthcare -- and developing emerging industries.

In today’s world, events in China, both positive and negative, are affecting nearly every continent. China should grasp the future of Latin America by seriously considering a series of policy shifts that won’t alienate its intentions from cooperation with the U.S.

Despite slower growth and two parallel spirals weighing down the Chinese economy, its economic fundamentals are not that bad thanks to its high saving rate and relatively strong fiscal position. If the government can implement an appropriate policy mix and successfully promote creation and innovation, the economy can rebound and return to a slower but still inspiring growth path.

China’s stock market turmoil has caused pundits to conclude that China’s economy won’t face a soft landing. Yet the macroeconomic fundamentals of the Chinese economy continue to be auspicious.

The U.S.-led petrodollar era has eclipsed. It is being surpassed by a multipolar oil age. The current transitional era is permeated by fundamental change, opportunism and speculation.

China’s transition to a more innovative, consumer-driven economy is well underway. While volatility is likely to persist, smart use of state resources, together with sure-footed reforms and increased transparency in decision-making should help China achieve moderate yet sustainable long-term growth.