Under China’s 15th Five-Year Plan, the coming period will be crucial for consolidating foundations and achieving socialist modernization. The country aims to leverage four key advantages: its institutional strengths, its vast domestic market, its complete industrial system and its abundant human resources.

The Government Work Report has defined China’s policy goals and priorities for 2024. High-quality economic and social development beckons.

Climate cooperation has been touted as an area of common interest for the U.S. and China - and the scientific work being done on the ground by scientists offers much to be shared between the two nations.

China needs to lay solid groundwork for domestic development, achieve a stable and controllable production regime and master core technologies. At the same time is should unleash Chinese market demand, so it no longer has to depend on foreign markets.

China’s 14th Five-Year Plan and vision for 2035 are logical and achievable under the leadership of the CPC. The recently adopted national development proposal lays out a clear road map.

This round will have special significance for the nation’s development and the world. China will achieve socialist modernization by 2035 while becoming an increasingly important part of a diverse global landscape.

China’s leaders are currently putting the finishing touches on the country’s 14th Five-Year Plan, which will cover the 2021-25 period. But one aspect of the plan – the so-called dual-circulation strategy – is already attracting the world’s attention. Many fear that China is “turning inward” just when the global economy is staring down the barrel of a recession. These fears are misplaced.

Hosting the G20 Hangzhou summit will boost China’s reform and will be a new starting point for China’s growth and development. The Hangzhou summit will also set a new vision for the G20 and shape a new pattern for global economic growth, thus benefiting the entire international society.

Chinese leaders' emphasis on the "supply-side reform" could indicate a premature shift away from the consumer-led model back to China’s comfort zone of a producer model that has long been more amenable to the industrial engineering of central planning.

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.