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.

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.

Five Year Plan contains an important proposal that has largely been overlooked: the ‘professionalization and modernization’ of agriculture. The history of agricultural development in countries like the United States suggests the destabilizing consequences in the Chinese countryside.

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.

As it acts upon the 13th Five Year Plan, Beijing must combine government fiscal investment, corporate R&D, industrial investment, venture capital, bank credit investment, capital market financing, science funding and more, to make a financial system with a full range of support to update China’s economy. An efficiently operating system will be key to the nation’s future competitiveness.

Last month, China’s leaders revealed details of the 13th Five-Year Plan, which will guide the economy’s trajectory until 2020. Gone are the directives to expand industrial production at a breakneck pace that characterized previous five-year plans. Now, the focus is on achieving sustainable long-term growth, underpinned by domestic consumption, a stronger services sector, entrepreneurship, and innovation.