New concept for development


New concept for development or the new development philosophy, also called the five major development concepts, is a political slogan promoted by the Chinese Communist Party. It was coined at the fifth plenary session of the 18th CCP Central Committee in 2015 to achieve the goals of the thirteenth five-year plan. The five concepts refers to development being innovative, coordinated, green, open, and shared.

History

New Concept for Development was first mentioned at the fifth plenary session of the 18th CCP Central Committee in 2015 to achieve the goals of the thirteenth five-year plan. At the first session of the 13th National People's Congress on 11 March 2018, the preamble of the Constitution of China was amended to include the concept.

Definition

The phrase aims to re-orient the Chinese economy to a new development pattern, and from a narrow focus on GDP growth targets towards high-quality development. It consists of five elements:
  1. Innovation is the driving force for development.
  2. Coordination is the inherent requirement for sustained and healthy development.
  3. Green is a necessary condition for sustainable development and reflects people's pursuit of a better life.
  4. Openness is the only way for the country to prosper and develop.
  5. Shared development is an essential requirement of socialism with Chinese characteristics.

    Conceptual basis

The new development concept holds that after 45 years of rapid growth, China's economy is very large but has distortions and inequalities that create social division and domestic economic risks. Accordingly, the new development concept states that China will deprioritize rapid growth and seek sustainable growth and common prosperity.
The new development concept holds that while China will not close its economy it must reduce its technological dependence on foreign countries and leverage its domestic market against foreign pressures.