The 12th Chinese 5 Year plan approved

The China communist government just approved their new 12'th Five-Year Plan (below).

From what I have read, their government intends to give RMB 14 trillion ($2.1 trillion, at the offical, bogus exchange rate) to public and private sector industries to facilitate this plan.

Meanwhile, our government burns this amount every year doing no-one knows what with it and accumulating to the debt.

I worry the Chinese will succeed at there plan again and pull further ahead of us in critical technology and manufacturing areas (their last 5 yr plan largely met their goals).

Sorry for the long post below, I thought its breadth was interesting. I like their innovation goals

Economic targets

-- GDP to grow by 7 percent annually on average;

-- More than 45 million jobs to be created in urban areas;

-- Urban registered unemployment to be kept no higher than 5 percent;

-- Prices to be kept generally stable.

Economic restructuring

-- Rise in domestic consumption;

-- Breakthrough in emerging strategic industries;

-- Service sector value-added output to account for 47 percent of GDP, up 4 percentage points;

-- Urbanization rate to reach 51.5 percent, up 4 percentage points

Click to expand...

The entire plan at this Link

Thoughts?


Tim-

5 year plans rarely turn out quite as well in reality as they do on paper, but the overall direction is solid. The 7 strategic industries getting massive investment are excellent picks. Focusing on social stability over pure growth is an excellent move. I hope this signals that China government will have an equally pragmatic outlook on reforming political issues as well as economic/social ones.

I have a plan to make the US debt drop by 30% in 5 years and improve our highway system and bring unemployment to minus 4%! (4% of the population having stolen identities which they use to work a second job)

Wait, details?