CHINA’S FYP AND THE WORLD

ANALYSIS: WHY THE WORLD SHOULD HEED CHINA'S FIVE-YEAR PLAN

Alan Wheatley

Reuters, March 7, 2011

By 2015, China will be a fairer, greener society. Rising incomes will have boosted consumption and industry will have clambered up the technology ladder.

That's one way of reading Premier Wen Jiabao's annual "state of the nation" work report on Saturday to China's largely ceremonial parliament and an accompanying plan for 2011-2015.

"I was very impressed with the seriousness of the government to rebalance the economy by promoting consumption and changing the structure of industry," said Tomo Kinoshita, an economist with Nomura in Hong Kong.

But on a less generous interpretation, reading between the lines of what Wen did not say, the world's second-largest economy in 2015 will remain addicted to capital spending; the state will not have eased its iron grip on the financial system; and China's external surplus will still be a global bone of contention.

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