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China adopts new five-year economic plan

by ChemOrbis Editorial Team -
  • 18/03/2016 (15:20)
According to media reports, China’s parliament adopted a new five-year plan on March 16, aiming for 6.5-7% economic growth per year by 2020, when the size of the country’s economy is expected to reach over CNY90 trillion ($13.8 trillion) compared with 2015’s CNY67.7 trillion ($10.4 trillion). Measures to realize the new plan include reducing debt, adjusting state-owned enterprises and reorganizing financial markets.

Chinese Premier Li Keqiang expressed that there would be job losses following the application of the planned measures, particularly in the steel and coal industries, though he assured that the layoffs would not result in mass redundancies.

Recently, reports by media sources suggested that China may lay off up to six million state workers over the next five years in an attempt to transform its manufacturing-based economy into a service-based one.
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