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MOFCOM Defined Major Tasks of Commercial Development during the 12th Five-Year Plan Period
Date: 2012-01-10    Source:Ministry of Commerce Website

According to CPC Central Committee's Proposal for Formulating the 12th Five-Year Plan for National Economic and Social Development (2011-2015) and the 12th Five-Year Plan for National Economic and Social Development of the People’s Republic of China, MOFCOM defined the guiding ideas, objectives, major tasks of China’s commercial development during the 12th Five-Year Plan period, after summarizing commercial achievements and experience in the 11th Five-Year Plan period and analyzed the domestic and foreign environment during the 12th Five-Year Plan.

The period of the 11th Five-Year Plan is extraordinary five years in the history of China’s commercial development. Facing the complex change of domestic and foreign situation and great risks and challenges, national commerce system implemented scientific outlook on development, stuck on expanding domestic demand and stabilizing demand abroad, invigorated circulation, expand residents’ consumption, promoted the steady growth of foreign trade and structural optimization, advanced balanced development of “introducing investment” and “going global”, constantly deepened multilateral and bilateral trade and economic cooperation, effectively addressed huge impact of international financial crisis, and maintained sound development momentum of foreign and domestic trade and international economic cooperation, which has made new contribution to economic and social development, and upheld commercial development to a new level.

In the 12th Five-Year Plan period, commercial development environment in China will be even more complicated. Opportunities and challenges for commercial development coexist, which made its development more urgent and tough.

According to the overall requirements of national economic and social development, MOFCOM worked out anticipated goals of commercial development for the 12th Five-Year Plan. First, modern circulation system should be basically established. Second, foreign trade structure should be noticeably optimized, with goods trade growth and services trade growth at about 10% and above 11% respectively, achieving US$4.8 trillion and US$0.6 trillion by 2015 respectively. Third, remarkable progress of attracting foreign investment will be made. Annual foreign capital will reach US$120 billion with increased quality, diversified modes, and more rational structure. Foreign investment is playing a more and more important role in promoting innovation, industrial upgrading and regional harmonious development. Fourth, expedite the “going global” strategy. FDI will grow by 17% annually, reaching US$560 billion within five years, with “going global” equal to “introducing investment” in scale.

Oriented by guiding ideas and development objectives, MOFCOM put forward nine tasks for commercial development during the 12th Five-Year Plan period: To speed up establishment of modern circulation network; to improve the circulation efficiency and level in an overall way; to guarantee the circulation safety and market stability; to optimize foreign trade structure; to promote greater development of services trade; to enhance the quality and level of “introducing investment”; to quicken the implementation of “going global” strategy; to optimize geographical pattern of opening up; and to develop foreign trade and economic relations with mutual benefits and win-win results.