China adopts new 5 year plan aimed at halting economic slowdown

In a bid to halt the continued economic slowdown, China's parliament today approved a new five-year plan, laying out the economic and social development blueprint that sets a target of an average annual economic growth of above 6.5 percent.

A total of 2,778 lawmakers or 97.27 percent voted for the plan at the closing meeting of the annual session of the National People's Congress (NPC) which had the reputation of routinely adopting the proposals forwarded by the ruling Communist Party of China (CPC).

China has set 2020 as the target year to realise the "centenary goal" of building a moderately prosperous society in all respects, pledging efforts to double GDP and per capita personal income from the 2010 level before the CPC's 100th anniversary of founding in 2021.

To this end, the five-year plan aims at keeping medium- high growth in the next five years.

By 2020, the size of China's economy is expected to exceed 90 trillion yuan (USD 13.8 trillion) compared with 67.7 trillion yuan in 2015, according to the plan.

The NPC which concluded its fortnight long annual session also adopted charity law with 2,636 affirmative votes amounting to 92.49 percent of the total.

The new law, adopted at the annual legislative session and to take effect in September, eases restrictions on fundraising and operations of charity groups, promises tax benefits for charitable activities and tightens scrutiny on their internal management.

The law stipulates how charities should be registered, giving approved charities more freedom in their operations.

Currently, only a few charities are allowed to raise money.