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Beijing's proposals for China's 14th Five-Year Plan (2021-25) and development goals for 2035 have mapped out a clear path to a high-quality growth model, while also recognizing key challenges facing the economy resulting from the technological revolution, rising geopolitical uncertainties affecting its adoption of foreign technology, income inequality and pollution, and highlighting the importance of enhancing productivity and self-sufficiency, according to economists.

The National People's Congress, China's top legislature, will review the Government Work Report and release the full version of the 14th Five-Year Plan next year, which will include action plans pertaining to the key initiatives already revealed at the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, which was held in Beijing in October.

The key initiatives, especially pursuing productivity-focused, domestic demand-driven sustainable growth, a focus on technology localization, moving up the value chain, market opening-up, domestic circulation, urbanization and green economy, rely on comprehensive coordination of macroeconomic policies, said experts.

China's new development philosophy, which embraces innovation, coordination, going green, openness and sharing, is the guidance of the 14th Five-Year Plan, which is also a significant part of Xi's economic thought, said Yang Weimin, deputy director of the Economic Affairs Committee of the Chinese People's Political Consultative Conference National Committee.