On November 5, Mr. Zhao Weiping, Chinese Consul General to Chicago, delivered a speech titled “The Orientation of China’s Development in the Next Five Years” at the 16th Annual US-China Trade Conference, briefing nearly 100 business people based in America’s Midwest on the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China.

Consul General Zhao mentioned that the five development principles of “innovation”, “coordination”, “green”, “opening up” and “shared by all”, highlighted at the Fifth Plenary Session, pointed out the direction on China’s social and economic development for the next five years. China will focus more than ever on improving the quality of economic growth, the quality of people’s life and the quality of natural environment.

Consul General Zhao said, “the economic goal set by the Plenary Session is to maintain a medium-high growth speed and double China’s 2010 GDP and per capita income of the people by the year 2020 on the basis of making its development much more balanced, coordinated and sustainable. In order to achieve the goal, the minimum requirement for the average annual growth rate in the next five years is 6.5%. China is now at the decisive final stage to build a moderately prosperous society in all respects. We are well aware that there will be problems and challenges ahead, but we are confident in the success of our agenda”.

Consul General Zhao also pointed out that since the Chinese economy was experiencing profound transition from the old growth model to a new one, it was critically important for foreign investors to monitor closely the changes taking place in China’s business environment and have an accurate understanding of the real situation there. It was particularly important to have an clear idea of the opportunities and challenges and readjust business strategies accordingly.