Introduction
In the 14th Five-Year Plan (FYP)* (2021–2025), the CCP articulates a vision for economic prosperity that ensures social stability and its paramount control while promoting a “modern socialist country.”1 While the 14th FYP builds on policy ambitions previously articulated by the Chinese government, one of its most significant changes is that it drops precise numerical growth targets. Instead, mounting socioeconomic challenges—from pollution to rising income inequality—are critical factors in motivating the CCP’s focus on delivering quality-of-life improvements. The 14th FYP also looks beyond its five-year remit to longer-term objectives, framing the 2021–2025 period as the latest stage in a longer economic and social development project mapped out to both 2035 and 2049
At the same time that it articulates an ambitious growth agenda, the CCP acknowledges overwhelming domestic obstacles. Achieving indigenous technological breakthroughs is a particularly urgent challenge, driven by the CCP’s perception that state-led innovation is an essential part of redirecting the market to fulfill political objectives and subsequently strengthen CCP security. As pressure from the international community around China’s practices increases, China’s policymakers are looking to assert greater control over the economy, shield its companies from foreign backlash, and direct investment toward high-priority needs such as food security and healthcare. To achieve these objectives, the CCP is rolling out a framework of in-centives to reward companies that follow government guidance and punish those that stray from it.
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