China seeks balanced, sustainable growth in 2016-2020

China will coordinate different economic indicators during the next five years to make development more balanced, inclusive and sustainable than before, a latest official document showed.

To ensure the realization of a "moderately prosperous society" by 2020, the country should maintain medium-high economic growth, according to a latest proposal on formulating the country's 13th five-year plan (2016-2020) unveiled Tuesday.

The country will raise the efficiency of investment and companies while searching for greater sophistication in its industrial sector by promoting advanced manufacturing and growth of new industrial sectors, said the proposal adopted last Thursday at the Fifth Session of the 18th Communist Party of China (CPC) Central Committee.

"The service sector's share in GDP will continue to rise and consumption's contribution to economic growth will significantly rise," the proposal said.

In the first three quarters, service output took up 51.4 percent of the GDP, up 2.3 percentage points from the same period last year. Consumption contributed to 58.4 percent of GDP growth in the same period.

The urbanization ratio, calculated based on the number of registered residents will rise at a faster pace, the proposal said.

The ratio of registered urban residents to total population stood at 35.9 percent at the end of 2014. A national plan to promote urbanization has set a target of raising the ratio to 45 percent by 2020.

China also aims to become an innovation-driven nation and train more competent personnel.

The country must firmly uphold the principles of innovation, coordinated and green development, opening up and inclusiveness to fulfill the economic goals in the next five years, according to the proposal. Endi