Qu Yan, Director of the Confucius Merchant Chamber of Commerce in the UAE, spoke highly of China’s latest major economic and social development targets in an interview. The Fifth Plenary Session of 19th Session of the 19th Communist Party of China (CPC) Central Committee concluded on Thursday.
The Country’s Senior Officials have adopted the Party leadership proposals for formulating the 14th Five-Year Plan (2021-2025), including the prospect in which China will make new strides in economic development and aims to realize sustained and healthy economic development on the basis of marked improvement in quality and efficiency.
Qu Yan, Director of the Confucius Merchant Chamber of Commerce in the UAE, stated that the aims not only draw a blueprint for China’s comprehensive economic and social development in the future, but also indicate the future direction for Chinese to thrive overseas.
“The 14th Five Year Plan has mentioned a series of economic development arrangements, and they have created new opportunities for Chinese running business overseas like me. I feel more confident to move on, and to carry forward the Chinese enterprise incubator platform we’ve set up in the UAE. I will use my years of experience running business overseas to support the Chinese companies’ expansion in foreign markets, and provide necessary guidance to Chinese youths starting up businesses here. I would like to grow together with them, and make a wonderful future,” said Qu.
In addition, the plenary session put forward a set of long-term objectives for China to basically achieve socialist modernization by 2035. It emphasized the need to form a new pattern of opening up, and participate in international economic cooperation and new competitive advantages.
Qu believes the aims have illuminated the way for future direction and will fundamentally facilitate China’s further opening-up agenda and joint efforts on the Belt & Road Initiative (BRI) with Countries along the route.
“As a key junction on the new Silk Road linking the world, the United Arab Emirates, the place where I live, forms an important part of China’s BRI strategy. I think what the UAE’s Look East policy looks for actually can highly correspond to China’s BRI. The space for further cooperation between the two countries is unlimited. The BRI is bound to serve as an engine boosting global economic recovery,” he said.
The UAE’s Look East policy seeks to increase the UAE’s share of trade and investment from emerging Asian economies as an attempt to diversify the local economy.
China is seeking to launch new fields of cooperation in the relationship, including high-speed rail, nuclear power, telecommunications and financial arrangements, in addition to existing cooperation in the energy and maritime sectors.
In the summer of 2018 China and the UAE upgraded their bilateral relationship to a comprehensive strategic partnership, China’s highest level of diplomatic relations.