China’s Five-Year Plan

The People’s Republic of China announced its first Five-Year Plan in 1953 as a central tool to plan and coordinate the county’s economic and social development. Since the reform and opening-up process began in the late 1970s, China has moved away from a Soviet-style command economy and towards a hybrid system of market competition in which the public sector nevertheless continues to play a crucial role. During this time, Five-Year Plans have remained a key benchmark for the Communist Party and the government to measure and coordinate development. In this interview, Yan Yilong of the Tsinghua University School of Public Policy and Management discusses the history of economic planning in China and how the Five-Year Plan continues to play a pivotal role in China’s path to becoming a modern socialist country.