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The Eighth five-year plan, which was implemented from 1991 to 1995, was China's national economic development plan. In the beginning, the plan was designed to enhance the standard of living of the populace and the value of industrial and agricultural output. However, in 1992, Deng Xiaoping introduced the concept of a socialist market economy during an inspection tour of Guangdong Province. Subsequently, the 14th National Congress of the Chinese Communist Party modified the plan's development objectives to emphasize the restructuring of the economic industry and the economic system, which initiated a new era in China's five-year plan objectives.

Objectives

In December 1990, the Seventh Session of the 13th Central Committee of the Chinese Communist Party reviewed and adopted the "Proposal of the CPC Central Committee on Formulating the Ten-Year National Economic and Social Development Plan and the Eighth Five-Year Plan". In March 1991, the Fourth Session of the Seventh National People's Congress reviewed and adopted the State Council's "Report on the Ten-Year National Economic and Social Development Plan and the Outline of the Eighth Five-Year Plan". The plan's specific economic objectives, in addition to the macro-objectives of enhancing the economy and individuals' livelihoods. The State Council revised the five-year plan in 1993 following Deng Xiaoping's southern tour and the 14th National Congress of the Chinese Communist Party. The plan was revised to increase the projected growth rate of the national economy, increase the proportion of infrastructure construction and energy industry, and expand the proportion of foreign trade and attract foreign investment.

Results

This five-year plan achieved economic growth and basically achieved the revised goals. This Five-Year Plan also exposed the issues of sloppy management, poor economic efficiency, a fragile agricultural foundation, and the inability of state-owned enterprises to transition to the socialist market economy.

See also

• Socialist market economy

References

1. Cai, F. (2021). The Chinese Approach: How China Has Transformed Its Economy and System?. Springer Nature Singapore. p. 97. ISBN 978-981-16-1899-4. Retrieved September 29, 2024.
2. Columbus, F.H. (1998). Asian Economic and Political Issues. Nova Science Publishers. p. 176. ISBN 978-1-56072-688-3. Retrieved September 29, 2024.
3. Tang, K. (2012). Social Development in Asia. Social Indicators Research Series. Springer Netherlands. p. 13. ISBN 978-94-011-4028-7. Retrieved September 29, 2024.
4. "The great pragmatist: Deng Xiaoping". The Guardian. 2008-12-18. ISSN 0261-3077. Retrieved 2020-05-01.
5. United States. National Park Service (1990). Conserving Richmond's Battlefields: A Collaborative Project Among Concerned Citizens; Local Planning, Preservation and Promotion Groups; Chesterfield, Hanover and Henrico Counties; the City of Richmond; the Commonwealth of Virginia; and the National Park Service : Draft. U.S. National Park Service. p. 5. Retrieved September 29, 2024.
6. Ash, R.; Howe, C.; Kueh, Y.Y.; Kueh, Y.Y. (2013). China's Economic Reform: A Study with Documents. Taylor & Francis. p. 181. ISBN 978-1-134-54714-2. Retrieved September 29, 2024.
7. "八五计划(1991～1995)：小平南巡 改革潮涌". cnr. Retrieved 29 September 2024.

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