China's 14th Five-Year Plan: the road to a high-income economy
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China's 14th Five Year Plan will blueprint the transition toward a high-income economy, with a focus on four priority areas: digitalisation, further opening of the economy and financial markets, green development and support for less developed regions. We believe the plan will generate insurance sector growth in protection-type products, mutual, health and pensions insurance, infrastructure investments and more business opportunities for foreign insurers, among others.
Structural reforms will target service sector developments and improved efficiency and productivity. We forecast average annual GDP growth of 5.4% in 2021-2025.
The plan will have four priority areas: digitalisation, further opening of the economy, green development and support for less-developed regions.
Insurance will be a key element in achieving the goals of the Five-Year Plan; we forecast 8.3% premium growth annually over the period.
Among others, we see new opportunities in protection-type products, health, pensions, agriculture and cyber insurance.
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