I'm hoping that planned spontaneous innovation and growth thing works out...
The paper, released by state-run Xinhua yesterday, was approved by the fifth plenum of the party's 18th Central Committee last Thursday.
"It's a very ambitious plan, which may reflect the present leadership's new ideas, in particular those of President Xi Jinping ," said Shen Jianguang, chief China economist with Mizuho Securities Asia. "There is a new focus on quality, innovation and 'green' development."
But innovation could not be planned as it was spontaneous by nature, Bank of Communications chief economist Hong Hao said. "Top-down government- planned innovation assumes that the government knows better than the market where future growth will be. It … may not achieve the desired results," said Hong, who is also the bank's managing director of research.