China released its 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 on March 12 following the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC).
Fastmarkets summarizes five key targets under the new five-year plan that are likely to underpin corresponding commodity markets.
Focus on high-end new materials
To upgrade the core competitiveness of its manufacturing industry, China has determined a need to accelerate breakthroughs in key technologies on the development of new materials, such as high-end rare earth functional materials, high-quality special steel, high-performance alloys, super alloys and high-purity metal materials.
This encourages the metals industry to perform deep processing of metals, and helps to extend the sector's industrial chain and facilitate the development of advanced industrial products, including integrated circuits that require high-purity materials, market participants told Fastmarkets.
China plans to promote the "green" transformation of its steel industry, and speed up the transformation of long- and mid-distance transportation of commodities from road to rail and waterway, and to achieve extremely low carbon emissions for 530 million tonnes of steel capacity.
"In...