China's Economy on the Verge of the 12<sup>th</sup> Five-Year Plan: Results and Prospects
At the 4<sup>th</sup> session of the National People's Congress of the 11<sup>th</sup> convocation in March 2011 it was decided "to create a prosperous society in China by 2020." A key element of this task is the 12<sup>th</sup> Five-Year Plan for socio-economic development of China for 2011-2015, which is a part of China's economic strategy to be second in the world by indices of national power after the United States by 2050. Adopted by the PRC leadership development plan for the economy in 2006-2010 and subsequent adjustments thereto allowed the country to avoid the most serious consequences of the global financial crisis. But to meet the objectives, China will have to make the transition to the development of an innovative economy during the period of the 12<sup>th</sup> Five-Year Plan.