2015 is a landmark year for China on the road to upgrade its economic structure and opening the future of the 13th Five-year plan (2016-2020).
The Asia Infrastructure Investment Bank (AIIB) was established, as well as the Internet plus was initiated, and China's currency, the RMB, joined the International Monetary Fund's (IMF) SDR (special drawing rights) basket of reserve currency.
Beijing had continued on with its financial anti-corruption crack down and the People's Bank of China (PBOC), China's Central Bank, had reduced the deposit reserve ratio and base rates.
AIIB comes into fruition
The AIIB was signed in Beijing on June 29, and on Nov. 18, Chinese President Xi Jinping said the AIIB would become a platform for regional connections. The bank is expected to open up formally at the end of the year.
Its core ideas are "capability, honesty and sustainability" to help member states realize stronger economic growth and employment, said Jun Liqun, President-designate of AIIB.
Under the cooperation framework of AIIB, Chinese companies would participate in international public biddings via fair competition, enhance innovative technologies and strive to bring more well-being to Asia and other regions.
Top-level design for Internet plus
In the 3rd Session of the 12th National People's Congress (China's top legislature) on March 5, Premier Li Keqiang proposed the Internet Plus to favor "mass entrepreneurship and innovation" to drive the Chinese economy forward.
The State Council (China's Cabinet) had distributed The Guidance on Promoting Internet+ Action pamphlet to accelerate industrial structure upgrades and build new economic and social development.
By 2018, the Internet would be more utilized for public service, and merged into all fields of the Chinese economy and society. The Internet plus would be a new driving force to support the innovative development of the nation's economy and society by the year 2025.
IMF welcomes RMB to SDR currency basket
On Dec. 1, the IMF welcomed the RMB into the SDR reserve currency basket, which goes into effect on Oct. 1, 2016. It's the fifth currency to enter after the US dollar, euro, British pound and Japanese yen.
