China Abandons Decade Long 'One-Child-Policy', To Allow Couples Have Two Children!

After its Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee held from Monday to Thursday, 26th - 29th October,  the communique issued the following:

• To allow all couples to have two children, abandoning its decades-long one-child policy.

On Economy:

• Targets "medium-high economic growth" for the next five years starting 2016.
• The nation will aim to double its 2010 GDP and per-capita income of both urban and rural residents by 2020 by ensuring more balanced, inclusive and sustainable development.
• Government will intervene less in price formation.
•  Overhaul state assets management, establish modern fiscal and taxation systems, and reform financial supervision.
• Innovation will be put at core position for China's development in the next five years.
• Significantly raise the contribution of consumption to economic growth from 2016 to 2020.

On foreign Investment Policies: 

•  To attract more foreign investors by being clearer on the rules that apply to them.
• Adopt the "negative list" model nationwide which clearly states sectors and businesses that are off limits to foreign investment.

On Social Welfare: 

• Extend old-age insurance to its full population

Changes:

• Endorses prior decisions to revoke the membership of 10 former officials, including Ling Jihua.
• Three new members fill vacancies of the Central Committee of the CPC after former members were expelled from the Party.