Core Viewpoint - The core task of the "15th Five-Year Plan" is to enhance domestic demand and promote economic growth, with new urbanization being a key driver for this initiative [1][2] Group 1: New Urbanization and Economic Growth - The proposal includes issuing "special bonds for new urbanization" to directly support county-level infrastructure and public services [1] - New urbanization is seen as crucial for integrating rural populations into the modern economy, thereby increasing overall economic demand [1] - The "15th Five-Year Plan" emphasizes a people-centered approach to urbanization, focusing on county-level development and equalization of basic public services [1] Group 2: Local Government Dynamics - There is a need to motivate local and county governments to enhance public service levels while addressing their existing debt burdens [2] - The suggestion includes using national planning goals broken down into quantifiable KPIs to hold local officials accountable, thereby increasing their engagement and responsibility [2] - The development of counties is viewed as essential for urban-rural integration and should focus on establishing a "shortlist of leading industries" to optimize resource allocation [2] Group 3: Urbanization Trends - The urbanization rate in China is expected to maintain a growth rate of approximately 0.7 percentage points during the "15th Five-Year Plan" period [2]

Group 1 - The core task of the "14th Five-Year Plan" is to enhance domestic demand and promote economic growth, with new urbanization being a key driver for this initiative [1][2] - The proposal includes issuing "special bonds for new urbanization" to support infrastructure and public services in county-level cities, aiming to facilitate the integration of rural populations into modern economic life [1][2] - The plan emphasizes the need for a balanced approach to urbanization, focusing on county-level development and the equalization of basic public services [1][2] Group 2 - Local and county governments face significant debt pressures, which may hinder their investment in urbanization and public services; thus, utilizing national bonds to alleviate this pressure is suggested [2] - The establishment of specific, measurable KPIs for local governments is recommended to enhance accountability and motivate improvements in public service levels [2] - The development of counties is seen as crucial for urban-rural integration, with a focus on identifying and nurturing leading industries within these regions [3] Group 3 - The urbanization rate in China is projected to maintain around 0.7 percentage points during the "14th Five-Year Plan" period, driven by the orderly integration of rural populations into urban settings [3]