China's Five-Year Plans(FYP) are blueprints providing overall objectives and goals related to social and economic growth and industrial planning in key sectors and regions. Compared to previous FYPs, the 12th FYP focuses more on the quality, rather than the rate of growth, as well as ensuring more Chinese citizens benefit from that growth. The 12th FYP has key themes of rebalancing the economy, ameliorating social inequality and protecting the environment. Some important initiatives of the economic rebalancing theme in the 12th FYP include a notional GDP growth rate target of 7 percent, promoting consumption over investments and exports, closing the income gap through minimum wage hikes and increased social safety nets, and a range of energy efficiency targets. Chinese planners have included several preferential tax, fiscal and procurement policies designed to develop seven “Strategic Emerging Industries” (SEIs). The seven industries are biotechnology, new energy, high-end equipment manufacturing, energy conservation and environmental protection, clean-energy vehicles, new materials, and next-generation IT.