From November 24-December 11, 1977, the National Planning Conference was held in Beijing. The conference focused on the long-term planning of the economy. After the meeting, the State Planning Commission submitted a report on economic planning to the Political Bureau of the CPC Central Committee. The report?outlined the country's?three-phase economic development plan for the next 23 years.

In the first phase, or during the last three years of the Fifth Five-Year Plan?(1976-1980), the focus would be on two sectors, namely agriculture as well as fuel, power and raw materials.?In the second phase, or during the Sixth Five-Year Plan?(1981-1985), China should begin?large-scale production and construction projects in all industries and bring them to a higher level. By 1985, China's steel production should reach 60 million tons, and crude oil 250 million tons. In the third phase, China should realize the Four Modernizations?(to strengthen the sectors of agriculture, industry, technology and defense)?by 2000.

The Political Bureau approved the report on February 5, 1978.