A first draft of the Plan was developed and agreed upon in September 1970 at the 2nd Plenary Session of the 9th Communist Party Central Committee.
The Draft stipulated as follows:
To ensure that average annual growth rate of gross output value of industry and agriculture reaches 12.5 percent; 130 billion yuan would be budgeted for infrastructure construction within five years; grain output should reach between 300 and 325 billion kilograms, cotton output between 65 and 70 million piculs (1 picul = 60 kg), steel output between 35 and 40 million tons, coal between 400 and 430 million tons, electricity between 200 and 220 billion kWh, and railway freight between 900 million and 1 billion tons.
In July 1973, the State Planning Commission amended the Draft, lowering some of the targets initially set. Steel output was reduced to between 32 to 35 million tons, and later further reduced to 30 million tons. The national economy took a favorable turn in 1972 and 1973. By 1973, all major economic indices had been fulfilled or exceeded, making it the year with the fastest economic growth.