Five-year growth map foresees more reform

Innovation, digital transformation, emerging industries and consumption emphasised.

- Ouyang Shijia reports

The fourth plenary session of the 20th Central Committee of the Communist Party of China has adopted the committee's recommendations for formulating the 15th Five-Year Plan (2026-30) for economic and social development.

The plan period will be critical as the country works to reinforce the foundations and push ahead on all fronts towards basically achieving socialist modernisation by 2035, and it will thus serve as a key link between the past and the future, a communique issued after the session said.

The CPC Central Committee also set the major objectives for the 15th Five-Year Plan, including significant advances in high-quality development, substantial improvements in scientific and technological self-reliance, and strength and fresh breakthroughs in further deepening reform comprehensively.

The economy faces what experts describe as a convergence of short-term and structural pressures — from sluggish demand and weakening business confidence to lingering property and financial sector risks.

Zhang Jun, chief economist of China Galaxy Securities, said that during the 15th Five-Year Plan the country must provide "forward-looking guidance" based on the progress made during the 14th Five-Year Plan (2021-25) and the evolving domestic and global situation.