Robust domestic market, further opening up under China's 5-year plan

The fourth plenary session of the 20th central committee of the Communist Party of China (CPC) was held recently. Participants there discussed the plan, the final version of which is expected to be unveiled in March next, with the National People's Congress, the top legislature, reviewing and approving it.

A communique released after the meeting emphasised that China should build a modernised industrial system and reinforce the foundations of the real economy.

China implemented its First Five-Year Plan in 1953.

The period 2026-2030 will be critical as the country works to reinforce the foundations and push ahead on all fronts toward basically achieving socialist modernisation by 2035, and it will thus serve as a key link between the past and the future, according to the communique.

One of China's 2035 goals is to "substantially grow the per capita GDP [gross domestic product] to be on par with that of a mid-level developed country," a state-controlled media outlet reported.

Since 2021, the country’s economy has maintained a steady average annual growth rate of around 5.5 per cent.

The communique also shows China's determination to leverage the consumption potential of its vast population—over 1.4 billion, including a middle-income group exceeding 400 million.

ALCHEMPro News Desk (DS)