China has mapped out strategic goals of a new blueprint to guide its economic and social development trajectory over the next five years and beyond. Recently, the Communist Party of China’s Central Committee adopted recommendations for formulating the 15th Five-Year Plan (2026-30) in its fourth plenary session in Beijing while the country concludes the 14th Five-Year Plan (2021-25) this year. As epitomized in the session’s communique, China has set the momentous goals on various fronts, including pursuing high-quality development, fostering technological self-reliance, and enhancing the Chinese people’s well-being. The central government has accentuated its commitment to work for the long-term prosperity and stability of Hong Kong.
In the new phase of the journey, China is set to achieve full-fledged strength in economic, technological and national defense development. The 15th Five-Year Plan has come at a pivotal historical juncture as the country has grappled with internal challenges, such as an aging population, and encountered escalating geopolitical rivalries around the world. The Five-Year Plan will be a momentous road map for China to address external uncertainties, laying the groundwork for ramping up the country’s economic development and fostering multilateral cooperation on the global stage.
The quest for high-quality development under the 15th Five-Year Plan is crucial for China to pursue sustainable economic growth. China has strived to achieve greater self-reliance in cutting-edge technology and harness the development of new quality productive forces. In the past few years, there have been top-notch technological breakthroughs in artificial intelligence, quantum computing, and other high-tech frontiers at the vanguard. Chinese mainland enterprises, such as telecom giant Huawei, have made huge research-and-development (R&D) investments in developing AI-powered chips, accelerating the commercial applications of AI across various industries spanning from manufacturing, retail, finance, and healthcare. Mainland tech giants, including Tencent and Alibaba, along with a plethora of agile startups, have also upscaled innovation in consumer applications, fintech and others. Steering self-reliance in technological innovation has groomed high-value-added industries to sustain the country’s economic development. Based on National Bureau of Statistics data, China’s R&D expenditures rose 8.9 percent year-on-year to more than 3.6 trillion yuan ($506 billion) last year.
Also, the Chinese people’s well-being has been addressed in adherence to the common-prosperity initiative under the 15th Five-Year Plan. The central government has strived to better balance development across different regions, with an emphasis on economic growth to be shared by people. It has launched various initiatives to revitalize the development of rural areas, including building roads and transportation infrastructure, thereby fostering the common development of urban and rural areas. Common prosperity is an essential requirement of socialism with Chinese characteristics. Instead of widening income-based wealth gaps, it focuses on narrowing income gaps and ensuring that economic growth is inclusive and equitable. Based on the Ministry of Agriculture and Rural Affairs, rural incomes have continued to rise over the past few years, with the average disposable income of rural residents reaching around 23,100 yuan in 2024.
By dovetailing its own development strategies with the country, the SAR will unlock enormous potential for economic growth. The formulation of the five-year blueprint sets the course for China’s development and reshapes the global economic order for years to come
Meanwhile, it is imperative for China to build a robust unified market to boost domestic demand and upscale economic growth. The central government has strived to bolster domestic demand, with service-related spending emerging as a key growth driver as there is strong demand for education, healthcare, childcare, tourism, culture, entertainment and others.
Based on the National Bureau of Statistics data, China’s GDP soared by 5.2 percent in the first three quarters of this year. As China has set a target to achieve a per capita GDP to be on par with that of a moderately developed economy by 2035, the central government is expected to focus on maintaining momentum to drive stable and inclusive economic growth in coming years.
On the other hand, there have been rampant green transitions in all areas of economic and social development in recent years, with a view to peaking carbon emissions and achieving carbon neutrality before 2030 and 2060 respectively. As China has rapidly explored next-generation clean energy, such as hydrogen, to diversify energy sources with zero carbon emissions, such green transition initiatives will nourish more green industries and create job opportunities. China’s rapid growth in green transition sectors, such as solar panels and electric vehicles, has provided global consumers with access to affordable renewable technologies.
In today’s turbulent geopolitical landscape, China has to fortify its national security shield on all fronts. It has firmly safeguarded national security and strengthened a holistic national security mechanism that encompasses various areas, such as economic security, technological security, cybersecurity, and ecological and resource security. Over the past few years, China has forged closer trading ties in various markets, including those in the Association of Southeast Asian Nations (ASEAN), and mitigated its reliance on the US market for exports. China has overtaken the US as Germany’s largest trading partner in the first eight months of this year. It has fostered multilateral cooperation through ever-expanding platforms, such as BRICS, as vast opportunities for economic growth have been opening up in countries around the world.
The special administrative region will play a more pivotal role than ever to contribute to national development, serving as a momentous bridge to foster seamless connection between China and the wider world under the 15th Five-Year Plan. The central government works for long-term prosperity and stability in Hong Kong — as compared with previous wordings to maintain the city’s prosperity and stability in the 14th Five-Year Plan. It has demonstrated that the central government has highly valued the city’s development — as the SAR government needs to take proactive steps to render a contribution for the country to achieve goals in the five-year blueprint. As one of the world’s freest economies and a leading financial center, Hong Kong can bring expertise in finance, professional services, mediation, and global capital access to support mainland businesses to go global. As mainland enterprises have encountered various challenges from fundraising and unfamiliar legal and regulatory landscapes in exploring overseas markets, they can establish their bases in the city for handling legal and financial works as well as business operations.
On the other hand, the SAR government can expedite the Northern Metropolis development, which is a significant pathway for Hong Kong’s integration into national development. With the rollout of the Northern Metropolis, Hong Kong’s innovative and technology industries and other business sectors will be at the top of the agenda for synergizing cooperation between Hong Kong, Shenzhen, and other mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area. The SAR government can also step up wooing overseas enterprises and talent to operate offices and R&D centers in the Northern Metropolis and encourage them to tap into vast business markets in the Greater Bay Area.
With major goals set in the 15th Five-Year Plan in the latest plenary session, China fosters resilience and strength in the face of flare-ups in geopolitical competition and economic headwinds. Scientific and technological innovation plays an even greater role in leading national development, giving rise to multitrillion-yuan new high-tech industries. China injects a force of stability into the world by building a robust unified market and fostering multilateral cooperation. By dovetailing its own development strategies with the country, the SAR will unlock enormous potential for economic growth. The formulation of the five-year blueprint sets the course for China’s development and reshapes the global economic order for years to come.
The author is a member of the Beijing Municipal Committee of the Chinese People’s Political Consultative Conference, and founder and chairman of the One Country Two Systems Youth Forum.
The views do not necessarily reflect those of China Daily.
