“China’s economic aggregate has successively surpassed 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan, and is expected to reach around 140 trillion yuan this year, with an incremental increase projected to exceed 35 trillion yuan,” said Zheng Shanjie, Director of the National Development and Reform Commission (NDRDC), at the first press conference of the “High-Quality Completion of the 14th Five-Year Plan” series held by the State Council Information Office on July 9. He noted that China’s real economy is growing stronger, with the added value of manufacturing exceeding 30 trillion yuan annually since the start of the 14th Five-Year Plan period. China has maintained its position as the world’s top manufacturing nation for 15 consecutive years, leading global production in over 200 major industrial products. “What China cannot produce is decreasing, while what it can produce is improving in quality.”
With less than 180 days remaining, the 14th Five-Year Plan period will conclude. Zheng Shanjie stated that looking back, among the major indicators set five years ago in the “Outline of the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through 2035” (referred to as the “14th Five-Year Plan Outline”), progress in indicators such as economic growth, overall labor productivity, and R&D expenditure has met expectations. Eight indicators, including the urbanization rate of permanent residents, life expectancy, and comprehensive production capacity for grain and energy, have exceeded expectations. The strategic tasks outlined in the 14th Five-Year Plan Outline have been fully implemented, and all 102 major projects are progressing smoothly. Overall, the past five years have seen groundbreaking progress, transformative breakthroughs, and historic achievements, with China emerging as the world’s most stable, reliable, and dynamic force for development.
“China boasts a vast domestic market with immense growth potential, where domestic demand has always been the primary driver and stabilizing anchor of economic growth. Over the past four years, despite multiple challenges, including drastic changes in the international environment, China’s economy has maintained an average annual growth rate of 5.5%, with domestic demand contributing 86.4% on average. It can be said that without a robust domestic market, there would be no stable and thriving Chinese economy,” said Yuan Da, Secretary-General of the NDRDC. He highlighted three distinctive features of domestic demand: first, consumption is evolving toward new trends; second, investment is focusing on high-quality sectors; and third, investment and consumption are mutually reinforcing.
Yuan Da emphasized that the NDRDC will accelerate the construction of a new development paradigm, prioritize strengthening the domestic cycle, steadfastly implement the strategy of expanding domestic demand, expedite the cultivation of a comprehensive domestic demand system, and continuously unleash and harness the potential of domestic demand.
According to Li Chunlin, Vice Chairman of the NDRDC, after more than four years of diligent efforts, the 102 major projects have achieved significant progress and outcomes, with all planning targets expected to be met by the end of this year.
Li Chunlin stated that the NDRDC will continue to enhance interdepartmental coordination and central-local collaboration to ensure the successful completion of the 102 major projects. Simultaneously, it will scientifically plan major projects for the 15th Five-Year Plan period to provide stronger support for advancing Chinese modernization.
Infrastructure is a critical pillar for economic and social development. During the 14th Five-Year Plan period, China’s infrastructure has consistently demonstrated innovation and acceleration, underpinning the nation’s speed and quality while elevating public expectations for a better and happier life.
“Moving forward, the NDRDC will adhere to the principle of moderate advancement—without overextension—to consolidate foundations, leverage strengths, address weaknesses, and continuously elevate the modern infrastructure system to new heights,” Li Chunlin said.
Opening up is a fundamental national policy, with attracting and utilizing foreign investment being a key component. Zhou Haibing, Vice Chairman of the NDRDC, reported that from 2021 to May of this year, cumulative foreign direct investment in China reached 4.7 trillion yuan, surpassing the total during the 13th Five-Year Plan period. Foreign-funded enterprises account for one-third of China’s imports and exports, one-quarter of industrial added value, and one-seventh of tax revenue, creating over 30 million jobs. Their robust growth vividly reflects China’s market-oriented, rule-of-law-based, and internationalized business environment and serves as the best endorsement of China’s foreign investment policies.
“Looking ahead, China’s policy direction for attracting and utilizing foreign investment remains consistent. The NDRDC will further relax market access and promote orderly opening in relevant sectors. We will uphold high standards for national treatment, ensuring foreign-funded enterprises can fairly participate in standard-setting, government procurement, and bidding. We will enhance service guarantees, continue special initiatives to support foreign enterprises, address practical challenges, and improve their sense of gain and satisfaction,” Zhou Haibing stated. “China has been, is, and will continue to be an ideal, safe, and promising destination for foreign investment.”
