Cambricon(SH:688256) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-22 13:17Core Viewpoint - The 20th Central Committee of the Communist Party of China is reviewing the suggestions for the 15th Five-Year Plan, aiming to achieve significant breakthroughs in strategic tasks related to Chinese-style modernization over the next five years [1] Economic Growth and Achievements - During the 14th Five-Year Plan, China's GDP has consistently crossed significant thresholds, reaching approximately 140 trillion yuan in 2023, contributing around 30% to global economic growth [2][3] - China's GDP is projected to reach about 135 trillion yuan in 2024, maintaining a 17.1% share of the global economy, with an average annual growth rate of 5.5%, significantly higher than the global average of 3.9% [3] - The total retail sales of consumer goods in China are expected to reach 48.3 trillion yuan in 2024, with a forecast to exceed 50 trillion yuan in 2025, solidifying its position as the world's second-largest consumer market [6] Domestic Demand and Consumption - Domestic demand has become a major driver of economic growth, contributing an average of 86.8% to economic growth from 2021 to 2024, with final consumption expenditure contributing 59.9% [3][5] - The government has implemented strategies to boost consumption, including tax deductions for childcare and education, and plans to issue long-term special bonds to fund major projects [5] Innovation and Technology - China's R&D expenditure is projected to exceed 3.6 trillion yuan in 2024, marking a 48% increase since 2020, with enterprises accounting for over 77% of this investment [9] - The country aims to transition from a "catch-up" approach to a "leading" position in technology innovation by 2035, focusing on building a self-controlled system for research and industrialization [13] Social Welfare and Employment - The government has prioritized employment, maintaining over 12 million new urban jobs annually during the 14th Five-Year Plan, with an average urban unemployment rate of 5.3% [15] - By 2024, the per capita disposable income of residents is expected to reach 41,000 yuan, reflecting a growth rate of 5.5% after adjusting for inflation [15] Education and Healthcare - Education spending has consistently remained above 4% of GDP, with significant improvements in enrollment rates across various education levels [16] - By the end of 2024, the number of medical institutions in China is expected to reach 1.09 million, with over 95% of residents able to access medical services within 15 minutes [17]