“十五五”规划建议学习系列（一）：跨越关口的五年，“十五五”发展动能与政策路径推演

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" period is a crucial five - year period that connects the past and the future, with special significance for high - quality development and achieving the 2035 visionary goals [10][11]. - China's economic development during the "15th Five - Year Plan" period faces a complex and uncertain internal and external environment. Externally, there are challenges such as global economic slowdown, intensified great - power competition, and supply - chain reconstruction; internally, there are issues like economic growth slowdown, effective demand shortage, and population aging [13]. - To promote high - quality development during the "15th Five - Year Plan" period, five major policy levers should be grasped, including developing new quality productive forces, expanding domestic demand, deepening income distribution reform, building a unified national market, and reshaping the incentive - restraint mechanism [67][68]. 3. Summary According to Relevant Catalogs 3.1 "15th Five - Year Plan" Historical Position - The "15th Five - Year Plan" is at the historical intersection of the "Two Centenary Goals" and is a foundational stage for the new journey of building a modern socialist country. It has a "connecting - the - past - and - future" role, with tasks of "attacking and implementing" and coincides with many major historical nodes [10][11]. 3.2 Ten Judgments on the Internal and External Environment of China's Economic Development during the "15th Five - Year Plan" Period 3.2.1 External Environment - Global economic uncertainty increases, and the global economy may enter a deep adjustment period of slow growth and declining potential output. The "15th Five - Year Plan" may face a "high - risk, high - volatility" global economic environment with weak growth momentum [14][16]. - A multi - polar trade system is taking shape. China's voice in global economic and trade is expected to further increase, but trade frictions with non - US countries may intensify [20][21]. - Sino - US competition remains the core variable affecting the global political and economic landscape, evolving towards "normalization" and "complexity." The competition for scientific and technological and industrial discourse power is crucial [31][32]. - Supply - chain reconstruction has entered the second half, with geopolitics and strategic security becoming the main lines of global supply - chain layout [35]. - China has many favorable factors to actively shape the external environment and is not completely passive in the face of external pressure [39][40]. 3.2.2 Internal Environment - The official "4.17%" may be the minimum growth target for the "15th Five - Year Plan," and the expected economic growth range is around 4.5% - 5% [41]. - The transformation of old and new driving forces will accelerate the adjustment of China's industrial structure. The real estate industry may be in the transition from the bottom to a new cycle, and the urgency of new quality productive forces playing a leading role has increased significantly [45][47]. - The population structure may gradually transition to deep aging, and the pressure of "getting old before getting rich" poses more severe challenges to the pension system, medical resources, and elderly care services [53]. - Reform has entered the "deep - water zone," and the implementation of some reform tasks faces significant resistance [57]. - "Debt reduction in development" should be implemented, focusing on structural optimization and efficiency improvement to enhance the sustainability of fiscal debt [61][63]. 3.3 Five Levers to Promote China's High - Quality Development during the "15th Five - Year Plan" Period - Lever 1: Technological Innovation and Industrial Upgrading "15th Five - Year Plan" suggestions prioritize building a modern industrial system. China's industrial structure has problems such as traditional industries in urgent need of transformation and modern manufacturing being "large but not strong." R & D investment is still relatively low, and there are "bottleneck" issues in key areas. "Full - chain" key core technology research in key areas is necessary, and industry "involution" should be avoided [69][70][71]. - Lever 2: Expanding Domestic Demand and Boosting Consumption The importance of "expanding domestic demand" has increased. Insufficient effective demand is the core obstacle to the domestic cycle. During the "15th Five - Year Plan" period, direct subsidies to residents may be increased, and investment growth is expected to be stable, especially ensuring that the proportion of private investment does not continue to decline [5][8]. - Lever 3: Deepening Income Distribution Reform and Improving the Social Security System "People's livelihood" is a key word in the "15th Five - Year Plan" suggestions. Income distribution reform, household registration system reform, and improvement of the social security system are expected to be key tasks [6]. - Lever 4: Continuously Promoting Anti - involution and Building a Unified National Market Building a unified national market is a systematic project. The implementation of the Third Plenary Session of the 20th CPC Central Committee's reform tasks is crucial, especially optimizing the local government assessment and incentive mechanism and solving the problem of China's economic growth path dependence [8]. - Lever 5: Remodeling the Incentive - Restraint Mechanism and Releasing the Vitality of Micro - entities The "15th Five - Year Plan" suggestions emphasize "combining strict management with kindness and balancing incentives and restraints." It is expected to optimize the local assessment and statistical system, promote fiscal and tax system reform, and improve the business environment for enterprises [8].