Core Insights - The strategic direction is clear: internally "stimulating consumption" and externally "enhancing technology" to reach the peak of industry [1][8] Group 1: Economic Goals - The 20th Central Committee has reaffirmed the goal of achieving "per capita GDP at the level of moderately developed countries" by 2035 [1][2] - Current per capita GDP in China is approximately $14,000, ranking 70th globally, indicating a significant gap to close to reach the target [2][3] Group 2: Growth Engines - Future economic growth will rely on two core actions: "expanding domestic demand" and "enhancing new momentum" [3][4] - Expanding domestic demand focuses on encouraging young people to spend, particularly by improving the pension system for rural elderly [4][5] Group 3: New Momentum - "New quality productivity" is essential for climbing the GDP peak, with a clear future industrial structure [6] - Traditional industries will be empowered with AI and green technologies, while emerging industries like new energy vehicles and industrial metaverse will be prioritized [6][7] Group 4: Open Strategy - The strategy includes transitioning from merely attracting foreign investment to participating in and leading the establishment of global standards and regulations [7] - Emphasis on maintaining multilateral trade and expanding two-way investment, particularly in high-tech and green energy sectors [7][8]

Core Viewpoint - The "15th Five-Year Plan" emphasizes high-quality development, technological self-reliance, green transformation, and institutional openness, indicating a shift in China's development logic from "responding to uncertainty" to "shaping new certainties" [1][2]. Group 1: Future Development Goals - The plan identifies that China's development is characterized by both strategic opportunities and risks, with a focus on maintaining economic growth within a reasonable range and synchronizing income growth with economic growth [2][3]. - Key goals include steady economic growth, improvement in total factor productivity, and expansion of the middle-income group [2]. Group 2: Modern Industrial System - The plan stresses the importance of a modern industrial system centered on advanced manufacturing, highlighting the need for a resilient and competitive industrial framework amid global competition [4]. - Emphasis is placed on the role of the real economy, with advanced manufacturing and smart infrastructure being pivotal for future growth [4]. Group 3: Technological Self-Reliance - The plan calls for accelerating high-level technological self-reliance, enhancing the national innovation system, and fostering a robust environment for independent innovation [5][6]. - It advocates for deep integration of technological and industrial innovation, promoting efficient conversion of research outcomes into productive forces [6]. Group 4: Domestic Market and Investment - The plan aims to build a strong domestic market, emphasizing the need to increase disposable income and stimulate consumer confidence [7]. - It highlights the importance of optimizing government investment structures and activating private investment to align with national strategic directions [7]. Group 5: Institutional Openness - The plan outlines a strategy for gradually expanding institutional openness, maintaining a multilateral trade system, and enhancing international cooperation [8]. - It focuses on optimizing trade structures, particularly in goods, services, and digital trade, while creating a favorable environment for foreign investment [8].

Economic Growth Certainty - The "14th Five-Year" period is expected to see China's economic total reach approximately 140 trillion RMB by the end of 2025, with a focus on maintaining this momentum [2] - The "15th Five-Year" plan emphasizes high-quality development as the main theme, with a commitment to prioritize economic construction and maintain growth within a reasonable range [2] - The plan aims to shift the focus of economic development to the real economy, promoting new growth points in quantum technology and biomanufacturing, and fostering an economy driven by domestic demand and consumption [2] Quality Development Certainty - The plan stresses the importance of balancing qualitative improvements with reasonable quantitative growth, with a focus on ensuring that growth translates into tangible benefits for the public [3] - Key goals include significantly improving technological self-reliance, advancing the construction of a unified national market, and achieving new progress in high-quality employment and income growth that aligns with economic growth [3][4] Open Economy Certainty - In response to rising unilateralism and protectionism, the plan aims to create a win-win cooperation landscape and share opportunities with countries worldwide [5] - China's vast market will continue to open up, promoting cross-border trade cooperation and providing significant opportunities for other countries [5] - The plan emphasizes maintaining a multilateral trade system, expanding bilateral investment cooperation, and high-quality construction of the Belt and Road Initiative [5] Reform Deepening Certainty - The plan outlines the goal of achieving breakthroughs in comprehensive deepening of reforms during the "15th Five-Year" period, with a focus on unifying market rules and breaking down local protectionism [7] - Key reforms include accelerating the market-oriented allocation of resources and addressing systemic barriers to foster internal development momentum [7]

Core Viewpoint - The article discusses the "15th Five-Year Plan" for China's economic and social development, emphasizing the importance of expanding domestic demand as a strategic foundation for modernization, driven by technological innovation, service industry upgrades, and regional collaboration [2][10]. Group 1: Technological Innovation Driving Supply Upgrades - The plan aims to significantly enhance self-reliance in technology, integrating technological and industrial innovation to boost domestic demand [3]. - New technologies such as AI, 6G, quantum technology, and biomedicine will create new products and services, expanding effective investment and new consumption scenarios [3][4]. - The marketization of data factors will unlock demand in new service industries and platform economies, enhancing digital infrastructure needs [4]. Group 2: Service Industry Upgrades Activating Investment and Consumption Potential - The plan promotes high-quality development in the service industry, focusing on specialized and high-value services in production and diverse, convenient services in daily life [5]. - Productive services enhance manufacturing competitiveness and drive effective investment in high-end equipment and digital infrastructure, while life services directly increase consumer spending [5][6]. - Four key areas in life services are expected to grow rapidly: healthcare and biomedicine, cultural tourism and digital content, education and vocational training, and elderly care and community services [6][7]. Group 3: Regional Collaboration Optimizing Resource Allocation - The plan emphasizes optimizing major productivity layouts and fostering regional economic cooperation to enhance resource allocation efficiency [8]. - Coordinated regional development will facilitate deeper industrial collaboration and division of labor, improving supply quality and driving investment growth [8][9]. - Key directions for regional economic collaboration include creating cross-regional innovation networks, enhancing supply chain resilience, and promoting green energy cooperation [9].

Core Viewpoint - The article discusses the "15th Five-Year Plan" for China's economic and social development, emphasizing the importance of expanding domestic demand as a strategic foundation for modernization, driven by technological innovation, service industry upgrades, and regional collaboration [1][10]. Group 1: Technological Innovation Driving Supply Upgrades - The plan aims to significantly enhance self-reliance in technology, integrating technological and industrial innovation to boost domestic demand [2]. - New technologies such as AI, 6G, quantum technology, and biomedicine are expected to create new products and services, expanding effective investment and new consumption scenarios [2][3]. - The marketization of data factors will unlock demand in new service industries and platform economies, enhancing digital infrastructure needs [2][3]. Group 2: Service Industry Upgrades Activating Investment and Consumption Potential - The plan promotes high-quality development in the service sector, focusing on specialized and high-value services in production and diverse, convenient services in daily life [4]. - Productive services can enhance manufacturing competitiveness and stimulate effective investments in high-end equipment and digital infrastructure [4][6]. - Life services directly increase service consumption, optimizing demand structure and creating a positive cycle of new scenarios, new supply, and new consumption [4][6]. Group 3: Regional Collaboration Optimizing Resource Allocation - The plan emphasizes optimizing the layout of productive forces and fostering regional economic cooperation to enhance resource allocation efficiency [8]. - Breaking down local protectionism and market segmentation will lower transaction costs and expand investment and consumption multipliers [8][10]. - Regional collaboration will deepen industrial cooperation and division of labor, improving supply quality and driving growth in productive services and final consumption [8][9]. Group 4: Key Directions for Regional Economic Collaboration - Strengthening the integration of technology, industry, and factors through cross-regional innovation networks and industrial collaboration platforms [9]. - Enhancing supply chain resilience and security through multi-point layouts within regions to mitigate systemic risks [9]. - Promoting green energy collaboration across regions to drive green investments and related service consumption [9].

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a strategic foundation for economic growth, with a focus on enhancing consumption and investment to drive high-quality development [3][6][12] - The "14th Five-Year Plan" period highlights the significant role of consumption as a main engine and stabilizer for economic growth, with consumer spending contributing approximately 60% to economic growth annually [5][6][12] - The service consumption sector is experiencing rapid growth, with service spending increasing by an average of 9.6% annually from 2020 to 2024, reflecting a shift from goods to services in consumer preferences [10][12][14] Group 2 - The integration of cultural and economic activities is being promoted, as seen in places like Luoyang, where new consumption scenarios are being created to enhance tourism and local economies [4][5] - The development of new consumption formats and experiences is crucial, with examples such as the successful launch of a new washing machine model by Haier that meets specific consumer needs [8][9] - The market for elderly services is identified as a significant growth area, with a focus on tailored products and services for different segments of the elderly population [15]

Core Viewpoint - The Chinese government emphasizes the importance of expanding domestic demand as a strategic foundation for economic growth, focusing on enhancing consumption and investment to drive high-quality development [1][4][10]. Group 1: Economic Growth and Domestic Demand - Domestic demand has become the main driving force for China's economic growth and stability, with a focus on building a strong domestic market and boosting consumption [1][3]. - The "14th Five-Year Plan" period highlights the need for a robust domestic market, with consumer spending contributing approximately 60% to economic growth annually [3][4]. - The social retail sales are projected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan by 2024, indicating a compound annual growth rate of 5.5% [10]. Group 2: Consumer Behavior and New Consumption Trends - The service consumption sector is experiencing rapid growth, with the proportion of residents' service consumption spending increasing by 3.5 percentage points to 46.1% [3]. - New consumption formats and scenarios are emerging, such as cultural tourism and innovative retail experiences, which are enhancing consumer engagement and satisfaction [2][7]. - The demand for high-quality and diverse consumer goods is rising, with a shift from mere availability to quality and experience [8][9]. Group 3: Policy and Strategic Initiatives - The government is implementing policies to stimulate consumption and improve living standards, emphasizing the synergy between consumption and investment [5][11]. - There is a call for optimizing supply to stimulate consumer willingness and enhancing policy support for consumption growth [5][12]. - The focus on service consumption is crucial, as it not only drives economic growth but also improves residents' quality of life [12][13].

中国共产党第二十届中央委员会第四次全体会议（以下简称全会），于2025年10月20日至23日在北京举 行。 全会提出，建设强大国内市场，加快构建新发展格局。坚持扩大内需这个战略基点，坚持惠民生和促消 费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供 给和需求良性互动，增强国内大循环内生动力和可靠性。要大力提振消费，扩大有效投资，坚决破除阻 碍全国统一大市场建设卡点堵点。 聚焦扩内需和促消费，如何实现投资于物和投资于人的紧密结合？以新需求引领新供给释放了什么样的 信号？坚决破除阻碍全国统一大市场建设卡点堵点需要如何发力？围绕上述问题，《每日经济新闻》记 者（以下简称NBD）专访了中国消费经济学会副理事长、北京工商大学商业经济研究所所长洪涛。 更加强调消费需求导向 NBD：围绕扩内需，全会提到投资于物和投资于人的紧密结合，这释放了什么样的信号？未来，投资 在"三驾马车"中扮演什么角色？ 促进市场要素自由流通 NBD：全会提出，坚决破除阻碍全国统一大市场建设卡点堵点。从"加快破除"到"坚决破除"这种表述的 转变，释放了什么信号？ 洪涛：我认为，未来5年将更加注重高水平社会主 ...

Core Viewpoint - The article discusses the key elements of the "15th Five-Year Plan" (2026-2030) in China, emphasizing the importance of economic growth, domestic consumption, high-quality development, and the establishment of a unified national market while ensuring security in development [3][5][15]. Group 1: Importance of the 15th Five-Year Plan - The "15th Five-Year Plan" is positioned as a critical phase for achieving socialist modernization by 2035, building on the foundation laid by the "14th Five-Year Plan" [5][6]. - The overall requirement is to "consolidate the foundation and exert comprehensive efforts," indicating a continuation of the previous plan's principles while allowing for adjustments based on future conditions [5][6]. Group 2: Economic and Social Development Goals - The "15th Five-Year Plan" aims to maintain economic growth within a reasonable range, with a specific focus on increasing the per capita GDP to the level of moderately developed countries by 2035 [7][8]. - The plan acknowledges current economic pressures and emphasizes the need to enhance domestic consumption, particularly through increasing the resident consumption rate, which is projected to be 39.9% in 2024, only a slight increase from 2019 [8][9]. Group 3: Strengthening Domestic Circulation - The plan reiterates the importance of a "dual circulation" development model, focusing on strengthening domestic circulation to address external uncertainties [11]. - It emphasizes the need for comprehensive policies to enhance domestic demand, improve market competition, and eliminate barriers to a unified national market [11][12]. Group 4: High-Quality Development - High-quality development is identified as the central theme of the "15th Five-Year Plan," with a strong emphasis on technological self-reliance and the modernization of the industrial system [14]. - The plan aims to optimize traditional industries while fostering emerging sectors such as renewable energy, aerospace, and advanced technologies [14]. Group 5: Balancing Development and Security - The plan highlights the interdependence of development and security, stressing the need for a robust national security framework amid increasing external risks [15]. - Key areas of focus include enhancing foreign security mechanisms, safeguarding strategic channels, and building capabilities in emerging fields such as AI and cybersecurity [15].

Group 1 - The core objective of the "15th Five-Year Plan" is to achieve significant results in high-quality development, emphasizing quality and efficiency over mere speed and scale expansion [4] - The plan indicates a shift in China's economic development stage, focusing on transforming development methods, optimizing economic structure, and converting growth drivers [4] - Resources will be directed towards innovation, industrial upgrading, green low-carbon initiatives, and improving people's livelihoods, aiming for sustainable development [4] Group 2 - The plan emphasizes building a modern industrial system and strengthening the foundation of the real economy, with a focus on intelligent, green, and integrated development [5] - It highlights the importance of the manufacturing sector in driving overall industrial advancement and enhancing the self-sufficiency of supply chains [5] - The strategy aims to address structural contradictions in development and improve the adaptability of the supply system to domestic demand [5] Group 3 - The "15th Five-Year Plan" promotes a dual approach of supporting both state-owned and private enterprises, enhancing the legal framework for private sector development [6] - The implementation of the Private Economy Promotion Law aims to ensure fair competition and protect the rights of private enterprises [6] - Special emphasis is placed on supporting small and medium-sized enterprises, which are crucial for the vitality of the private economy [7] Group 4 - The plan identifies expanding domestic demand as a strategic foundation for modernization, highlighting the importance of the domestic market [9] - It aims to enhance the resilience of the industrial chain and promote a dynamic balance between supply and demand through sustained domestic demand [9] - The strategy also seeks to optimize income distribution and improve public services, ensuring equitable access to development outcomes [9] Group 5 - The plan advocates for high-level opening up while simultaneously building a strong domestic market, indicating a complementary relationship between the two [10] - It emphasizes the need for internal and external market integration to stimulate domestic demand and enhance supply quality [11] - The plan outlines measures for expanding institutional openness and engaging in global economic governance, reflecting China's commitment to economic globalization [12][13]