不少国内外学者认为，中国的五年规划堪称长期战略规划的典范，这种"长期主义"对全球发展理论具有 创新性贡献。从"一五"到"五五"，我国建成了独立的比较完整的工业体系与国民经济体系。从"六 五"到"十三五"，我国全面建成了小康社会，顺利实现了第一个百年奋斗目标。按照党的十九大报告提 出分两步走实现第二个百年奋斗目标的部署，第一步用3个五年规划，到2035年基本实现社会主义现代 化；在此基础上，第二步再用3个五年规划，到本世纪中叶，把我国建成富强民主文明和谐美丽的社会 主义现代化强国。 "十四五"时期我国经济社会发展取得新的重大成就，经济实力、科技实力、综合国力跃上新台阶，中国 式现代化迈出新的坚实步伐，让第二个百年奋斗目标新征程实现良好开局。而今，"十五五"规划即将开 启，一步一个脚印扎扎实实推进中国式现代化再度吹响了进军号角，确保基本实现社会主义现代化取得 决定性进展，让下一个五年的中国信心满满、定力十足。 实现社会主义现代化是一个阶梯式递进、不断发展进步的历史过程，需要不懈努力、接续奋斗。在历史 前进的逻辑中前进，在时代发展的潮流中发展，让中国式现代化之路在一个接着一个五年规划中愈加宽 广。这是坚持党的全面领 ...

Group 1 - The core viewpoint emphasizes the importance of practical action and strategic planning in China's modernization efforts, particularly during the "14th Five-Year Plan" period, which has allowed for stable development amidst complex international challenges [1] - The "Five-Year Plan" serves as both a policy framework and a governance mechanism that integrates top-level design, institutional execution, and social mobilization, ensuring continuity and predictability in China's modernization [1] - The focus on improving public services such as education, healthcare, and elderly care during the "14th Five-Year Plan" period reflects a people-centered development approach, aiming to enhance the quality of life for all citizens [1] Group 2 - In the context of a sluggish global economic recovery and geopolitical tensions, China is advancing structural optimization and industrial upgrading through innovation, green transformation, and open cooperation, with emerging industries like AI and new energy vehicles driving economic growth [2] - The integration of innovation with public welfare is highlighted, as the digital economy enables ordinary citizens to benefit from technological advancements, thereby promoting social equity and high-quality economic development [2] - China's commitment to high-level opening up during the "14th Five-Year Plan" includes initiatives like the Hainan Free Trade Port and improvements in the business environment, which aim to combine domestic market potential with global opportunities [2] Group 3 - The development of new productive forces in China, particularly in sectors like renewable energy and AI, not only reshapes its industrial structure but also offers growth opportunities for neighboring countries [3] - Infrastructure projects like the China-Laos Railway and the Thai-Chinese Rayong Industrial Park exemplify successful cooperation between China and partner countries, showcasing both hard and soft power in areas such as green development and financial collaboration [3] - The concept of "Chinese-style modernization" is presented as a model for global opportunities, emphasizing that true modernization is achieved through practical efforts and cooperative development rather than exploitative growth [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Five - Year Plan is a crucial tool for China's governance, guiding the country's economic and social development. It has evolved from a command - style plan in the planned economy era to a strategic - oriented plan in the market economy era, and has a profound impact on the capital market, especially the futures market [6][10][34]. - Understanding the Five - Year Plan is essential for investors to make forward - looking asset allocations, as it can help them identify investment opportunities and risks by providing insights into policy directions and industry trends [10]. 3. Summaries According to Relevant Catalogs 3.1 The Significance of the Five - Year Plan in China - **Reasons to Focus on the Five - Year Plan** - It is the top - level design and strategic blueprint for national development, guiding the actions of the government, market players, and the public. It also reflects the country's long - term goal of building a socialist modern country [6][9]. - It serves as the core basis for policy - making and resource allocation, influencing fiscal, monetary, industrial, and regional policies. The industries emphasized in the plan often become investment hotspots in the capital market [8][10]. - It is a barometer of the macro - economic cycle and industrial trends, indicating the direction of economic development and industrial structure adjustment [10]. - **Importance of the Five - Year Plan** - It promotes the modernization of the national governance system and capacity through a scientific, democratic, and legal decision - making process and a complete goal - governance loop [11][12]. - It ensures the long - term stable development of the economy and society by providing stable expectations, coordinating regional and industrial development, and helping the country cope with major risks and challenges [13]. - It has a profound impact on the capital market, especially the futures market. The specific arrangements in the plan directly affect the supply - demand pattern and price trends of relevant futures varieties and also drive institutional and product innovation in the futures market [14]. 3.2 The Formulation Process of the Five - Year Plan - **General Process** - **From a procedural steps perspective (seven - step process)**: It includes pre - research and consultation, research and compilation, proposal and implementation, draft formation, review and approval, mid - term evaluation, and final evaluation [23]. - **From a compilation stage perspective (four - stage model)**: It consists of mid - term evaluation, basic idea research, the compilation of the Party Central Committee's "Proposal", and the formal compilation of the "Outline" [23][24]. - **Key Time Points for the "15th Five - Year Plan"** - **Pre - research and basic ideas (2023 - H1 2025)**: The mid - term evaluation of the "14th Five - Year Plan" was completed in 2023, and pre - research for the "15th Five - Year Plan" was carried out [27]. - **Compilation of the Party Central Committee's "Proposal" (Early 2025 - October 2025)**: The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held on October 20, 2025, to discuss the "Proposal" [27]. - **Formal compilation of the "Outline" (November 2025 - March 2026)**: The State Council will form the draft of the "15th Five - Year Plan Outline" based on the "Proposal" and submit it to the National People's Congress in March 2026 for approval [27][28]. - **Compilation Subjects and Decision - Making Mechanisms** - **Compilation Subjects**: The National Development and Reform Commission plays a leading role, and other ministries and local governments are also important participants, contributing to the compilation of special plans and local plans respectively [30][31]. - **Decision - Making Mechanisms**: The Party Central Committee determines the core content of the plan; the State Council transforms the "Proposal" into a government work plan; the National People's Congress reviews and approves the plan to make it a legally binding national document [31][32]. 3.3 Review of Previous Five - Year Plans - **Decision - Making Models of Previous Five - Year Plans** - **Evolution from "Plan" to "Planning"**: The nature of the Five - Year Plan has changed from a mandatory economic legal document in the planned economy era to a strategic and guiding development blueprint in the market economy era [33][34]. - **Main Content and Tone of Previous Five - Year Plans**: The content and tone of each plan are closely related to the country's strategic needs and development stage, evolving from focusing on industrialization in the early days to emphasizing high - quality development in recent years [35]. - **Evolution Logic**: The Five - Year Plan has shifted from micro - economic instructions to macro - strategic guidance, with the logic starting point changing from "national needs" to a combination of "market demand" and "national strategy" [36]. - **Review of Policy Ideas during Previous Five - Year Plans** - **Evolution of Policy Ideas**: The policy ideas have changed from simply pursuing economic growth speed to emphasizing development quality and efficiency, with a focus on sustainable and comprehensive development [37][38]. - **Shift in Development Focus**: The development focus has gradually shifted from traditional industries to strategic emerging industries and modern services, indicating a transition from factor - driven to innovation - driven economic growth [39]. - **Adjustment of Development Goals**: The development goals have evolved from emphasizing quantitative expansion to focusing on quality improvement, with the introduction of more comprehensive and balanced indicator systems [40][41]. - **Reasons for the Change in Planning Ideas** - The change is driven by factors such as the country's development stage, international environment, institutional environment, technological revolution, and the improvement of governance capacity [45]. 3.4 Review of the Capital Market Performance during Previous Five - Year Plans - **Overall Impact on the Capital Market** - The Five - Year Plan guides the overall market expectations at the macro - level and creates structural opportunities at the meso - level [46]. - **Performance Review of the Futures Market** - **Overall Performance of the Nanhua Composite Index**: It shows a long - term upward trend, with decreasing volatility and a rising index center. The market is more responsive to policy expectations in the early stage of the plan and focuses on goal implementation in the later stage [47][50]. - **Factors Affecting Market Trends**: The market is influenced by fundamental factors, policy interventions, and external factors. The index generally shows a pattern of "rising in the early stage and fluctuating in the later stage" during each plan period [48][49]. - **Event - Driven Effects**: The release of the Five - Year Plan has a short - term event - driven effect on the futures market, with positive market reactions around the release of the "Proposal" and the "Outline" [48][49].

中国共产党第二十届中央委员会第四次全体会议于10月20日至23日在北京召开。国际人士认为，中国科学制定和接续实施"五年规 划"，为世界发展带来诸多机遇。巴西企业家André在接受中新社记者采访时表示，中国长期以来保持政策的连贯性，因此能够从战略 层面明确当前不同地区的发展重点。中国民众对不同地方的人都很友好，外来创业者有诸多机会在这里实现自身价值。印度学者Kumar Loganathan告诉记者，过去五年，中国政府大力支持绿色产业的发展，这不仅使中国自身获益，发展成果也跨越国界惠及到了周边国 家。(记者 谢龙飞 北京报道） ...

Group 1 - China's economy is projected to reach approximately 140 trillion yuan by 2025, contributing around 30% to global economic growth [1][2] - The establishment of the G60 Science and Technology Innovation Corridor in the Yangtze River Delta has transformed the area into a hub for research, manufacturing, logistics, and services, with an expected economic output of 9 trillion yuan by 2024 [5][6] - The Chinese government emphasizes the importance of centralized leadership in economic planning and execution, which has been a key factor in the country's ability to implement long-term strategies effectively [2][4][6] Group 2 - The relocation of state-owned enterprises like China Huaneng Group and China Sinochem Holdings to Xiong'an New Area signifies a strategic move to enhance urban development and economic vitality in the region [1] - The successful implementation of the five-year planning system in China has been highlighted as a unique advantage, allowing for consistent and effective governance [3][4] - The focus on agricultural development, particularly in the apple industry in Yan'an, has significantly improved local livelihoods and created job opportunities for over 800,000 farmers [8][9]

Group 1 - The article emphasizes the superiority of socialism with Chinese characteristics in the context of global changes, highlighting China's commitment to high-level opening up and high-quality development, which is expected to contribute around 30% to global economic growth during the 14th Five-Year Plan period [1][4] - China's economy is projected to reach approximately 140 trillion yuan by 2025, with an increase of over 35 trillion yuan in five years, showcasing its role as a "deterministic oasis" in the global economy [1][4] - The article discusses the importance of the centralized leadership of the Communist Party of China (CPC) in ensuring effective governance and economic stability, particularly during critical moments [2][4] Group 2 - The G60 Science and Technology Innovation Corridor in the Yangtze River Delta is highlighted as a successful example of industrial integration, with an economic total expected to reach 9 trillion yuan by 2024, contributing nearly 2.2% to global manufacturing [5][6] - The article notes that the G60 corridor has evolved from a highway into a comprehensive innovation ecosystem, linking research, manufacturing, logistics, and services [5][6] - The CPC's ability to implement long-term planning through five-year plans is presented as a unique advantage, allowing for consistent and effective governance that contrasts with the short-sighted policies of some other countries [3][4] Group 3 - The article illustrates the success of the apple industry in Yan'an, Shaanxi Province, which has transformed a formerly impoverished area into a thriving agricultural hub, benefiting over 800,000 farmers [8][9] - It emphasizes the importance of a people-centered development approach, ensuring that the benefits of economic growth are shared among the population [8][10] - The article concludes that China's socialist system is dynamic and effective, capable of driving high-quality development while contributing to global progress [10]

Group 1 - The article emphasizes China's commitment to high-level opening up and high-quality development, projecting its economy to reach approximately 140 trillion yuan by 2025, contributing around 30% to global economic growth [1][2][4] - The establishment of the G60 Science and Technology Innovation Corridor in the Yangtze River Delta is highlighted, showcasing a collaborative industrial chain that integrates research, manufacturing, logistics, and services, with an expected economic output of 9 trillion yuan by 2024 [5][6] - The article discusses the successful implementation of the five-year planning system in China, which has become a distinctive feature of its governance, allowing for strategic long-term economic planning and stability [3][4][6] Group 2 - The article mentions the relocation of state-owned enterprises, such as China Huaneng Group and China Sinochem Holdings, to Xiong'an New Area, indicating a strategic move to enhance urban development and economic vitality [1][2] - The focus on agricultural development, particularly the apple industry in Yan'an, is presented as a model for poverty alleviation and job creation, benefiting over 800,000 farmers [7][8] - China's role in global cooperation is underscored, with initiatives in agriculture and renewable energy aimed at supporting developing countries, thereby enhancing mutual growth and stability [9][10]

Core Viewpoint - The article emphasizes China's commitment to high-quality development and its role as a significant contributor to global economic growth, projecting a GDP of approximately 140 trillion yuan by 2025, with a contribution rate of around 30% to world economic growth [1]. Group 1: Economic Development - During the "14th Five-Year Plan" period, China's economy is expected to surpass 140 trillion yuan, with an incremental growth of over 35 trillion yuan in five years [1]. - The article highlights the importance of the centralized leadership of the Communist Party of China (CPC) in ensuring stable economic governance and effective implementation of long-term strategies [2][4]. Group 2: Infrastructure and Innovation - The G60 Science and Technology Innovation Corridor in the Yangtze River Delta has evolved into a significant innovation hub, contributing nearly 2.2% to global manufacturing by 2024, with an economic total of 9 trillion yuan [5]. - The article discusses the advantages of China's socialist system in concentrating resources to achieve breakthroughs in various sectors, including technology and infrastructure [6]. Group 3: Agricultural Development - The apple industry in Yan'an, a former poverty-stricken area, has become a model for poverty alleviation, benefiting over 800,000 farmers and creating job opportunities for more than 1 million people [8][9]. - The article underscores the importance of a people-centered development approach, ensuring that the benefits of economic growth are shared equitably among the population [9][10]. Group 4: Global Perspective - China's approach to modernization is characterized by peaceful development and a commitment to global cooperation, aiming to contribute to a stable and prosperous world [10][11]. - The article asserts that China's unique socialist system is vital for its high-quality development and its contributions to global civilization [11].

Core Viewpoint - The formulation and continuous implementation of the Five-Year Plan is a significant experience in governance and a key political advantage of socialism with Chinese characteristics [1] Group 1 - The Five-Year Plan is considered an important experience in the governance of the country [1] - It serves as a crucial political advantage for the socialist system in China [1]

Core Viewpoint - Jeffrey Sachs, a professor at Columbia University, emphasizes the instability of U.S. President Trump's policies compared to China's long-term planning approach, such as the five-year plans [2] Group 1 - Sachs expresses hope that the U.S. will adopt a long-term perspective and engage in diplomatic interactions and negotiations with China [2] - He criticizes the U.S. for its unilateralism and erratic actions, contrasting it with China's consistent policy-making [2]