Growth Targets and Economic Framework - The "15th Five-Year Plan" emphasizes achieving a per capita GDP of $20,000 (constant prices) by 2035, which is considered the threshold for "middle-developed countries" [5] - To meet this target, an average annual GDP growth rate of 4.17% is required during the "15th" and "16th" Five-Year Plans, considering a projected annual population decrease of approximately 0.20% [7] - The IMF recognizes 39 developed countries with a per capita GDP generally exceeding $20,000, which serves as a benchmark for China's growth aspirations [7] Economic Growth Projections - The expected growth rate for the "15th Five-Year Plan" is projected to be between 4.5% and 4.9%, while the "16th Five-Year Plan" is anticipated to be between 4.0% and 4.4% [18] - Achieving the 2035 target necessitates a compound annual growth rate of 4.4% over the next decade, factoring in a potential annual population decline [18] Structural Economic Changes - The transition from a GDP-driven growth model to a composite model involving productivity, inflation, and exchange rates is essential for sustainable growth [21] - The focus on "new quality productivity" is critical, aiming to enhance total factor productivity as a response to labor force contraction [26] Monetary Policy Considerations - The current monetary policy environment suggests limited room for interest rate cuts, with a focus on maintaining interest rate spreads [60] - A moderate easing of monetary policy is expected, primarily through liquidity support and structural adjustments rather than broad-based rate cuts [63] Fiscal Policy and Domestic Demand - The fiscal deficit is projected to remain between 3.8% and 4.0%, with a broad deficit exceeding 12 trillion yuan, emphasizing the need for effective fiscal measures to stimulate domestic demand [89] - The shift from "infrastructure finance" to "livelihood finance" is crucial for enhancing fiscal multipliers and improving overall economic efficiency [89]