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万联证券:四中全会勾勒“十五五”高质量发展路径
Zheng Quan Ri Bao Wang· 2025-10-24 07:50
Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2023, focusing on the overall direction for the 15th Five-Year Plan, emphasizing structural reforms and the goal of achieving socialist modernization by 2035 [1] - The economic growth rate during the 14th Five-Year Plan was approximately 5.4% annually, which alleviated some pressure on the growth rate for the 15th Five-Year Plan [1] - The 15th Five-Year Plan is crucial for solidifying high-quality economic development, with a core objective of promoting structural transformation through the development of new productive forces [1] Group 2 - Industrial transformation and upgrading will be a key component of the 15th Five-Year Plan, essential for achieving high-quality economic development [2] - The plan is expected to enhance innovation capabilities and quality, strengthen industrial collaboration, and promote the development of strategic emerging industries [2] - There will be a focus on accelerating the transition of traditional industries towards high-end, intelligent, and green development, establishing a modern industrial system [2] Group 3 - The 15th Five-Year Plan will place greater emphasis on strengthening domestic circulation, with boosting consumer spending identified as a vital driver for endogenous economic growth [3] - Enhancing consumer capacity and expanding consumption scenarios are important directions, with the service industry expected to be a key area of development [3] - The plan aims to eliminate barriers to the construction of a unified national market and promote high-level openness, leveraging China's large-scale market advantages [3]