The National People’s Congress of China approved this Thursday the general guidelines of the 15th five-year plan (2026-2030), with 2,758 votes in favor, one against and two abstentions. This is the document that will guide the country’s economic policy for the next five years, with a marked emphasis on boosting the nation’s domestic consumption and reinforcing the technological self-sufficiency of the Asian giant.
The plan foresees thatTotal spending on research and development increases more than 7% annually over the next five yearswith a crucial focus being to achieve “decisive” advances in sectors such as integrated circuits, industrial software and “advanced materials”, at a time of evident technological rivalry with the United States.
Additionally, with this five-year strategyl China wants to depend less on abroad and more on its own demand, since the approved text is committed to “reinforcing the role of domestic demand as the main engine of growth”one of the most urgent challenges for the Chinese economy after several years of weak consumption.
Among the measures proposed in the document, fThey include initiatives to stimulate household consumption in the Chinese nation, improve the disposable income of its citizens and strengthen public services.
Another important point is Chinese emphasis on expanding its digital infrastructure (from advanced 5G networks to 6G research) and develop large data and computing centers, betting head-on that the digital economy is one of the most important drivers for its growth.
Among other important points of China’s new development plan for the next five years, is the construction of the Far East gas pipeline with Russia and preparatory work for the so-called “central route” between both countriesstrengthen state investment in research on artificial intelligence and expand certain social spending programs to strengthen the protection system.
