Foreign observers have outlined their expectations for China’s new five-year economic plan, which is currently being reviewed at the ongoing fourth plenary session of the 20th Communist Party of China (CPC) Central Committee opened in Beijing on Monday.
Xi Jinping, general secretary of the CPC Central Committee, delivered a work report on behalf of the Political Bureau of the CPC Central Committee, and expounded on the Party leadership's draft proposals for the formulation of the 15th Five-Year Plan (2026-2030) for national economic and social development.
Global observers are closely watching the outcome of the plenary session which will have significant implications, not just for China’s economy but for global trade and prosperity.
"We are keenly awaiting the fourth plenary session of the 20th Central Committee of the Communist Party of China and eager to see what outcomes it will produce. We will also closely monitor the direction of China's economic development. China contributes a significant portion of global GDP to global economic development. Without China, global economic development would be impossible. China’s economic performance is commendable," said Pavel Troshchinsky, head of the Center for Political Research and Forecasts at the Institute of China and Contemporary Asia of the Russian Academy of Sciences.
Kevin Kelly, founding executive editor of Wired magazine, said the formulation and implementation of long-term economic plans was key to China’s development.
"I do know that it's important to take the long-term horizon. I do know that if you're only focused on the next quarter, or the next year, you can't really do big and powerful things. You actually need to take a longer (view), at least five years, maybe even longer," he said.
"The fourth plenary session is crucial, as we are living in turbulent times, with the world rife with crises and conflicts. Any initiative that contributes to stability and consolidation, and towards peace, including economic security and social security, is beneficial. I believe the Chinese leadership has carefully assessed and summarized the relevant experiences of the past few years. They have also held in-depth discussions on the next phase of strategy, the next steps, and how to strengthen these measures. I look forward to the decisions that will be made in Beijing. I believe they will be carefully considered and thoroughly discussed. This is my consistent impression of China," said Sevim Dagdelen, a former member of the German Bundestag.
The Diplomat, an international current affairs magazine for the Asia-Pacific region, wrote that the session will focus on a development roadmap for the world's second-largest economy over the next five years - a key pillar of China’s economic governance with implications extending far beyond China itself.
"When we review China's economic development plans over the past five years, particularly the policies and measures to implement President Xi Jinping's concept of 'high-quality development', we conclude that many of these plans have been remarkably successful. I want to share that Iranian universities are currently studying China's five-year plans. I believe these plans and their outcomes offer significant potential for China's engagement with the world. If we fully understand China's five-year development plan, which will be discussed at the plenary session, we can better plan long-term cooperation with China and achieve positive outcomes," said Hamed Vafaei, director of the Asia Research Center at the University of Tehran.
Foreign experts outline expectations for China's new 5-year plan
