Experts from Mongolia and Malaysia have voiced strong optimism regarding China's economic prospects following the conclusion of a key plenary session of the 20th Central Committee of the Communist Party of China (CPC), which set out the nation's development blueprint for the next five years.
The 20th CPC Central Committee adopted the recommendations for formulating China's 15th Five-Year Plan (2026-2030) at its fourth plenary session held from Oct. 20 to 23 in Beijing. A communique released after the plenum signaled how the world's second-largest economy will advance its economic and social progress.
According to the communique, China will aim to make significant advancements in high-quality development over the next five years. The country will seek to achieve greater self-reliance and strength in science and technology, steer the development of new quality productive forces, and build a modernized industrial system.
The ambitious goals outlined in the plan have impressed regional observers, who see China as uniquely positioned to tackle complex development challenges.
"What strikes me most is that China's ambition to achieve both technology self-reliance and sustainable development. In most of the countries, throughout history, we learn that it's really difficult and complicated. But if anyone can do it, I think it will be China," said Undral Amarsaikhan, CEO of Mongolia's TenGer TV.
The communique also indicated that China will shift further toward services, consumption and innovation. Greater importance will be placed on domestic demand and a unified national market, leveraging the vast potential of a population exceeding 1.4 billion, which includes over 400 million individuals in the middle-income group.
The emphasis on strengthening domestic economic foundations while maintaining global engagement is seen as a pragmatic and necessary step for long-term stability and growth.
"All the issues that have been outlined recently are important, but some are especially important and not just for China, but also [for] other countries like Malaysia and other countries in ASEAN. China knows it needs to double down on what is known as the 'dual circulation', that is focusing on both exports of its products as well as domestic consumption. Once the economy of the country has been entrenched and firmly established, then it can go further to develop further in other areas," said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.
Malaysian, Mongolian experts express confidence in China's growth potential in next 5 years
