China's plenary session: new economic goals for the world of tomorrow

China's plenary session: new economic goals for the world of tomorrow

A significant event is taking place in Beijing today: senior leaders of the Chinese Communist Party are meeting to discuss national goals and ambitions for the next five years. This session, known as the “Plenum,” will last a week and will form the basis for the next “Five-Year Plan” (2026-2030). It will be interesting to see what decisions are made here, because the results of this meeting could have far-reaching effects on the global economy. The first indications of the contents of the plan are expected as early as October 22nd BBC Thai reported.

As is usual for such plenary sessions, around 200 members of the Central Committee and 170 substitute members will gather under the chairmanship of President Xi Jinping. These meetings are important not only for China's political landscape but also for the global economy, as previous plenary sessions have ushered in significant changes. The meeting could help clarify China's future economic direction, especially given external challenges such as the ongoing trade war with the US and pressure to combat internal deflation, such as eFinanceThai points out.

A look at the past

To better understand the context, let's take a quick look at the historical five-year plans. The first plan from 1981 to 1984 emphasized “reform and opening up” under Deng Xiaoping, who introduced several market-based mechanisms and special economic zones. The 2011-2015 plan focused on strategic emerging industries to protect the country from the “middle class trap.” The current focus is on “high-quality development” initiated by Xi Jinping – the intention to enormously strengthen China’s technological leadership is clearly visible.

The independence from Western technology that the plan is intended to promote should not be underestimated. The Chinese government has set itself the goal of strategically mastering the challenges in the international trade environment, especially the relationship with the USA, without openly seeking conflict. Loud ZDF The trade conflict is not seen as a short-term crisis, but as a structural challenge that must be addressed.

The future in sight

Another important point highlighted by analysts is China's intention to continue making the economy self-sufficient in science and technology. Over the next few years, national security will also receive increased focus, while control over strategic raw materials will also be emphasized. The new five-year plan, expected to be approved by the National People's Assembly next year, is expected to be in the black on the GDP target, which could be between 4 and 5 percent for 2025. In addition, there is a clear focus on promoting innovation in order to promote technological independence.

In conclusion, as China charts its strategy for the next five years, it is also seeking to act as a leading power in Asia and beyond. Initiatives such as the “New Silk Road” and BRICS+ are part of this strategy, which aims to expand China’s influence, particularly in the global south. In turbulent times when international trade pressures are increasing, how China will selectively adjust its resources and policies is crucial. It remains exciting to see what the next few days will bring!