How to Implement the “15th Five-Year Plan”? Professor Jun Qian Gives In-depth Interpretation of the Communiqué of the Fourth Plenary Session of the 20th Central Committee | Heavyweight

Release time：2025-10-28    

From October 20^th to 23^rd 2025, the Fourth Plenary Session of the 20^th Central Committee of the Communist Party of China was convened in Beijing. The plenary session heard and deliberated on the work report delivered by President Xi Jinping on behalf of the Political Bureau of the Central Committee and reviewed and adopted the Proposal of the Central Committee of the Communist Party of China for Formulating the 15^th Five-Year Plan for National Economic and Social Development.

Jun Qian, Executive Dean of Fudan International School of Finance and Professor in Finance, believed that in face of a complex and constantly changing development environment, the convening of the Fourth Plenary Session of the 20^th Central Committee of the Communist Party of China at such a critical historical time is of great significance. At the plenary session, it was presented that the period of the “15^th Five-Year Plan” is a critical phase for laying a solid foundation and making a full-force push toward basically achieving socialist modernization, holding a pivotal position in connecting past achievements with future endeavors. The plenary session also clarified the main goals and key tasks for economic and social development during the “15^th Five-Year Plan” period—such as building a modernized industrial system, accelerating the achievement of greater self-reliance and strength in high-level science and technology, and fostering a robust domestic market—thereby charting the course for promoting high-quality development of the Chinese economy. It was further emphasized that China is committed to advancing high-standard opening-up, sharing opportunities and pursuing common development with all countries, which demonstrates its significant role and sense of responsibility in the global economy.

Jun Qian
Executive Dean of Fudan International School of Finance

Professor in Finance

50. Clear positioning

As the plenary session pointed out, achieving the cause of socialist modernization is a historical process of progressive advancement and continuous development, requiring unremitting and sustained endeavor. The main goals for economic and social development during the “15^th Five-Year Plan” period were clarified: significant achievements in high-quality development, remarkable rise in the level of self-reliance and strength in science and technology, new breakthroughs achieved in deepening reform across the board, notable increase in the level of social civility, continuous improvement to the quality of life for the people, new and major progress in building a Beautiful China, and further enhancement of the national security barrier. Building on this foundation and striving for another five years, it can be predicted that by 2035, China’s economic strength, scientific and technological capabilities, national defense, composite national strength and international influence will see a substantial leap forward; its per capita GDP will reach the level of a moderately developed country; the people will enjoy a greater sense of happiness and fulfillment; and socialist modernization will be basically achieved. “This means the economic growth in our country shall maintain a certain pace in the next ten years. The ‘15^th Five-Year Plan’ will be a critical phase of all-out effort, holding a pivotal position that connects past achievements with future endeavors in the process of basically achieving socialist modernization.” noted Jun Qian.

50. Core direction

Regarding how to achieve economic development, Jun Qian stated that the Proposal has given two core directions. First, building a modernized industrial system, consolidating and strengthening the foundation of the real economy; accelerating the achievement of greater self-reliance and strength in high-level science and technology, and leading the development of new quality productive forces. “Shanjie Zheng, Secretary of the Leading Party Members Group and Minister of the National Development and Reform Commission, stressed at the press conference on the morning of October 24^th that the Proposal advocates for the forward-looking development of future industries, aiming to turn quantum technology, bio-manufacturing, hydrogen and fusion energy, brain-computer interfaces, embodied AI, sixth-generation mobile communication (6G), and others into new growth engines. These industries are poised for a major surge and will gain a projected scale expansion over the next decade that could effectively replicate the entire current high-tech industry of China, infusing sustained new momentum into the overall economy and its high-quality development.” Jun Qian expected this would be the most essential motive for China’s high-quality economic development.

Second, fostering a robust domestic market and accelerating the establishment of the new development paradigm. We must adhere to the strategic foundation of expanding domestic demand and closely integrate efforts to improve people’s livelihoods by boosting consumption, and investments in physical assets with those in human capital. With new demand guiding new supply and new supply creating new demand in turn, a positive interaction will be facilitated between consumption and investment and between supply and demand, strengthening the internal drivers and reliability of the domestic cycle. Moreover, it is essential to vigorously stimulate consumption, expand effective investment, and resolutely remove the bottlenecks that hinder the development of a unified national market. “Against the background of an uncertain international environment, fostering a robust domestic market is of paramount importance. The comprehensive measures to tackle “involution-style” competition, as mentioned in the Proposal, will forcefully and effectively dismantle various market impediments, fully unleashing the dividends of China’s supersized market.” Jun Qian expressed, “By pursuing the aforementioned two core directions in parallel and achieving the set goals, China’s economy can be successfully transformed and upgraded, shifting from the traditional investment-driven growth model to a new model powered by domestic demand and consumption.”

50. Pathways and safeguard mechanisms

According to the pathways and safeguard mechanisms for achieving the two core directions mentioned above, Jun Qian expounded that the Proposal has sent a strong signal of unwavering commitment to open cooperation and mutual benefit. “On one hand, steadily expanding institutional opening-up means we will continue to bring in internationally advanced cutting-edge technologies and institutional systems, injecting sustained momentum for innovation and growth into domestic development; while on the other hand, Chinese enterprises are venturing into overseas markets with leading technologies and achievements, enhancing the quality of life for people worldwide through localized operation and production, thereby forging a new paradigm of win-win cooperation and fulfilling China’s responsibilities in the global marketplace.”

“Meanwhile, the Proposal has set out arrangements for accelerating the comprehensive green transition of economic and social development. With the goals of peaking carbon emissions and achieving carbon neutrality as the lead, more efforts will be put into establishing and implementing a dual-control system for both the total amount and intensity of carbon emissions, as well as advancing the green and low-carbon transition of the energy sector, of the industrial structure, and of production and lifestyles. Besides, it is also recommended in the Proposal to consolidate the modernized barriers of the national security system and capabilities and get the risks in key areas effectively prevented and defused.” Qian remarked that all these offered pathways and safeguard mechanisms for the “15^th Five-Year” Plan.

“What is closely related to these goals, directions and pathways is the central role that finance plays in every aspect, including economic restructuring, the growth of new industries, two-way opening-up and the green transition. Not only shall the financial system provide all-round services including financing for the development of new quality productive forces, the innovation-driven industrial system, the global expansion of Chinese enterprises, and the transition to new energy and dual-carbon goals, it should also leverage the functions of capital markets and financial institutions to manifest the decisive role of the market in the allocation of social resources. At the same time, it is also the mission and responsibility of FISF to cultivate complex leading talents for high-quality economic and social development during the “15^th Five-Year Plan” period and the construction of a dominant financial power.”

50. Annual goal fulfillment

The plenary session analyzed the current situation and tasks, and emphasize the firm commitment to achieving the annual economic and social development goals. It is essential to continue to implement the decisions and arrangements of the Central Committee with precision, focus on employment, enterprise, market and expectation stabilization, keep the fundamentals of the economy stable, and consolidate and build upon the momentum of economic recovery. “All the five aspects of “stabilization” are important. The first and foremost is “employment stabilization”, as consumption cannot be boosted without employment stabilization. With the construction progress of a modern industrial system and the application of artificial intelligence, new jobs will continuously emerge, which in turn places new demands on the education system. Only by aligning with the needs of modern industries and cultivating talent for high-quality development in the new era can we achieve the goal of ‘stabilizing existing employment and creating new jobs’ in the future.” Jun Qian stated, “and enterprise stabilization is also a key aspect. Sci-tech enterprises will play a leading role in the high-quality development of the industrial system and also act as major subjects in achievement transformation. To stabilize employment, enterprises must be stabilized, particularly those small and medium-sized enterprises that provide most urban employment.” Furthermore, Qian also considered that “market stabilization” entails maintaining steady development of the capital markets, including the stock market, and that “expectation stabilization” involves anchoring expectations for a comprehensive stabilization of the real estate market. As for keeping the fundamentals of the economy stable, beyond the aforementioned four aspects, it necessitates stabilizing the real economy and industries, encompassing manufacturing, services and import-export sectors.