Xiang Bo: China’s economy expected to reach 140 trillion yuan by year’s end
The Consul General of the People’s Republic of China in Kazan — on the new five-year programme for national economic and social development of China
China is preparing to draft its 15th five-year programme for national economic and social development. During the period of the “14th Five-Year Plan” (2021–2025), the country’s economic output consistently surpassed 110, 120, and 130 trillion yuan. In the first three quarters of 2025, growth reached 5.2% year-on-year, and by the end of the year, it is expected to reach around 140 trillion yuan, said Mr Xiang Bo, Consul General of China in Kazan. In his opinion piece for Realnoe Vremya, he outlines the main objectives of the new five-year plan (2026–2030), which will become a key stage in the development of the Middle Kingdom.
Towards the “15th five-year plan”
Recently, the fourth plenary session of the 20th Central Committee of the Communist Party of China was successfully held in Beijing, where the “Proposals of the CPC Central Committee on the Formulation of the 15th Five-Year Programme for National Economic and Social Development” were reviewed and adopted. This plenary session holds great significance in the process of China’s modernisation. It not only defined the direction of the country’s development for the next five years but also brought new opportunities for growth to the entire world.
Scientific formulation and consistent implementation of five-year programmes are an important method of state governance by the Communist Party of China and a major political advantage of socialism with Chinese characteristics. From 1953 to 2025, China has formulated and implemented 14 five-year programmes, the overarching theme of which has been the building of a modern socialist state.
China adheres to the consistent fulfilment of its plans, working continuously from generation to generation, and within several decades has completed the process of industrialisation that took developed Western countries hundreds of years, creating two miracles — rapid economic development and long-term social stability.
Continuing the advance of Chinese modernisation
During the “14th Five-Year Plan” period (2021–2025), China’s economic output consistently surpassed 110, 120, and 130 trillion yuan. In the first three quarters of this year, growth reached 5.2% year-on-year, and by the end of the year, it is expected to reach around 140 trillion yuan.
Breakthrough achievements have been made in emerging sectors such as artificial intelligence, quantum technology, biomedicine, and new energy, and China is transforming from a global manufacturing centre into a global innovation hub. The quality of life of the population has significantly improved, and the country has built the world’s largest education, social security, and healthcare systems.
Adhering to a policy of high-level openness, China has reduced its average tariff rate to 7.3%, and together with more than 150 countries and 30 international organisations, is promoting high-quality cooperation under the Belt and Road Initiative.
China’s contribution to global economic growth remains around 30%, and the country continues to serve as a driver and a pole of global economic development.
The period of the “15th Five-Year Plan” (2026–2030) will be a crucial stage for China to lay a solid foundation and make comprehensive efforts toward the fundamental realisation of socialist modernisation.
At this plenary session, the main objectives of economic and social development for the “15th Five-Year Plan” period were proposed: achieving significant progress in high-quality development; substantially enhancing independence and self-sufficiency in science and technology; attaining new breakthroughs in deepening comprehensive reforms; considerably improving the level of social civility; continuously enhancing the quality of life of the people; achieving notable progress in building a beautiful China; and strengthening national security.
“China’s determination to expand high-level openness will not change”
On this basis, after another five years of effort, by 2035 it is planned to reach a per capita GDP comparable to that of moderately developed countries and to largely realise socialist modernisation.
The “15th Five-Year Plan” will bring greater certainty to China’s economic and social development in the coming period. This can be summarised in two aspects: first, the certainty of development.
China will continue to prioritise economic construction as its central task, focusing on advancing high-quality development, and will make a new and important contribution to global economic growth.
Second, the certainty of openness. China will steadily promote high-level openness, consistently expand institutional openness, and advance comprehensive pilot demonstration projects to expand openness in the services sector.
China ready to share development opportunities with Russia
The recently concluded 8th China International Import Expo in Shanghai, which brought together 155 countries, regions, and international organisations — including 4,108 foreign enterprises, among them 290 companies from the world’s top 500 — once again demonstrated to the world that China’s determination to expand high-level openness remains unchanged, as does its commitment to sharing development opportunities with the world.
China and Russia are good neighbours and reliable partners that trust each other, and relations between the two countries continue to move forward confidently amid a turbulent external environment.
Since the beginning of this year, Chinese President Xi Jinping and Russian President Vladimir Putin have met twice, providing new strategic guidance for the development of China–Russia relations.
A few days ago, the 30th regular meeting of the prime ministers of China and Russia was successfully held in the Chinese city of Hangzhou, during which a comprehensive plan for bilateral cooperation in various fields was defined. The interregional cooperation mechanism between China and Russia under the “Yangtze–Volga” format is functioning effectively, fostering deeper cooperation between the regions of both countries.
China is ready to share development opportunities with Russia, promote the alignment of China’s 15th Five-Year Plan with Russia’s socio-economic development strategy, and help both nations continue to advance hand in hand along the path of modernisation.