BEIJING: China’s five-year economic increment is projected to exceed 35 trillion yuan ($4.89 trillion) during the 14th Five-Year Plan period (2021-2025), Zheng Shanjie, head of the National Development and Reform Commission (NDRC), said Wednesday at a press conference on China’s achievements in social and economic development.
Over the first four years of the period, China’s economy grew at an average annual rate of 5.5 percent. Despite challenges such as the pandemic and trade bullying, this level of growth is an unprecedented achievement for an economy of China’s size, Zheng said.
Emphasizing on the great economic dynamism, Zheng said the country’s total R&D expenditure surged nearly 50 percent, or 1.2 trillion yuan, from 2020 to 2024, and the number of registered private enterprises surpassed 58 million at the end of May 2025 – over 40 percent higher than 2020.
China’s vast population has seen tangible improvements in education, healthcare, social security and transportation, Zheng pointed out. Over 95 percent of the population is now covered by basic medical and pension systems, while access to quality public services has expanded significantly, according to Zheng. High-speed rail mileage has increased by over 10,000 kilometers during the plan period, enabling more efficient mobility and logistics.
“Development must deliver for the people. Each figure and shift reflects the tangible progress in enhancing the well-being of the Chinese people.” he said.
Zheng also noted that the national unified market framework has taken shape, market access has been expanded, and private enterprise registrations have grown by over 40 percent compared to 2020.
Highlighting China’s deepening commitment to green development, Zheng noted that forest coverage now exceeds 25 percent, accounting for a quarter of the world’s new greening since 2020.
Clean energy now accounts for more than one-third of national electricity consumption, and major rivers such as the Yangtze and Yellow Rivers meet Class II water quality standards. “Green is becoming the defining color of high-quality development in China,” Zheng said.
From food security to energy and manufacturing resilience, China has consolidated its strategic foundations, Zheng emphasized. He noted that over 1 billion mu (approximately 67 million hectares) of high-standard farmland has been built or upgraded, and the world’s largest clean energy system is now in place.
According to Zheng, China’s energy consumption per unit of GDP decreased by 11.6 percent in the first four years of the 14th Five-Year Plan period. “This reduction is equivalent to cutting 1.1 billion tonnes of carbon dioxide emissions, nearly 50 percent of the European Union’s total carbon emissions in 2024.”
“China’s actions fully demonstrate the responsibility of a major country,” Zheng said.
With fewer than 180 days before the conclusion of the 14th Five-Year Plan, Zheng said China stands on a firmer foundation, with stronger institutions, growing innovation capacity, and a clear trajectory toward high-quality development. “Looking ahead to the 15th Five-Year Plan, we remain confident and committed,” he said.
Domestic demand: the anchor of China’s growth
Asked about China’s potential GDP growth rate and how growth drivers may evolve in the coming five years, Yuan Da, secretary-general of the NDRC, emphasized the centrality of domestic demand in China’s development trajectory.
“China boasts a super-sized domestic market with enormous growth potential. Domestic demand has always served as the main engine and stabilizer of the Chinese economy,” Yuan said.
Despite global uncertainties and external shocks over the past four years, China’s economy maintained an average annual growth rate of 5.5 percent from 2021 to 2024, with domestic demand contributing an average of 86.4 percent to overall economic growth.
During the period, consumption contributed an average of 56.2 percent to China’s economic growth – an increase of 8.6 percentage points compared to the 13th Five-Year Plan period (2016-2020), said Yuan.
“Without a strong domestic market, there would be no stable momentum for the Chinese economy,” Yuan said.
