China injects certainty and stability in a turbulent world

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With much anticipation from both within China and from around the world, the 4th plenary session of the 20th Central Committee of the Communist Party of China (CPC) has just concluded in Beijing.

In a communique released after the session, China has set targets for the 15th Five-Year Plan period, including significant advances in high-quality development, substantial improvements in scientific and technological self-reliance and strength, and further improvements in the quality of life among its people, among others.

The plenary session comes at a crucial time for China. The 5th plenary session of the 19th CPC Central Committee in 2020 and the 20th National Congress of the CPC in 2022 have set the goals for China to realize socialist modernization by 2035 and build itself into a great modern socialist country in all respects by the middle of this century. For the 14th Five-Year Plan period (2021-2025), the estimated growth of the Chinese economy is set to surpass 35 trillion yuan, or about 4.93 trillion U.S. dollars. With an average annual growth rate of 5.5 percent from 2021 to 2024, China contributed roughly 30 percent of global economic expansion annually. The incoming 15th Five-Year Plan period, a critical transition period, will test the nation's resolve and ability to consolidate these remarkable achievements while steadily advancing toward its 2035 and mid-century goals.

The plenary session is equally significant globally. Earlier this month, Kristalina Georgieva, the Managing Director of the International Monetary Fund issued a stark warning on mounting global economic risks: "Buckle up: uncertainty is the new normal and it is here to stay." She cited tariff and non-tariff barriers as indicators to watch out for. On top of that, the international community is witnessing prolonged geopolitical conflicts in the Middle East and Europe. Deadly flare-ups are testing a precarious Gaza ceasefire; direct peace talks hoping to end the Ukraine conflict continue to look distant. Hindered by economic disruptions and geopolitical tensions, progress remains slow on achieving the United Nation's Sustainable Development Goals, with education equality, digital access, and climate issues among the main challenges. In this interconnected context, how the world's second largest economy charts its next phase of development is all the more important.

The plenary session recognized the complex changes in the global environment. Acknowledging China's strength in its economic resilience and political advantages, the communique also said that "at present, China remains in a phase of development where strategic opportunities exist alongside risks and challenges, while uncertainties and unforeseen factors are rising." This clear-eyed assessment reassures both the Chinese people and the world that China's policymakers are well aware of the realities on the ground and are prepared for the problems and challenges.

Key paths outlined for the 15th Five-Year Plan period include building a modernized industrial system, achieving greater self-reliance and strength in science and technology, building a robust domestic market, and promoting a high-standard of opening up. It also took into careful consideration the well-being of the Chinese people by calling for agricultural and rural modernization, knitting a better social security network, ensuring a green transition for the country, and so on.

The messages from the plenary session are clear: China intends to continue injecting certainty and stability into the world. Domestically, the paths China is taking in the coming five years signal a dedication to improving national strength and people's livelihoods. Internationally, these paths mean a commitment to facilitating an open, inclusive, balanced and win-win globalization, which will benefit all, not just a few.

For nations weary of unpredictable global currents and seeking partners they can rely on, not just for the next election cycle but for the next generation, China's steadfast development path and consistent policy offer a reference point for navigating increasingly uncharted waters. By preserving domestic stability and development continuity, China serves as a crucial stabilizing force for the wider world – one of its most significant contributions today.

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