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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Moscow, October 16 (Xinhua) — During the 14th Five-Year Plan period (2021-2025), China made a significant contribution to the global economy, becoming a dominant driver of growth and innovation. Nikita Stepanov, a senior researcher at the Institute of Economics of the Russian Academy of Sciences, gave this assessment in an interview with Xinhua ahead of the 4th Plenary Session of the 20th Communist Party of China Central Committee.
"During the 14th Five-Year Plan period, China made a significant and multifaceted contribution to the global economy. Despite the challenges posed by the pandemic and the deteriorating international trade situation, the country ensured sustainable GDP growth, supporting global demand for goods and services. This contributed to the economic recovery of many countries, particularly in Asia," he noted, noting that China has become the dominant driver of growth and innovation in the global economy.
According to N. Stepanov, China actively promoted the export of technologies and innovative solutions, particularly in areas such as telecommunications (5G), electric vehicles, and artificial intelligence. This stimulated the modernization of various economies and accelerated global technological progress.
"China has also actively promoted sustainable development, implementing environmental standards and developing low-carbon technologies, which has prompted other countries to reconsider their growth strategies in the context of environmental safety and the fight against the climate crisis," the expert added.
N. Stepanov emphasized that China's Belt and Road Initiative continued to develop, providing significant investment in transportation, energy, and digital infrastructure in dozens of countries. "These projects improved logistics and facilitated closer market integration, strengthening economic resilience globally," he said.
According to the Xinhua source, China's transition from a rapid growth model based on mass production and low costs to an innovative one focused on quality, environmental friendliness, and technological leadership has become a model for international partners, stimulating the creation of new forms of cooperation and more sustainable value chains. "Over the past five years, China has strengthened its position as a leading global economy and has become a catalyst for global economic transformation, making development more innovative and sustainable," Stepanov noted.
A Russian economist described the five-year plan as a powerful strategic management mechanism, giving China institutional advantages in ensuring sustainable growth, international leadership, and the implementation of major initiatives. The plan encompasses economic, social, environmental, and technological spheres, providing a holistic approach instead of fragmented efforts. Furthermore, the plan integrates external initiatives, such as the Belt and Road Initiative, into the domestic economic strategy, enabling the coordinated development of infrastructure, investment relations, and trade.
"The plan provides a clear vision and specific goals for the medium term. This helps us effectively allocate resources, direct investments, and strengthen priority sectors," explained N. Stepanov, adding that through the five-year plan, China is reforming global economic governance systems and systematically increasing its influence in international financial and trade institutions.
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