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Source: People's Republic of China – State Council News
Strategic priorities for economic development of the PRC for 2026 and their significance for the Uzbek-Chinese partnership
Eldor Tulyakov, Executive Director of the Development Strategy Center of Uzbekistan
The annual Central Economic Work Conference was held in Beijing on December 10–11, 2025. At the conference, Chinese President Xi Jinping summarized the country's economic performance in 2025, analyzed the current economic situation, and outlined a strategic economic development plan for 2026.
In his speech, Xi Jinping announced the achievement of the country's key socio-economic development goals and outlined eight key tasks for the coming period.
Three priority areas
In our opinion, of the tasks voiced, three priority areas are of particular importance.
The first area is domestic demand as the driver of economic growth. At the meeting, the Chinese leader emphasized that stimulating domestic consumption is the main economic priority for 2026. Statistics indicate the resilience of China's consumer market in 2025. In the first three quarters, final consumption expenditure in China accounted for 53.5% of GDP growth, an increase of nine percentage points compared to the previous year. From January to October, retail sales of consumer goods exceeded 41 trillion yuan (US$5.8 trillion), an increase of 4.3% compared to the same period last year.
The second priority area is innovation as a catalyst for new, qualitative growth. Plans for 2026 call for the active implementation of innovative development and the accelerated formation of new economic drivers. Plans include the creation of international scientific and technological innovation centers in various cities and the promotion of the "Artificial Intelligence Plus" initiative. According to the 2025 Global Innovation Index, China entered the top ten for the first time and maintains its highest position among 36 upper-middle-income countries, confirming the effectiveness of its innovation policies.
The third area is institutional openness as a strategic advantage. President Xi Jinping confirmed that China will expand institutional openness in the services sector, optimize the placement of free trade zones, and effectively promote the Belt and Road Initiative as a key foreign economic priority.
China's foreign trade has demonstrated resilience in 2025 despite existing global challenges. Specifically, from January to November, total import and export volumes amounted to 41.21 trillion yuan, up 3.6% year-on-year. China is striving to deepen the integration of trade and investment, develop services exports, digital and green trade, and improve mechanisms for attracting foreign capital.
The implementation of the identified tasks will, firstly, strengthen China's position in the global economy and promote sustainable development and the well-being of the country's population, and secondly, provide a reliable start for the implementation of the 15th Five-Year Plan plans in 2026–2030.
The strategic dimension of Uzbek-Chinese relations
China is one of Uzbekistan's key political, diplomatic, trade, economic, and investment partners. The dynamic nature of bilateral cooperation is evidenced by regular high-level official visits. As a result, in 2024, Uzbek-Chinese relations were elevated to a qualitatively new level: an all-weather comprehensive strategic partnership in a new era, reflecting both sides' commitment to the sustainable and multifaceted development of our interstate cooperation.
Comprehensive cooperation between Uzbekistan and China is developing across various international platforms, including the UN, the SCO, and the multilateral China-Central Asia format. Furthermore, since the launch of the Belt and Road Initiative, Uzbekistan has consistently and actively supported its implementation, as evidenced by President Shavkat Mirziyoyev's participation in high-level forums in recent years. The initiative is largely aligned with the provisions of the Uzbekistan 2030 strategy, creating a solid foundation for long-term mutually beneficial cooperation.
As mentioned, China is the Republic of Uzbekistan's largest trade, economic, and investment partner. According to Uzbek data, the total volume of mutual trade in 2024 exceeded $13 billion. An ambitious goal has been set to increase this figure to $20 billion by expanding mutual supplies of industrial and agricultural goods. As of November 2025, the number of Chinese-owned enterprises in Uzbekistan amounted to 4,731, equivalent to 26.8% of the total number of foreign companies operating in the country.
Since the beginning of 2025, a number of significant regional and business forums have been held between the two countries. The 2nd Uzbekistan-China Interregional Forum was held in Samarkand on June 1–2, bringing together over 400 entrepreneurs from China and over 1,000 entrepreneurs from Uzbekistan. Investment agreements and trade contracts worth $10 billion were signed. And on August 28, the Uzbekistan–China Trade, Economic, and Investment Forum was held in Beijing, bringing together over 800 representatives of the public sector and business circles. Following the event, the parties exchanged 23 documents on the implementation of joint projects in healthcare, agriculture, textiles, construction materials production, water management, and rail transport.
According to Uzbek statistics, from 2017 to 2024, China's total investment in Uzbekistan's economy exceeded $24.6 billion, including a record $10.4 billion in 2024. These investments cover all key sectors of modern development. The total investment project portfolio exceeds $90 billion. In 2024, 64 projects worth over $10 billion were launched. Joint technology parks and special industrial zones operate in the regions of Uzbekistan, and the production of BYD electric vehicles is expanding, with increased localization. Furthermore, major companies such as Huawei, ZTE, China Eximbank, and many others are actively working in Uzbekistan, providing technology transfer and creating a modern manufacturing base.
It's worth noting that over 30 energy projects with a total capacity of nearly 10 GW, valued at over $9 billion, are being implemented with Chinese partners. Key partners in these green projects include leading Chinese companies such as China Energy Engineering Corporation, China Energy International Group, and others. Their participation ensures not only financing but also the transfer of advanced technologies, the exchange of expertise, and the creation of a modern production base.
The implementation of cooperation under the Belt and Road Initiative is reflected in a number of large-scale and transformative infrastructure projects. Among the most significant is the China-Kyrgyzstan-Uzbekistan railway project, which is currently the largest ongoing joint project. Construction of this railway corridor began in April 2025.
Overall, the dynamics of the Uzbek-Chinese all-weather comprehensive strategic partnership are demonstrating an exceptionally positive development trajectory. China is one of Uzbekistan's key political, diplomatic, trade, economic, and investment partners, and this role continues to strengthen.
Multifaceted positive impact
Implementing the strategic objectives outlined by Chinese President Xi Jinping at the annual Central Economic Work Conference will have a multifaceted positive impact. First, it will strengthen China's position in the global economy and ensure sustainable development. Second, it will create favorable conditions for the further development of bilateral and multilateral relations with the Republic of Uzbekistan, particularly within the framework of the Belt and Road Initiative, which has been designated as China's key foreign economic priority for 2026.
Of particular significance is the Chinese leadership's emphasis on institutional openness, innovative development, and stimulating domestic demand. These priorities directly align with the objectives of the "Uzbekistan 2030" strategy and create additional opportunities for expanding trade, economic, and investment cooperation between the two countries. The growth of China's domestic consumer market opens new prospects for Uzbek exporters, while the emphasis on innovation and green development aligns with Uzbekistan's economic modernization priorities.
Chinese companies' interest in implementing new projects in Uzbekistan is growing rapidly: according to Uzbek officials, more than $15 billion in direct investment from China is planned for 2025. This demonstrates that the Uzbek-Chinese all-weather comprehensive strategic partnership is not just a declaration, but is filled with concrete practical content that will promote sustainable economic growth and improve the well-being of the people of both countries.
Thus, the strategic priorities for China's economic development through 2026 and the strategic relations between Uzbekistan and China create a solid foundation for further deepening mutually beneficial cooperation, which makes a significant contribution not only to bilateral development, but also to ensuring stability and prosperity throughout Central Asia.
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.