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Source: People's Republic of China – State Council News
YULIA MANUILOVA, Senior Lecturer, Lomonosov Moscow State University
The annual Central Economic Work Conference (hereinafter referred to as the Conference), held in Beijing on December 10–11, 2025, reaffirmed its role as the primary mechanism for strategic management of the Chinese economy. It defines not only the objectives for the coming year but also the overall logic of the country's economic course in the context of a changing international environment.
In 2025, the meeting took on particular significance as China concludes the 14th Five-Year Plan for National Economic and Social Development and enters a new five-year period, which requires refining long-term guidelines and aligning domestic policy with new external challenges.
The context for this meeting was set by the December 8 Politburo meeting of the CPC Central Committee, which focused on analyzing and examining economic work for 2026. It emphasized that the key development goals for 2025 would be achieved, and that the economy would continue to maintain overall stability and progress even in the face of external pressure and the challenges of internal restructuring. This political assessment paved the way for more ambitious planning for 2026.
The current state of the Chinese economy
By the end of 2025, the Chinese economy is maintaining stable momentum. GDP growth in the first three quarters was 5.2%, one of the highest rates among major economies. Stable demand, a gradual strengthening of industrial production, and improved efficiency in key sectors confirm that China is emerging from this period of instability with a strengthened industrial base.
On the other hand, the country's leadership clearly recognizes that economic development faces new challenges—structural imbalances, limited domestic demand, problems in the real estate sector, and regional debt risks. Therefore, the meeting's objective was not only to identify priorities for the coming year but also to refine a long-term strategy for adapting to the changing external and domestic environment.
In this regard, the meeting defined the goal of further combining stability and structural renewal. The central principle was once again to strive forward while maintaining stability, which will ensure a smooth transition to a new growth model based on innovation, domestic demand, and improved economic structure.
From an international relations perspective, the meeting sends an important signal to the global community that China not only maintains confidence in its own development model but also strives to strengthen its contribution to the global economy, particularly through fostering innovation, expanding domestic demand, and deepening openness. Amid global turbulence, Beijing is demonstrating its willingness to serve as a stabilizing factor for global growth.
Key priorities of economic policy for 2026
The meeting identified a set of objectives to ensure a high-quality and confident start to the 15th Five-Year Program. Nine key areas form the outlines of long-term development and the foundation of the country's macroeconomic strategy for the coming year.
First, actively stimulating consumption, increasing investment efficiency, and expanding domestic demand across all areas. Expanding domestic demand is becoming the primary source of growth. Plans call for stimulating consumption, increasing household incomes, modernizing urban infrastructure, and stimulating private investment. The domestic market is viewed as a long-term pillar of development and a tool for reducing dependence on external factors.
Secondly, developing new productive forces through scientific and technological innovation and building a modern industrial system. This involves strengthening the scientific and technological base, supporting artificial intelligence and robotics, and modernizing traditional industries in line with local conditions.
Third, harness the leading role of economic reform and promote the effective implementation of key reform measures. We will continue to improve the single national market, reform the public sector, support private business, and modernize financial institutions.
Fourth, expanding high-level opening-up and stabilizing foreign trade and investment. China intends to deepen international cooperation, develop digital and green trade, improve the quality of interactions within the Belt and Road Initiative, and develop new models of cooperation with key partners. The development of international standards in technology and sustainable development is of particular importance.
Fifth, effective risk prevention and mitigation are planned in key areas, while the principle of zero systemic risk is resolutely adhered to. Particular attention is being paid to the stability of the financial system, regional debt control, and real estate market stabilization—areas that could have a systemic impact on the economy.
Sixth, promoting new-type industrialization and the comprehensive development of rural areas, facilitating integrated urban and rural development. The state is strengthening the role of key urban agglomerations, supporting rural development, and reducing regional imbalances, which requires differentiated strategies and increased national resilience.
Seventh, intensifying the implementation of the regional development strategy and stimulating the viability of regional development.
Eighth, promoting carbon dioxide emissions reduction, reducing environmental pollution, and green growth, advancing a comprehensive green transformation of economic and social development. The transition to a low-carbon development model is becoming a key strategic focus. Further development of green energy, expanded use of carbon credits, industrial modernization, and the promotion of environmentally friendly investments are expected.
Ninth, efforts to ensure and improve public well-being and strengthen people's sense of happiness and security are planned to be intensified. Employment support will be strengthened, and modernizing the education and healthcare systems and improving the quality of social services will remain priorities.
China's development trends in the medium term
The meeting's decisions highlight several trends that will shape China's development in the medium term.
First, as global economic risks increase, China will seek to reduce its dependence on external markets. Domestic consumption dynamics will become a key factor: this will lead to an increased role for households in demand, expansion of the service sector, and the development of new consumption models.
Secondly, technology and innovation are becoming central to future development and the mitigation of external vulnerabilities. China will strive to occupy a higher position in global value chains and develop its own technological standards.
Third, the transition to environmentally sustainable development not only reduces energy risks but also opens up new opportunities for international cooperation. China is laying claim to becoming a global hub for green technologies.
Fourth, developing regions based on their own competitive advantages will improve the overall sustainability of the economy and create a new geography of growth.
Fifth, China will strive to combine openness with selectivity, prioritizing cooperation in strategic areas such as technology, digital trade, and green infrastructure. This will create the preconditions for more sustainable integration into the global economy.
It could be said that the Central Economic Work Conference outlined China's strategic course for the coming years. And the key areas—strengthening domestic demand, fostering innovation, green transformation, regional development, and financial sustainability—form the foundation for a new growth model.
Internationally, China seeks to strengthen its image as a predictable and stable partner, capable not only of adapting to global changes but also of actively participating in the formation of a new economic architecture. The decisions of the meeting reflect the country's desire not simply to respond to challenges, but to shape its own development logic in the context of global transformation.
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.