New five-year plan anchors certainty

China's focus on high-quality development and opening-up in the next five years as mapped by the just-concluded fourth plenary session of the 20th Central Committee of the Communist Party of China, is providing "an anchor of stability for the world" in times of uncertainty, international observers said.

They said a "prosperous, progressive and open China" will bring benefits to its trading partners, build greater economic resilience through diversification, and promote regional cooperation to mitigate the impact of tariffs.

Their remarks came after the 20th CPC Central Committee concluded its fourth plenary session, which was held in Beijing from Monday to Thursday. A communique issued on Thursday confirmed the plenum's adoption of the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development.

Lye Liang Fook, an associate senior fellow at the ISEAS-Yusof Ishak Institute based in Singapore, said that the key thrusts of the recommendations for the 15th Five-Year Plan (2026-30) — the focus on high-quality growth, self-reliance and resilience in science and technology, and further deepening reforms comprehensively — will raise the quality of development and bring China onto the next phase of development.

"Equally important, as China further deepens its reforms and improves its investment environment for local and foreign businesses alike, it can provide an anchor of stability for economic growth for Asia," said Lye, adding that China's emphasis on boosting domestic consumption "will be welcome news for other countries".

The highlights of the communique include moving faster to develop a high-standard socialist market economy and boost the momentum for high-quality development, building a modernized industrial system and reinforcing the foundations of the real economy.

Lynn Lin, a partner and head of China and Asia-Pacific at Moore Kingston Smith, a multidisciplinary advisory, tax and audit firm based in London, told China Daily that they were pleased to see that promoting "high-standard opening-up and creating new horizons for mutually beneficial cooperation" was included in the communique of the plenum.

"China's significant advancements in high-quality development, as well as in technology and innovation, have, in recent years, cultivated a lot of strong domestic brands that are eager to go global. We hope that this trend will result in … more mutually beneficial cooperation," she added.

Bill Lang, chairman of Small Business Australia, said the two themes — building a modernized industrial system and high-quality development — present exciting opportunities for small and medium-sized enterprises in both China and Australia.

"Today, dozens of Australian technology startups are actively seeking partnerships with Chinese investors and manufacturers. Together, they can accelerate commercialization, enhance supply chains and drive new waves of technological self-reliance and shared prosperity," Lang said, adding that the communique's focus on expanding high-standard opening-up also aligns with Australia's global leadership in sports, health and medical technology.

The communique also urged steering the development of new quality productive forces, and "green transition in all areas of economic and social development in an effort to build a Beautiful China".

Asif Shuja, Middle East expert and founding director of Geopo Edu, a United Arab Emirates-based educational consultancy, told China Daily that the recommendations for the 15th Five-Year Plan "build on the successes of the previous five-year plan and mark a firm shift from growth-oriented expansion to resilience-centered modernization".

"From the Middle East's perspective, this plan opens fresh opportunities for bilateral cooperation. To Gulf countries such as the UAE, which have similar ambitions in energy transition and technological innovation, China's expressed interests in these domains have much appeal," said Shuja.

Suan Teck Kin, head of research and executive director at Singapore's United Overseas Bank, said trade tensions with the United States have fueled China's push to deepen its trade and investment links with other economies.

These ties, Suan said, aim to build greater economic resilience through diversification and promoting regional cooperation to mitigate the impact of tariffs and geopolitical uncertainty.

"A prosperous, progressive and open China will bring benefits to its trading partners. China has been leading in many areas of science and technology, and (is) certainly ahead of many emerging economies in Asia," said Suan.

Contact the writers at jan@chinadailyapac.com