Chinese economy poised to seize future opportunities and tackle challenges ahead

As the 14th Five-Year Plan (2021-25) approaches its conclusion, China has effectively navigated different challenges, enhanced its economic strength, and improved its innovation capability, laying a solid foundation for the next stage of development.

Thanks to the government's proactive and targeted macro policies, the main goals for economic and social development during the past five years are expected to be successfully accomplished, with the latest indicators reinforcing the trend of steady progress. In the first three quarters, China's GDP expanded by 5.2 percent year-on-year, one of the fastest rates among major economies; employment and prices remained stable; while the balance of payments has stayed balanced.

China's foreign trade, a barometer of its economic vitality, offers further proof of this steady momentum. In the first 11 months of this year, the total value of the country's goods imports and exports reached 41.21 trillion yuan ($5.83 trillion), an increase of 3.6 percent year-on-year, maintaining the trend of positive growth for 10 consecutive months. These data highlight the resilience of China's economic trajectory and explain why it remains an anchor of global trade.

Newly released tax data reinforces the picture of the country's strengthening economic fundamentals. From January to November, national tax and fee revenues surpassed 29 trillion yuan, supported by consumption, exports and advances in sci-tech innovation. Export tax rebates grew 6.8 percent in the same period, underscoring the competitiveness of Chinese enterprises in the global marketplace.

Also reflected in the tax invoice data is China's innovation-driven transformation. Tax invoice data show that in the first 11 months, sales revenues in high-tech industries nationwide increased 14.7 percent year-on-year, and corporate purchases of digital technologies grew 10.2 percent.

The country's green transition is continuing apace, with sales revenues from wind and solar power generation up 16.8 percent and 35.7 percent year-on-year respectively in the 11-month period. These trends not only reflect China's steady progress toward its dual-carbon goals but also strengthen the foundations for its high-quality development.

Adding an important new dimension to China's integration with the global economy, the International Monetary Fund launched a new center for the Asia-Pacific region in Shanghai on Monday. A hub for research, dialogue and cooperation, the center will enhance macroeconomic policy coordination, deepen China-IMF collaboration and contribute to global financial stability. IMF Managing Director Kristalina Georgieva noted that the opening of the center reinforces China's growing contribution to global economic governance.

As Premier Li Qiang underscored when holding the "1+10" Dialogue with heads of major international economic organizations in Beijing on Tuesday, China will continue to open its door wider to the outside world, and welcomes more foreign companies to explore the Chinese market.

Looking ahead to 2026, the central authorities have set clear priorities for concrete actions aimed at ensuring both qualitative improvement and reasonable quantitative growth: applying the new development philosophy; accelerating the creation of the new development pattern; implementing more proactive fiscal policy and moderately loose monetary policy; expanding domestic demand; improving supply; developing new quality productive forces; deepening the construction of a unified national market; and effectively preventing and defusing risks in key areas. These practices are all conducive to China consolidating the economy's positive momentum by leveraging its strengths.

With guidance from the central leadership, steady fundamentals and a clear road map for the future, the Chinese economy is well-positioned to make a good start to the 15th Five-Year Plan (2026-30) period, promising new opportunities for not only China but also the world.