The first press conference of the fourth session of the 14th National People's Congress (NPC) was held in Beijing on March 4. This year marks the beginning of the 15th Five-Year Plan period, drawing global attention to the course of China's massive economic vessel.
The NPC spokesperson stated that consumption is the primary engine driving economic growth. In 2025, China deepened initiatives to boost consumption, leading to a steady expansion of the consumer market. Total retail sales of consumer goods surpassed 50 trillion yuan for the first time, with consumption contributing 52% to economic growth.
This year, China will adhere to the strategic basis of expanding domestic demand, vigorously stimulating consumption, and advancing the development of a robust domestic market. Measures include implementing actions to improve service consumption quality and benefit the public, accelerating the cultivation of new growth areas in service consumption, and optimizing policies for replacing old consumer goods to upgrade and expand goods consumption. Efforts will also focus on creating an international consumption environment, enriching consumption scenarios, and hosting a series of "Shop in China" events.
Furthermore, promoting high-quality employment, formulating and implementing plans to increase urban and rural residents' incomes, and enhancing residents' consumption capacity are key priorities. Steady progress will be made in equalizing basic public services, improving systems for education, childcare, elderly care, and medical security to alleviate concerns that inhibit spending.
The NPC Standing Committee will oversee the construction of a unified national market and the comprehensive revitalization of rural areas. Legislation including social assistance laws, medical security laws, and childcare service laws will be formulated to channel more resources into areas concerning people's livelihoods.
Regarding the private sector, the NPC Standing Committee reviewed and passed the Private Economy Promotion Law in April 2025. Since May 2025, relevant national departments have advanced the establishment of supporting systems for the law, introducing over 150 related measures. A centralized review of normative documents affecting the private economy was conducted, leading to the revision or repeal of more than 1,400 documents.
These efforts have created a favorable environment for private economic development. Many private enterprises report that policies promoting investment and technological innovation have significantly enhanced their innovative capabilities. Financing support policies, such as loan interest discounts, have strengthened their market competitiveness. Special campaigns to standardize law enforcement involving enterprises have further optimized the business environment. The full implementation of the law is expected to bring broader prospects for the private economy.
A notable example is the humanoid robots produced by Chinese private enterprises, which gained significant popularity during the Spring Festival Gala for two consecutive years, with rising domestic and international orders. Last year was a pivotal year for the domestic humanoid robot industry, achieving breakthroughs in technology and real-world application. The continuous expansion of technological capabilities and application scenarios points to a future full of possibilities.
During the 15th Five-Year Plan period, China will strengthen original innovation and research in key core technologies, accelerate the deep integration of technological and industrial innovation, and achieve decisive breakthroughs in critical core technologies across key sectors through full-chain efforts. China is willing to work with all parties to foster an open, fair, equitable, and non-discriminatory environment for global technological development, ensuring that scientific and technological innovations benefit more countries and people.
Data shows that during the 14th Five-Year Plan period, China's share of global exports remained stable above 14%. The country led the world in goods trade for nine consecutive years and maintained a leading global position in service trade and two-way investment. Cumulative utilized foreign direct investment exceeded $700 billion, with high-tech industries attracting nearly one-third of total foreign investment in 2025.
Despite a global economic slowdown and rising unilateralism and protectionism, China's economy continues to advance under pressure, moving towards new and superior quality development. Strengths supporting this trend include the world's largest and most comprehensive manufacturing system, making China a critical link in global industrial and supply chains. The country boasts a massive consumer market, with the middle-income population potentially exceeding 800 million in the next decade, providing an ideal application scenario for the new technological revolution and industrial transformation. China also maintains a steadfast commitment to opening up, with a transparent, stable, and predictable policy environment.
China has been, is, and will continue to be an ideal, safe, and rewarding investment destination for foreign businesses. During the 15th Five-Year Plan period, China will continue to steadily expand institutional openness, uphold the multilateral trading system, broaden space for two-way investment cooperation, and pursue high-quality development of the Belt and Road Initiative. By working with all countries, China aims to enlarge the "pie" of development, sharing opportunities and creating a shared future.
The NPC Standing Committee will further improve a transparent legal system concerning foreign relations, foster a first-class business environment that is market-oriented, law-based, and internationalized, and continuously solidify the legal foundation for high-level opening up. As the 15th Five-Year Plan period begins, China is poised and ready for action.
Comments