The economic report card for China's 14th Five-Year Plan period (2021-2025) began with an unprecedented formulation—in the outline of the plan, the GDP growth target was set to "be kept within a reasonable range, with annual targets proposed as appropriate." This not only marked the first time in the history of five-year plans that a primarily qualitative and flexible target was used, but also signaled a profound shift in economic development philosophy: moving away from a singular focus on growth rate towards a systematic pursuit of growth quality, resilience, and sustainability.
Over the past five years, China's economy has navigated complex and severe external conditions, overcoming difficulties and advancing steadily to achieve remarkable accomplishments in terms of aggregate expansion, substantial incremental growth, and quality improvement. During the 14th Five-Year Plan period, China's total economic output successively surpassed the thresholds of 110 trillion, 120 trillion, 130 trillion, and 140 trillion yuan, with a cumulative increase of over 36 trillion yuan across the five years.
From 2020 to 2025, China's GDP grew from 103.5 trillion yuan to 140 trillion yuan, achieving an average annual real growth rate of 5.4%, significantly higher than the global average of approximately 3.9% during the same period. Per capita GDP rose from $10,632 in 2020 to $13,953 in 2025, remaining above $13,000 for three consecutive years and solidifying its position at the forefront of upper-middle-income countries.
As a core indicator for measuring a country's economic development level, the evolution in how the GDP target is set reflects an advancement in development thinking. The practice of proposing annual economic growth targets "as appropriate" within the "reasonable range" framework was vividly implemented during the 14th Five-Year Plan period, charting a growth curve that demonstrates the strong resilience of the Chinese economy.
These five years subjected China's economy to a stress test: it began with a robust recovery of 8.6% in 2021, showcasing immense domestic demand potential; growth slowed to 3.1% in 2022 under the impact of the pandemic and other unexpected factors, but decisive counter-cyclical macroeconomic policies effectively provided a floor, preventing a stall and validating the value of a baseline thinking in range management; subsequently, growth steadily returned and remained within the range of around 5% for the next three years. This fluctuating recovery curve precisely highlights the pragmatic spirit and efficacy of macro-control embedded in the "propose as appropriate" approach. This "range resilience" is a manifestation of the institutional advantages that enable the Chinese economy to navigate cycles and seek progress while maintaining stability.
Understanding the economic report card of the 14th Five-Year Plan period hinges on breaking away from the "GDP-only" mindset and grasping the historic adjustment in the relationship between "quality" and "quantity"—from "reasonable quantitative growth and steady qualitative improvement," to "steady qualitative improvement and reasonable quantitative growth," and further to the emphasis at the 20th National Congress of the Communist Party of China on "effective qualitative enhancement and reasonable quantitative growth." The evolution in phrasing signifies a fundamental shift in development priorities and evaluation criteria.
During the 14th Five-Year Plan period, China made breakthrough progress in qualitative transformation, efficiency transformation, and动力 transformation, with the characteristics of high-quality development becoming increasingly evident, and solid steps were taken in advancing Chinese modernization.
— Innovation momentum significantly strengthened. During the 14th Five-Year Plan period, national R&D expenditure grew at an average annual rate of 10%, with the share of basic research expenditure reaching a record high of 7.08% in 2025. The engine of economic growth is accelerating its shift towards innovation-driven development.
— Structural optimization advanced towards the mid-to-high end. In 2025, the value-added of the service sector increased by 5.4% year-on-year, contributing 61.4% to national economic growth. From 2021 to 2024, domestic demand contributed an average of 86.4% to economic growth. The role of domestic demand, particularly consumption, as a "ballast stone" has become increasingly solid.
— The底色 of green development became brighter. Green industries such as new energy vehicles experienced explosive growth, enhancing the synergy between economic growth and ecological protection.
— The sharing of outcomes became more inclusive. Per capita GDP steadily reached new levels, the middle-income group continued to expand, the social safety net was continuously strengthened, and the social foundation for development became more solid.
— China's development benefits the globe. During the 14th Five-Year Plan period, China's contribution to global economic growth remained around 30%, making it the most stable source of power for world economic growth.
This is a substantial report card—during the 14th Five-Year Plan period, China's economy achieved effective qualitative enhancement and reasonable quantitative growth.
From a series of hard power indicators such as "world's first" and "largest scale" to the soft power upgrade in development philosophy and调控 methods, China's economy demonstrated a relatively rapid improvement in comprehensive strength. This resilience in growth is rooted in the policy wisdom of "seeking truth from facts and keeping pace with the times," benefits from the institutional efficacy of "concentrating resources to accomplish major tasks," and also stems from the constructive spirit embedded in the Chinese national culture—akin to the "Foolish Old Man Removing the Mountains" or "Yu the Great Taming the Floods"—which faces challenges without fear and persists in pragmatic action.
True resilience always entails a sober awareness of potential risks. Currently, the Chinese economy still faces numerous structural challenges: the degree of dependence on foreign trade needs to find a dynamic balance amidst higher-level opening-up, key technologies in certain sectors urgently require achieving autonomy and controllability through the new nationwide system, and mechanisms for持续激活 domestic demand still rely on reforms in income distribution and the improvement of public services. These issues represent the "problem list" that must be precisely addressed and systematically overcome in the process of forging resilience.
We firmly believe that the development process itself is one of continuously confronting and resolving problems. It is precisely through the movement of one contradiction after another, through the negation of negation, that the resilience for high-quality development is forged.
Comments