China projects $5.5trn growth, 10m jobs annually in new 5-year plan

Zheng Shanjie, Chairman of the National Development and Reform Commission, disclosed this while briefing journalists in Beijing on the margins of the National People’s Congress of China session.

The briefing featured Lan Fo’an, Finance Minister; Wang Wentao, Commerce Minister; Pan Gongsheng, governor, People’s Bank; and Wu Qing, chairman, Securities Regulatory Commission.

Zheng said China’s economy would sustain strong momentum, projecting major expansion in both traditional and emerging industries.

“China’s GDP is expected to exceed six trillion yuan, about 830 billion dollars, this year.

“This will provide strong support for employment stability, improved living standards, and mitigation of economic risks,” Zheng said.

He identified six emerging pillar industries driving future growth: intelligent robotics, integrated circuits, aerospace, biomedicine, the low-altitude economy and new energy storage.

Zheng said output from these sectors could exceed 10 trillion yuan, about 1.38 trillion dollars, by 2030.

“Such industries are expected to double in size this decade, driving innovation and sustainable development,” he said.

He added that the plan would strengthen elderly care, expanding community service coverage to more than 70 per cent nationwide.

“About 2,000 public pension institutions will be renovated, while specialised care beds will rise to over 73 per cent,” Zheng said.

He said community services, including meal delivery, medical assistance and emergency response, would be expanded for elderly residents living at home.

Meanwhile, Pan Gongsheng said foreign holdings of China’s domestic financial assets exceeded 10 trillion yuan by the end of 2025.

He said the Chinese yuan had become the leading currency for settling China’s balance of payments.

Pan added that the yuan ranked second globally for trade financing and third among currencies used in international payments. (NAN)