China's 15th Five-Year Plan Indicates Major Economic Shift
Qatar National Bank (QNB) identifies China's 15th Five-Year Plan (2026-2030) as a critical shift towards a consumption-driven economy, aiming to double per capita GDP by 2035. The strategy emphasizes technological advancement, green economy transitions, and increased domestic consumption.
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QNB's report indicates that China's 15th Five-Year Plan aims to double per capita GDP by 2035, necessitating an average annual growth of around 4 percent. The plan is structured around five priorities: modernizing the industrial system, boosting domestic consumption, transitioning to a green economy, enhancing social policies, and increasing openness to foreign investment.
Key targets include reducing carbon intensity by 17 percent by 2030 and raising renewable energy's share to 25%. The strategy also aims to elevate the digital economy's contribution to GDP to 12.5% by 2030 while modernizing traditional industries through automation.
China's focus on household consumption is set to support growth, alongside efforts to reduce reliance on the US dollar. Overall, this plan marks a more balanced development model for China.
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