Olga Ponomareva, Expert at the Economic Policy Foundation, discussed proposals for the development of China's 15th five-year economic development program, formulated by the 4th Plenum of the Central Committee of the Communist Party of China. Taking into account the challenges that have intensified in China's economy in recent years, the expert analyzed the following proposals.
- The role of the market economy and the private sector. Priorities include the formation of a high-level socialist market economy, the deepening of reforms of state-owned enterprises and the optimization of state capital investments, the implementation of the Law on Stimulating the Development of the Non-State Sector of the Economy, which came into force in May 2025, as well as support for SMEs and entrepreneurship.
- Interaction between central and local authorities. The proposals are aimed at addressing the imbalance in local authorities' revenues and expenditures and the accumulation of high debt. This is to be achieved by strengthening the financial independence of the regions and expanding their tax powers, while strengthening control and supervision by the central authorities.
- Building a financial system with Chinese characteristics and becoming a “financial power.” The financial sector is seen as a field of geopolitical competition, which necessitates centralized party leadership in the development of the financial system. Among the specific tasks, the expert highlighted the development of “green” and digital financial instruments, the digital yuan, and the internationalization of the national currency.
- Demographic challenges of the “silver” economy. This set of proposals is devoted to solving demographic problems. It includes measures for reproductive insurance (maternity leave, benefits), measures to care for women in early pregnancy, a program to increase reproductive potential, as well as promoting professional longevity, developing services for the elderly, and insurance systems.
The 15th Five-Year Plan is expected to be presented and approved by the National People's Congress in March 2026. Olga Ponomareva noted the particular importance of this plan for Russia, since deepening economic cooperation with China as a major trading and strategic partner requires an understanding of the long-term development goals of the world's second largest economy.