Episode Details

The 20th Central Committee of the Communist Party of China will hold its fourth plenary session in October in Beijing, with a focus on deliberating the next five-year plan for the country's social and economic development.

The announcement came on Wednesday after a meeting of the Political Bureau of the CPC Central Committee, which was presided over by Xi Jinping, general secretary of the CPC Central Committee.

According to the main agenda of the upcoming session, the Political Bureau will report its work to the CPC Central Committee and study the proposals for formulating the 15th Five-Year Plan, China's strategic road map for national economic and social development between 2026 and 2030, according to a statement issued after Wednesday's meeting.

It was noted at the meeting that the next five years is a crucial period for consolidating the foundation and making comprehensive efforts to basically realize socialist modernization.

As China is facing profound and complex changes in its development environment, with strategic opportunities, risks and challenges coexisting and uncertainties and unforeseen factors growing, it is essential to maintain strategic focus, strengthen confidence in certain victory, actively adapt to the changes, secure strategic initiative in fierce international competitions, and make significant breakthroughs in the strategic task of promoting Chinese modernization, the statement said.

It is important to accelerate the building of a new development paradigm, consider both domestic and international situations in a coordinated way, and balance development and security, in order to promote the economy's effective upgrade in terms of quality and facilitate its appropriate growth in terms of quantity, the statement added.

The meeting's participants highlighted the need to promote the overall well-being of the people, make solid strides toward common prosperity for all, and ensure that decisive progress is made in realizing socialist modernization.

Five-year plans serve as comprehensive blueprints for China's economic and social advancement, outlining the goals, strategies and priorities across various sectors for each period.

Featuring continuity, forward-looking strategic planning and effective implementation, the five-year plans have been instrumental in pushing forward the country's development in all sectors over the past decades since the launch of the first Five-Year Plan (1953-57).

At the Political Bureau meeting on Wednesday, the current economic situation was analyzed and the arrangement for the economic work in the second half of the year was made.

The meeting's participants emphasized the need to give full play to macroeconomic policies, strive to expand domestic demand on all fronts, steadfastly deepen reform and opening-up, promote the deep integration of technological and industrial innovations, and make solid steps to ensure people's livelihoods.

In exercising monetary policy, they emphasized the need to maintain ample liquidity to help reduce overall social financing cost. It is necessary to effectively utilize various structural monetary policy tools to support technological innovation, boost consumption, assist small and micro-sized enterprises, and stabilize foreign trade, they said.

It was noted at the meeting that efforts should be made to stimulate the vitality of private capital and expand effective investment, address production capacity issues in key industries, and energize the vitality of various types of market entities.

While highlighting the need to stabilize the fundamentals of foreign trade and foreign investment, the meeting's participants called for assisting foreign trade enterprises facing significant shocks, optimizin