The report card of economy of China’s 14th Five-Year Plan

As China's 14th Five-Year Plan draws to a close, how exactly has the economy performed the past five years? 

In terms of the GDP, China's economy has achieved an average annual growth rate of 5.5 percent in the first four years.

The economy increased from 110 trillion yuan (in 2021), past 120 and 130 trillion, and is expected to hit around 140 trillion yuan ($19.66 trillion) this year. The economic expansion surpassed the entire GDP of Germany, the world's third-largest economy.

But this growth isn't just for China; it has been a major engine for the world, contributing about 30 percent annually to global economic growth, being the No 1 contributor globally.

So, what's the secret sauce? Innovation is without doubt one of the key ingredients! In 2024, research and development expenditure exceeded 3.6 trillion yuan, with the world's largest pool of researchers.

China's R&D intensity – expenditure as a percentage of the GDP and thus a key measure of innovation effort – reached 2.68 percent, surpassing the average level of European Union countries.

And the driving force? A vibrant market! Registered private enterprises  soared to over 58 million, up more than 40 percent from five years ago. For 15 years running, China has been the world's top manufacturer, leading in over 200 major industrial categories.

Guided by the Chinese philosophy of balance, this economic growth is thriving in green. In 2024, China's energy consumption per unit of GDP fell by 11.6 percent compared with 2020, making it one of the fastest-improving nations in energy efficiency. Today, one-third of the electricity generated is green power, supporting the world's largest clean power generation system.

Solid performance, shared global opportunities.