Understand China | Agenda and goals of the 15th Five-Year Plan

The scientific formulation and continued implementation of five-year plans are a key means through which the Communist Party of China governs the country, and an important window for the international community to better understand China's path to modernization.

People's Daily Online has launched "Understand China," a new program that focuses on the 15th Five-Year Plan (2026-2030). The series examines China's development planning, opportunities, and governance approach, aiming to clarify misconceptions and enhance mutual understanding and recognition.

In this episode of "Understand China," Professor Gong Jiong from the University of International Business and Economics engages in a dialogue with John Quelch, executive vice chancellor of Duke Kunshan University and recipient of the 2012 Shanghai Magnolia Silver Award.

Together, they provide an in-depth analysis of China's development direction and major objectives for the next five years. Addressing external concerns about China's rapid development, both scholars explain China's strategy of focusing on managing its own affairs effectively while sharing development opportunities with countries around the world. They also highlight pathways for China and the United States to coexist and engage constructively.

"The planning process in China has always been extremely important as a component of the country's success," Quelch noted. He emphasized that the plans clearly communicate China's development agenda and objectives to the world, reflecting a high degree of transparency and openness in China's development path.

In response to international narratives suggesting that "China is turning inward," Gong remarked, "We are the world's largest exporter. How can the world's largest exporter not be open, right? We can't afford not to be open."

Quelch added that China's shift toward a domestic-demand-driven economic model does not represent a move from globalization to isolation. Rather, it is a "parallel strategy": while boosting consumption and expanding domestic demand, China continues to encourage outbound investment, support enterprises in "going global," and deepen international cooperation.

Gong further pointed out that whether China faces so-called "overcapacity" should ultimately be judged by the global market. Taking the automobile industry as an example, he argued that "Europe can't just fence off the market and fence off imports to protect the market."

Quelch stated: "Partnership is absolutely key to success. What may appear to be domestic overcapacity in EVs is actually appropriate capacity for the markets of the world. So in a way, Chinese 'overcapacity' is a gift to the world."

Addressing China-U.S. competition, Quelch stressed that "the United States needs to be more confident about being able to compete with China without having to throw up tariff-related barriers and export controls. But at the same time, China, given everything it's achieved, should be more confident about its ability to compete with the United States by opening up the domestic market further."

Gong concurred and called on both countries to strengthen dialogue, reduce cognitive biases, and jointly create more opportunities for global economic cooperation and development. "I hope this will be a fair, square and peaceful competition," he said.

Intern Ai Zixuan contributed to this story.