Projected Growth of China's Economy from 2021 to 2025 Expected to Surpass 35 Trillion Yuan, According to an Official Statement
China Celebrates Remarkable Achievements in Social and Economic Development during 14th Five-Year Plan Period
In a significant press conference held in Beijing, China, on July 9, 2025, Zheng Shanjie, head of the National Development and Reform Commission, discussed the progress made in achieving targets for the 14th Five-Year Plan period (2021-2025). The event, organised by the State Council Information Office, was covered by the Xinhua news agency and attended by journalists from the agency.
During the press conference, Zheng Shanjie highlighted various achievements in social and economic development during the 14th Five-Year Plan period. The economic resilience and growth were notable, with the economy growing at an average annual rate of 5.5% from 2021 to 2024. This growth contributed roughly 30% of global economic expansion annually, marking China as a stable and dynamic force in global development despite challenges like the pandemic and external trade pressures.
The economy's total increment during the five years is projected to exceed 35 trillion yuan (about 4.89 trillion U.S. dollars). In terms of employment, more than 12 million new urban jobs were created each year, reflecting stable employment and tangible improvements in livelihoods for the large population.
Another significant achievement was the shift towards consumption-led growth. On average, domestic demand accounted for 86.4% of GDP growth, with final consumption contributing 56.2%, an increase of 8.6 percentage points compared to the previous plan period. This shift indicates a focus on boosting domestic consumption to drive economic growth.
China also made strides in its green transition and energy efficiency. Energy consumption per unit of GDP fell by 11.6%, leading to a reduction in carbon emissions of about 1.1 billion tonnes. This reduction is nearly half of the European Union's total emissions, underscoring China's steps towards sustainable development.
Innovation capacity was another area of focus, with research and development spending increasing by nearly 50% from 2020 to 2024. This increase demonstrates enhanced innovation capabilities vital for future economic strength.
China also deepened its integration into the global economy by expanding trade, boosting domestic consumption, and promoting high-quality investment. These actions reinforce its role as an attractive destination for foreign investors with consistent policies on market access and openness.
Zheng Shanjie concluded by emphasizing that these achievements collectively reflect significant pioneering progress, transformative breakthroughs, and historic milestones in China's social and economic development during the 14th Five-Year Plan period. The press conference concluded with a question and answer session between Zheng Shanjie and media representatives.
The shift towards consumption-led growth and the increase in research and development spending have significantly bolstered China's finance and business sectors during the 14th Five-Year Plan period. With the economy growing at an average annual rate of 5.5%, China has contributed approximately 30% of annual global economic expansion, showcasing its economic resilience and stability in the face of challenges such as the pandemic and external trade pressures.
