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Key Points:
- With the recognition that China will face a more complex and challenging external environment, and a new round of industrial revolution driven by artificial intelligence technology, the 15th Five-Year Plan puts high priorities on high-quality development, technological self-reliance and new quality productivity, emphasizes on building a modern industrial system, strengthening domestic real economy and a strong domestic market, among many other targets. We highlight 9 key signals sent out by the Communique released by the Fourth Plenary session
- The executions of China’s long-term strategies often have met those pre-set targets, and this is likely true for the 14th Five-Year Plan and the Made in China 2025
- About near-term policies, the Fourth Plenum analysed current economic condition and emphasized to resolutely achieve the annual economic and social development goals. As China is likely to achieve the 5% annual growth target for 2025, as long as a minimum 4.4%yoy GDP growth can be delivered for Q4, we expect only incremental policy support (link)