Doha, April 25 (QNA) - Qatar National Bank (QNB) has stated that China's 15th Five-Year Plan (2026-2030) represents a pivotal strategic shift in the country's economic trajectory, with a central objective of doubling per capita GDP by 2035.
In its weekly report, QNB noted that achieving this target will depend primarily on sustained productivity gains, requiring meaningful progress in technological upgrading and digital transformation, alongside a transition toward a more consumption-driven economic model.
The report highlighted that the new plan reflects a significant evolution in China's development approach. Economic policy is no longer solely focused on GDP growth as the principal measure of national progress; instead, it incorporates broader strategic priorities, including technological self-sufficiency, enhanced national security, and the advancement of the industrial sector to higher positions within global value chains.
QNB further noted that the plan aligns with China's long-term goal of doubling per capita GDP by 2035 compared to 2020 levels, a target that implies maintaining average annual growth of approximately 4 percent as the economy transitions into a more mature phase.
According to the report, the plan is built around five interconnected priorities. These include the development of a modern industrial system through manufacturing upgrades and advanced technology innovation; strengthening domestic consumption as a key engine of growth; and accelerating the transition toward a green economy by reducing carbon emissions.
Additional priorities focus on reinforcing social policies -- such as employment, childcare support, education, and pension coverage -- to enhance productivity, as well as expanding openness to foreign investment in strategic sectors. At the same time, China aims to reduce reliance on the US dollar-based financial system by promoting the internationalization of the renminbi and developing an independent cross-border payment infrastructure.
QNB assessed that, taken together, these priorities represent a more balanced and self-reliant development model than any of China's previous five-year plans.
On the industrial front, the report emphasized that the strategy prioritizes strengthening the digital economy, with its contribution to GDP projected to reach approximately 12.5 percent by 2030. It also targets advancements in critical sectors, including semiconductors, biotechnology, quantum computing, advanced materials, aerospace, and sixth-generation (6G) technologies. In parallel, traditional industries will undergo modernization through automation and digitalization, reflecting a broader push toward a technologically integrated production model.
The bank underscored that a key pillar of the 15th Five-Year Plan is the elevation of household consumption as a primary driver of domestic demand. While investment, infrastructure, and exports remain fundamental components of China’s economic framework, the plan places greater emphasis on expanding the role of private consumption in supporting growth. This includes enhancing childcare support to ease financial pressures on young families, broadening pension coverage to encourage spending among older households, and improving labor market conditions to support income growth among the working-age population.
Regarding the green transition, the report noted that the plan sets clear targets, including a reduction in carbon intensity by approximately 17 percent by 2030 and an increase in the share of renewable energy to around 25 percent of total energy consumption. This reflects a shift from managing energy consumption toward directly controlling emissions.
The report also highlighted the establishment of a national fund to support the transition to a low-carbon economy. Structured as a government-led, market-driven vehicle, the fund is designed to mobilize both public and private capital toward decarbonization initiatives.
In conclusion, QNB emphasized that China views its leadership in green technology manufacturing -- from solar panels and wind turbines to electric vehicles and batteries -- not only as a climate achievement, but as a strategic industrial asset underpinning its future economic competitiveness. (QNA)