As the Chinese mainland charts its next five-year journey, one message is clear: it's time to bet on its own people. The Communist Party of China's newly released policy blueprint for the 15th Five-Year Plan (2026-2030) sets "expanding domestic demand" and "investing in people" as its strategic pillars, signaling a shift from export-led, investment-heavy growth.
For the past four decades, the Chinese mainland's economic rise rode on a simple formula: build fast, produce cheap and sell globally. While that approach transformed the mainland into a manufacturing powerhouse, it also exposed the economy to global demand swings and deepened internal imbalances—from regional income gaps to an overreliance on infrastructure and real estate.
Turning domestic demand into a growth engine
The new blueprint casts a strong domestic market as the backbone of modernization. By boosting household consumption and upgrading the service sector, policymakers hope to unlock fresh sources of resilience. Key measures include enhanced education, expanded healthcare, improved childcare and strengthened eldercare—investments designed to cultivate talent and fuel new industries, from e-learning and telemedicine to cultural and lifestyle services.
Challenges on the path to people-centered growth
Achieving this vision won't be easy. Experts highlight the need for deep reforms—stronger social safety nets, more equitable tax policies and flexible labor regulations. Just as important is fostering a mindset that values quality of life and innovation as much as production targets.
As the Chinese mainland translates the blueprint into concrete policy, global observers and local entrepreneurs alike will be watching. If successful, this people-centered approach could redefine growth for economies worldwide, showing how domestic demand and human capital can drive sustainable progress.
Reference(s):
cgtn.com
