China Achieves 5.5% Average Economic Growth in First Four Years of 14th Five-Year Plan, Total Output Expected to Exceed 35 Trillion Yuan

At a press conference held on July 9 to inaugurate the “High-Quality Completion of the 14th Five-Year Plan” series, Zheng Shanjie, Director of the National Development and Reform Commission, shared China’s economic performance over the first four years of the planning cycle. He reported an average annual growth rate of 5.5%, highlighting its resilience against challenges such as the COVID-19 pandemic and global trade friction, especially given the scale and maturity of China’s economy.

Zheng projected that total economic output during the five-year plan would increase by over 35 trillion yuan. This figure is comparable to the combined 2024 GDP of Guangdong, Jiangsu, and Shandong—China’s top three provincial economies—or the entire output of the Yangtze River Delta. It also exceeds the GDP of the world's third-largest economy. Over this period, China's annual contribution to global growth has remained close to 30%.

He affirmed that several core targets—economic expansion, labor productivity, and aggregate R&D investment—are tracking in line with expectations. Indicators like urban population growth, life expectancy, and aggregate capacity in both grain and energy production have surpassed forecast benchmarks. The strategic components of the plan have seen full-scale implementation, with 102 significant initiatives progressing steadily and yielding transformative outcomes.

In 2024, China’s investment in research and development reached a peak, with total national R&D spending growing nearly 50% from the levels at the close of the 13th Five-Year Plan—an increase of 1.2 trillion yuan. R&D intensity climbed to 2.68%, approaching the average among OECD nations.

In closing, Zheng described China as a consistent, credible, and forward-moving participant in global development. He highlighted key technological advancements made since the plan began, such as the debut of the Fujian—China’s first domestically constructed aircraft carrier featuring an electromagnetic launch system; the launch and operation of the large-scale homegrown cruise ship “Adora Magic City”; and China’s emergence as a leader in the production of large LNG vessels—signaling major progress in its shipbuilding capabilities