The crucial Central Economic Work Conference, considered the main compass of Chinese economic policy, took place in Beijing. China's top leaders set the tone for economic work for 2026, the first year of the 15th Five-Year Plan. Xi Jinping delivered a keynote speech in which he assessed the results of 2025, identified new challenges and presented priorities for the coming period.
The main message of the conference is an emphasis on moving forward while maintaining stability and improving the quality and efficiency of growth. The Chinese leadership has defined eight key tasks, including strengthening domestic demand, supporting innovation, deepening reforms and opening up to the world, developing a low-carbon economy, and improving the living standards of the population. According to the conclusions of the meeting, China is entering 2026 with a clear strategy, confidence and ambition to bring stability not only to itself but also to the global economy.
Domestic demand, which has been identified as the main driver of economic growth, is set to play a key role. Politicians are planning specific measures to boost consumption, optimise policies aimed at modernising equipment and replacing consumer goods, and remove unjustified restrictions on the consumption of services. The aim is to fully unlock the potential of the domestic market.
Data shows that the consumer market remained resilient in 2025. In the first three quarters, final consumption contributed 53.5 per cent to GDP growth, an increase of nine percentage points over the previous year. Retail sales from January to October exceeded 40 trillion yuan, up 4.3 per cent year-on-year.
According to Kristalina Georgieva, Managing Director of the International Monetary Fund, who commented on the situation in an interview with CGTN, domestic consumption plays a key role in the resilience of the Chinese economy. She also praised China's open and responsible approach, which supports stability and confidence in long-term growth.
Innovation remains another pillar of the strategy. China plans to build international innovation centres in the Beijing-Tianjin-Hebei, Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area regions. Emphasis will be placed on business-led innovation, intellectual property protection, service development and the responsible use of artificial intelligence.
According to the Global Innovation Index 2025, China has entered the top ten most innovative economies in the world for the first time and remains the highest-ranked country among upper-middle-income countries. The Shenzhen-Hong Kong-Guangzhou innovation cluster even ranked first in the world. The share of advanced technologies, including AI, in GDP is expected to grow to nearly 19 per cent by 2026.
The conference also confirmed that openness remains one of China's main strategic advantages. The country plans to further liberalise services, develop free trade zones and accelerate the construction of the Hainan Free Trade Port. Despite global uncertainties, foreign trade remains stable, with imports and exports reaching 41.21 trillion yuan from January to November.
According to international surveys conducted by CGTN, most respondents believe that China's further opening up and support for domestic consumption will bring new opportunities to the global economy. China is thus making it clear that in 2026 it wants to be not only the engine of its own growth, but also a stabilising factor in the global economy.
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