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Becoming 'a market for the world'

By Charles Onunaiju | China Daily | Updated: 2026-03-17 07:23
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LI MIN/CHINA DAILY

This year, 2026, is significant not just for China but the world as a whole as it is the first year of the 15th Five-Year Plan (2026-30) for economic and social development.

The economic roadmap for this year and beyond lays emphasis on China expanding domestic demand, boosting consumption, increasing effective investment and pursuing high-standard opening-up for win-win cooperation.

China will continue to play a pivotal role in global economic recovery, by opening-up further and creating an efficient policy environment that can expand the playing field and provide new opportunities in vital sectors. At the Central Economic Work Conference, held in Beijing from Dec 10-11, China's top leadership addressed, among other things, "old problems and new challenges", including "risks and hidden dangers" in key sectors, with greater consensus on implementing "more proactive and impactful macroeconomic policies" and a focus on continuously expanding domestic demand and optimizing supply.

The outline of the 15th Five-Year Plan (2026-30), approved at the 2026 two sessions, emphasizes boosting domestic demand as the main driver of growth, a key step toward building a robust domestic market. For this it will implement a broad range of supply — and demand-side initiatives. The country will implement special campaigns to boost consumption, while seeking to increase the income of urban and rural residents. On the supply side, China will expand the provision of high-quality goods and services tailored to the diverse needs of different consumer groups, in order to promote faster growth in the consumption of goods and services across society.

It will keep expanding domestic demand as a strategic priority, closely linking efforts to improve people's wellbeing with measures to boost consumption, while coordinating investment in physical assets with investment in people.

A critical priority would be to emphasize innovation-driven development and foster new growth drivers, which means China will prioritize investment in high-end technology and emerging industries. New quality productive forces have been identified as the core thrust needed for the overall high-quality economic transition and development of China, with the outline of the 15th Five-Year Plan clarifying the development path of integrating scientific and technological innovation, industrial innovation and digital transformation. Its driving role in technological transformation and industrial upgrading is also a domestic buffer against some Western countries' politically motivated "decoupling" and other market-restrictive behaviours.

A key characteristic of China's economic transformation that would be in full display during the 15th Five-Year Plan is the effort toward removal of local barriers, prohibitions, protectionist policies and standardization of regulations across the country to facilitate inter-regional trade and investment, with the overall view to build a unified national market, a major initiative that has been in the works since 2021.

Further opening-up of the market would be encouraged. The measures systematically addressed in the outline of the 15th Five-Year Plan demonstrate China's resolve to go beyond the traditional tag of being the "world's factory" to becoming a "market for the world". China's dedication to high-quality development is not mere rhetoric, but part of a focused trajectory to generate fresh aggregate values with concrete outcomes in output and composite growth in productivity. The depth of economic thinking in China, around enhanced high-quality growth in critical economic drivers, is in keeping with the Communist Party of China's vision for the country.

The theoretical system of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, which has rigorously fostered scientific mechanisms to address existential contradictions of the emerging era, has made clear with profound insight the current opportunities, challenges and risks.

The clarity of the process and its prospective outcomes are clearly integrated in the road map for the formulation and implementation of the 15th Five-Year Plan. Enough care is taken to build critical guardrails against unforeseen circumstances, while the necessary political integrity and consensus are forged and mobilized as critical enablers for competent and efficient implementation of the plans. Thanks to high-quality development trajectories, the single largest unified national market in the world can play a major role in driving growth and boosting comprehensive consumption, resulting in innovative productivity.

African countries, whose economies are transitioning to a more diversified economic structure, are earnestly probing the dynamism of China's market. Already, China, through the framework of the FOCAC mechanism and the Belt and Road Initiative, has offered the largest foreign market with zero-tariff treatment to all the 53 African countries that have diplomatic relations with China. Access to the Chinese market comes at a time when Africa is pivoting toward trade and investment as better guarantees for sustainable development.

Africa stands at the cusp of qualitative transformation, working with China and exploring the historic opportunity of access to China's market, which is further complemented by the political will to forge practical South-South cooperation. As 2026 coincides with the 25th anniversary of China's accession to the World Trade Organization, China's Vice-Minister of Commerce Yan Dong said, at a news conference, that China will take part in the WTO's work with a more proactive and open approach and support the formulation of up-to-date rules concerning industrial policies, environment and AI that will be able to better respond to the needs of industries and our times.

The 15th Five-Year Plan might be a national economic blueprint for China, but, in essence, content and ambition, it is a global manifesto for inclusive growth, market opportunities and high-quality development for universal win-win outcomes.

The author is the director of the Center for China Studies in Abuja, Nigeria.

The views don't necessarily reflect those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

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