China's economic strategy

Extracted Attributes

• Official Name

  Reform and Opening-up (Gaige Kaifang)

• Economic Model

  Socialist market economy

• Strategic Focus

  Technological self-reliance, domestic consumption, and high-quality growth

• Primary Architect

  Deng Xiaoping

• GDP (Nominal, 2024)

  $18.74 trillion

• Key Policy Framework

  Five-Year Plans (14th: 2021-2025; 15th: 2026-2030)

• Global Rank (GDP PPP)

  1st (since 2016)

• Global Rank (Nominal GDP)

  2nd (since 2010)

Timeline

• Launch of Reform and Opening-up at the 3rd plenary session of the 11th CCP Central Committee. (Source: Wikipedia)

  1978-12-18

• Deng Xiaoping launches the Four Modernizations to modernize the economy. (Source: Wikipedia)

  1979-01-01

• Establishment of the Shanghai Stock Exchange and Shenzhen Stock Exchange. (Source: Wikipedia)

  1990-11-26

• China joins the Asia-Pacific Economic Cooperation (APEC). (Source: Wikipedia)

  1991-11-01

• Deng Xiaoping's southern tour revives economic reforms after a period of stagnation. (Source: Wikipedia)

  1992-01-18

• China officially joins the World Trade Organization (WTO). (Source: Wikipedia)

  2001-12-11

• China surpasses Japan to become the world's second-largest economy by nominal GDP. (Source: Wikipedia)

  2010-01-01

• China overtakes the United States as the world's largest economy by GDP (PPP). (Source: Wikipedia)

  2016-01-01

• Implementation of the 14th Five-Year Plan focusing on consumption-driven growth. (Source: Web Search (Wikipedia))

  2021-01-01

• Anticipated start of the 15th Five-Year Plan focusing on high-quality growth and innovation. (Source: Web Search (China Briefing))

  2026-01-01

Reform and opening up

Reform and opening-up (Chinese: 改革开放; pinyin: Gǎigé kāifàng), also known as the Chinese economic reform or Chinese economic miracle, refers to a variety of economic reforms in the People's Republic of China (PRC) that began in the late 20th century, after Mao Zedong's death in 1976. Guided by Deng Xiaoping, who is often credited as the "General Architect", the reforms were launched by the ruling Chinese Communist Party (CCP) on December 18, 1978 at the third plenary session of the 11th CCP Central Committee, during the Boluan Fanzheng period. In 1979, Deng launched the Four Modernizations, aiming to modernize China's economy. A parallel set of political reforms were launched by Deng and his allies in the 1980s, but ended with the 1989 Tiananmen Square protests and massacre, halting further political liberalization. The economic reforms were revived after Deng Xiaoping's southern tour in 1992. Reform and opening up gradually became the main component of socialism with Chinese characteristics, constituting Deng Xiaoping Theory, and was incorporated into the CCP Constitution in 1997 and written into the Constitution of China in 1999. Reform and opening up is a major decision and turning point in the history of the People's Republic of China. It began after the Cultural Revolution, and changed the planned economic model of China to what is officially termed as a socialist market economy. The reforms de-collectivized agriculture, abolished the people's communes, relaxed price controls, allowed foreign direct investment into China, and led to the creation of special economic zones, most prominently the Shenzhen Special Economic Zone and the Shanghai Pudong New Area. Private enterprises were allowed to grow, while many state-owned enterprises were scaled down or privatized. Shanghai Stock Exchange and the Shenzhen Stock Exchange were established in 1990, allowing a capital market system, while China joined the Asia-Pacific Economic Cooperation in 1991 and the World Trade Organization in 2001. The reforms led to significant economic growth for China within the successive decades; this phenomenon has since been seen as an "economic miracle". The reforms turned China from one of the poorest countries in the world to an upper-middle income country, while significantly reducing poverty and increasing wealth; between 1978 and 2018, China reduced extreme poverty by 800 million. The economic growth resulting from the reforms also significantly increased China's global political and economic power, while establishing the country as the world's leading manufacturing power. China's economy has grown from $150 billion in 1978 to $18.74 trillion by 2024. In 2010, China overtook Japan as the world's second-largest economy by nominal GDP, before overtaking the United States in 2016 as the world's largest economy by GDP (PPP).

Web Search Results

• China's 15th Five-Year Plan Recommendations - Key Takeaways

  ## Listen to article summary The 15th Five-Year Plan recommendations outline China’s strategy for high-quality, innovation-driven growth, focusing on industrial upgrading, technological self-reliance, increased domestic demand, and expanded openness, among other policy priorities. For foreign businesses, they signal both new opportunities in advanced industries and heightened competition for the period from 2026 to 2030, as China’s domestic firms move up the value chain. [...] Revitalizing domestic consumption has become a top economic priority for China as the country grapples with sluggish household spending in the wake of the pandemic. A prolonged property market downturn, where much of household wealth is concentrated, has dampened consumer confidence and constrained disposable income. Against this backdrop, the recommendations call for China to “vigorously boost consumption,” “expand effective investment,” and “eliminate bottlenecks hindering the development of a unified national market”. These proposals align with China’s broader strategy to strengthen domestic demand as a central driver of growth and resilience within the “dual circulation” framework, in which the domestic economy serves as the mainstay of growth while the country remains open to global [...] Key proposals include expanding autonomous openness by aligning with high-standard international trade rules, improving service-sector market access, and accelerating regional and bilateral trade and investment agreements. Initiatives such as enhancing free trade zones, building the Hainan Free Trade Port, and integrating technology, service trade, and industrial development platforms are central to this effort. China also aims to promote the internationalization of the renminbi and participate in global economic governance reforms to foster a fair, inclusive, and cooperative international economic order.

• Economy of China - Wikipedia

  China engages in state-led investment and industrial policy with a significant state-owned enterprise sector.( 11 The Chinese Communist Party (CCP) describes China's economic system as the socialist market economy. To guide economic development, the Chinese central government adopts five-year plans that detail its economic priorities and essential policies. The fourteenth five-year plan (2021–2025) is currently being implemented, placing an emphasis on consumption-driven growth and technological self-sufficiency while China transitions from being an upper middle-income economy to a high-income economy.( [...] The People's Republic of China (PRC) has a developingmixedsocialist market economy, incorporating industrial policies and strategic five-year plans.( China has the world's second-largest economy by nominal GDP "List of countries by GDP (nominal)") and since 2016 has been the world's largest economy#IMF_estimates_between_2010_and_2019 "List of countries by past and projected GDP (PPP)") when measured by purchasing power parity (PPP).( 2]]( China accounted for 19% of the global economy in 2022 in PPP terms,( and around 18% in nominal terms in 2022.( The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector which contribute approximately 60% of the GDP, 80% of urban employment and 90% of new jobs.

• China's 2026 economic agenda to kick off 15th Five-Year Plan with ...

  Su said the reiteration of the phrase in the tone-setting economic work conference signals that China is framing the struggles in the international economic and trade arena as a comprehensive effort encompassing technological self-reliance, supply chain security, and a greater voice in setting international trade rules. As a major trading partner to more than 150 countries and regions, China aims to counter unilateralism and protectionism by expanding its open economy and diversifying export markets, leveraging its economic stability to garner broader international support. [...] NAVIGATING EXTERNAL HEADWINDS In mapping out the economic blueprint for next year, policymakers emphasized the need to "better coordinate domestic economic work with struggles in the international economic and trade arena." Analysts say the emphasis indicates that the world's second-largest economy is bracing for sustained external pressures. The phrase was first highlighted by China's top leadership in April amid escalating global trade uncertainties, noted Su Li, a researcher at the National Academy of Development and Strategy at Renmin University of China. [...] China's 2026 economic agenda to kick off 15th Five-Year Plan with high-quality growth | english.scio.gov.cn nav_mb Image 1 Search Home Top News Press Room SCIO News White Papers China Voices In-Depth Belt and Road International Exchanges Videos Featured About SCIO 中文 ; "分享到Facebook"); "分享到Twitter") Image 2Image 3 Image 4 A stacker crane (C) places goods at an automated high-bay warehouse of the Maersk Lin-gang Flagship Logistics Center in east China's Shanghai, on Nov. 26, 2025. (Xinhua/Fang Zhe) Chinese leaders set priorities for economic work in 2026 at a key meeting that concluded Thursday, signaling the country's firm determination to navigate uncertainties with high-quality development.

• Insights from China's Five-Year Plan - Zhu Zhongbo

  Recommendations for the 15th Five-Year Plan also provide an outline the strategic focus and direction for China’s national development over the next five years. They emphasize the need to “focus on managing our own affairs well,” to sustain the “two great miracles” of rapid economic development and long-term social stability and to open up new horizons for Chinese modernization. This means that China will pursue development at its own cadence, focusing on doing its own things well and striving to become both better and stronger. It will not waste energy engaging in power competition with other countries or try to challenge or unseat anyone. Currently, China’s economic strength, technological capabilities and overall national power underpin its ability to overcome external interference, [...] At the same time, these strategic opportunities are endogenous, diverse, stable and sustainable. They are grounded in China’s strong internal advantages. The country’s economy is stable, resilient, promising and loaded with strengths. The long-term positive trend will continue. Its four major strengths—its socialist system with Chinese characteristics, its mega consumer market, its sophisticated industrial system and its massive talent pool—are the key drivers of development. These strengths will continue to expand in both breadth and depth over the next five years. [...] The 15th Five-Year Plan period is crucial for China as it solidifies its foundation and intensifies efforts to achieve basic socialist modernization. During this time, China will prioritize economic development, focusing on high-quality growth and using reform and innovation as key growth drivers. The goals include enhancing the quality and aggregate output of the economy, making significant progress in technological self-sufficiency and achieving major breakthroughs in high-quality production. Additionally, China aims to advance social civilization, improve people’s quality of life and build a beautiful and peaceful China.

• China's Economy: Rightsizing 2025, Looking Ahead to 2026

  After pivoting to prioritize household income and consumption in late 2024, Beijing stepped up its policy rhetoric in the fourth quarter of 2025, signaling that it would restore consumer and business expansion in 2026. The December 15 edition of the Communist Party’s theoretical journal _Qiushi_ led with a ten-year compilation of commentaries by Xi Jinping, entitled “Expanding Domestic Demand is a Strategic Move.” One day earlier, Xi was quoted on the front page of _People’s Daily_ calling on local cadres to stop inflating economic growth for the sake of self-serving political promotion. The National Development and Reform Commission and _Qiushi_ editorial board have followed with their own commentaries making the strategic case for promoting consumption as the key pillar of domestic [...] Counting national GDP is part art and part science, even in the most advanced economies. The miscalculation for China’s economy has been persistent for too long though, and always in the same direction of overstatement. This has obscured global imbalances that threaten systemic risks, as countries are compelled to deal with China’s vast overcapacity. After years of turning a blind eye to this, the IMF is finally pointing it out. France and other G7 nations beyond just the US are tagging these imbalances as strategic concerns. And while President Trump’s plan to chart a constructive course with Beijing in 2026 appears benevolent at first blush, it risks a dangerous collision if it is based on a faulty map of China’s economic directions. Share ShareXLinkedInBlueskyEmail