【招银国际】China targets tech self-reliance and economic Five-Year Plantransition in the 15th Five-Year Plan-251024（7页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 24 Oct 2025 CMB International Global Markets|Macro Research|Economic Perspectives China Policy Economic Perspectives-China targets tech self-reliance and economic tra

2、nsition in the 15th China targets tech self-reliance and economic transition in the 15th Five-Year Plan Chinas 15th Five-Year Plan(2026-2030)reaffirms high-quality development as the cornerstone of economic strategy,prioritizing technological self-reliance,social livelihoods,ecological sustainabilit

3、y and national security over rigid GDP targets.The plan targets continued tech breakthroughs in six strategic enginesAI,semiconductors,advanced robotics&brain-computer interfaces,green energy&fusion,space economy and industrial software.The plan signals an economic pivot toward consumption-led growt

4、h,shifting fiscal support from“investment in projects”to investment in people.This is favourable to staples and social services like healthcare,elderly care and childcare,with enhanced safety nets,urbanization incentives,and pension reforms.But it is negative for construction materials and base meta

5、ls.China will continue to diversify foreign trades and investment partnerships to improve the export resilience.High-quality development as the key target.China continues to put high-quality development as the key target in the 15th Five-Year Plan(FYP)while the GDP growth target remains vague and fl

6、exible.High-quality development includes tech self-reliance,social civilisation,peoples livelihoods,ecological environment and national security.While keeping GDP growth within a reasonable range is important,the policymakers consider tech innovation,social development and national security as the p