The Diplomat
Last Thursday, the Embassy of the People’s Republic of China in Madrid hosted a meeting to present the main points of the 15th Five-Year Plan (2026-2030), the new strategic framework that will guide the country’s economic development in the coming years.
The event was chaired by the Chinese Ambassador to Spain, Yao Jing, who outlined the priorities of the new plan to representatives from the institutional, academic, and diplomatic sectors. Among those in attendance were the former Spanish Minister of Foreign Affairs, Ana Palacio, as well as the Vice President of the China Chair Foundation, Marta Montoro, and experts in international relations.
During the meeting, the main pillars of the plan, previously presented by Premier Li Qiang to the National People’s Congress in Beijing, were analyzed. The plan places technological innovation, boosting domestic consumption, and developing new strategic industries at the heart of China’s economic policy.
Stable growth and economic transformation
The Chinese government report sets an economic growth target of between 4.5% and 5% for 2026, at the start of the new five-year planning cycle. Beijing seeks to maintain macroeconomic stability while promoting structural reforms aimed at modernizing its economy and strengthening its global competitiveness.
According to the document, the Chinese economy grew by 5% in 2025, reaching a GDP of €18 trillion and generating 12.67 million new urban jobs. The government presents these figures as proof of the country’s resilience in the face of an international environment marked by trade tensions, protectionism, and a global economic slowdown.
One of the pillars of the new plan is the promotion of scientific and technological innovation, with investments in sectors considered strategic, such as artificial intelligence, semiconductors, biomedicine, quantum computing, and the aerospace industry. With this, China seeks to strengthen its technological autonomy and consolidate a modern industrial system based on advanced industries.
On the macroeconomic front, the government is proposing a more expansionary fiscal policy, with a deficit close to 4% of GDP, as well as the issuance of special bonds earmarked for infrastructure, innovation, and stimulating domestic consumption. Monetary policy will remain flexible to guarantee liquidity and facilitate access to financing for priority companies and sectors.
A more active diplomacy on the international stage
The new economic cycle coincides with a more active diplomatic strategy on the part of Beijing. During a press conference held on March 8th on the sidelines of the National People’s Congress, Chinese Foreign Minister Wang Yi emphasized that China aspires to play a stabilizing role in an international system marked by increasing geopolitical tensions.
The Chinese foreign minister championed multilateralism, respect for international law, and international cooperation as pillars for addressing global challenges, in line with President Xi Jinping’s vision of building a “community with a shared future for mankind.”
Regarding Europe, Wang Yi emphasized that the continent is a key player in a multipolar world and an important partner for China’s modernization, underscoring the potential for economic cooperation between the two sides.
Domestic challenges and global ambition
The Chinese government acknowledges, however, several domestic challenges, including weak domestic demand, risks in the real estate sector, tensions in local finance, and the impact of an increasingly competitive geopolitical environment.
Despite these challenges, Beijing maintains that the structural advantages of its economy, such as its large domestic market, industrial base, and growing technological capabilities, will allow it to sustain growth and progress toward the goal of becoming a high-income economy in the coming decades. Against an increasingly fragmented international landscape, the new five-year plan confirms China’s intention to strengthen its technological autonomy, maintain stable growth, and consolidate its role as a central player in the global economy and governance.
