Han Wenxiu noted that looking back at the '14th Five-Year Plan' period, we have effectively addressed unprecedented shocks and challenges such as the century pandemic, decoupling and supply chain disruptions, and natural disasters. Our economic strength has significantly grown, with our total economic output successively surpassing the 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan thresholds, and is expected to reach approximately 140 trillion yuan this year.
According to CCTV News, today (December 13), at the 2025-2026 China Economic Annual Conference hosted by the China Center for International Economic Exchanges, Han Wenxiu, Deputy Director of the Central Financial Affairs Commission Office in charge of daily operations and Director of the Central Rural Affairs Office, stated that recently, international institutions such as the International Monetary Fund and Goldman Sachs have raised their forecasts for China’s economic growth for this year and next.
Han Wenxiu noted that looking back at the '14th Five-Year Plan' period, we have effectively addressed unprecedented shocks and challenges such as the century pandemic, decoupling and supply chain disruptions, and natural disasters. Our economic strength has significantly grown, with our total economic output successively surpassing the 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan thresholds, and is expected to reach approximately 140 trillion yuan this year.
Han Wenxiu also introduced that this Central Economic Work Conference summarized recent work practices and proposed a set of principles for conducting economic work under new circumstances, known as the 'Five Musts'.
First, we must fully tap into economic potential. A key characteristic of a large economy is its vast room for maneuver and internal circulation capabilities, enabling it to be self-reliant and self-sufficient. We need to further broaden our horizons, innovate our thinking, and strive to cultivate more new growth drivers in areas such as expanding consumption and investment, developing technology and industry, promoting urban-rural integration, and achieving balanced regional development, thereby creating new spaces for development.
Second, we must adhere to a dual approach of policy support and institutional reform. At present, cyclical, structural, and systemic issues in China's economic development are interwoven and compounded. There is no one-size-fits-all solution; comprehensive measures must be adopted. We must strengthen macroeconomic regulation to mitigate short-term economic fluctuations while seizing opportunities to comprehensively deepen reforms, drawing momentum and vitality from reforms, and steering the economy toward more endogenous growth.
Third, we must ensure both liberalization and effective regulation. The purpose of liberalization is to remove institutional and systemic barriers that hinder productivity growth, not to allow uncontrolled freedom or neglectful abandonment. The essence of regulation lies in building a socialist rule-of-law economy and a credit-based economy, standardizing market order, and appropriately handling the relationship between government and the market. This ensures the decisive role of the market in resource allocation while better leveraging the role of the government.
Fourth, we must closely integrate investment in physical assets with investment in human capital. The ultimate goal of economic development is to achieve the all-round development of individuals and enhance people’s well-being. We must expand effective investment in the real economy and technological innovation while strengthening human resource development, promoting the coordinated accumulation of physical and human capital, ensuring mutual empowerment and promotion between investment in physical assets and investment in human capital.
Fifth, we must meet external challenges by strengthening our internal capabilities. Facing shifting international dynamics and various risks and challenges, we must remain steadfast in addressing our own affairs, continuously strengthening, optimizing, and expanding the real economy, and comprehensively enhancing independent innovation capabilities. Only by bolstering our own strength can we seize the initiative and high ground in international competition and cooperation.
Editor/melody