Zheng Shajie, director of China’s National Development and Reform Commission, emphasized that the proposal places the construction of a modern industrial system as a strategic priority, with an emphasis on consolidating traditional industries that account for nearly 80 percent of the country’s manufacturing value added.

Upgrading sectors such as chemicals, machinery, and shipbuilding could generate an additional market space of approximately 10 trillion yuan (US$1.37 trillion) in five years, according to preliminary estimates.

He also noted that the growth of emerging industries such as renewable energy, aerospace, and the low-altitude economy will be promoted, as well as future technologies such as quantum computing, biomanufacturing, and nuclear fusion.

Zheng emphasized that by 2024, the so-called “three new” economies already accounted for more than 18 percent of China’s GDP, and their expansion over the next decade would be equivalent to building a new high-tech industry in the country.

In the domestic market, the proposal aims to expand demand through consumption, investment in social welfare, and strategic projects, while maintaining reasonable growth in fixed investment, which currently exceeds 50 trillion yuan (US$6.85 trillion) annually.

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