China is set to enter a defining phase in its long-term modernization journey as the 15th Five-Year Plan (2026-30) will serve as a crucial bridge leading the country's goal of achieving Chinese modernization.

The 20th Central Committee of the Communist Party of China convened its fourth plenary session in Beijing from Oct 20 to Oct 23. Participants at the session deliberated over and adopted the Recommendations of the CPC Central Committee for Formulating the 15th Five-Year Plan for Economic and Social Development, according to a communique of the session released on Thursday.

The 15th Five-Year Plan period will be critical as the country works to reinforce the foundations and push ahead on all fronts toward basically achieving socialist modernization by 2035, and it will thus serve as a key link between the past and the future, according to the communique.

The CPC Central Committee also set the major objectives for the 15th Five-Year Plan period, including significant advancements in high-quality development, substantial improvements in scientific and technological self-reliance and strength and fresh breakthroughs in further deepening reform comprehensively.

Compared with the 14th Five-Year Plan (2021-25) period, the international environment has undergone relatively significant changes, with challenges and unfavorable factors markedly increasing, experts said.

Domestically, the economy faces what experts describe as a convergence of short-term and structural pressures — from sluggish demand and weakening business confidence to lingering property and financial sector risks.

Zhang Jun, chief economist at China Galaxy Securities, said during the 15th Five-Year Plan period, the country must "anchor the 2035 goal" while providing "forward-looking guidance" based on the progress made during the 14th Five-Year Plan period and the evolving domestic and global landscape.

"Further emphasis will be placed on quantitative indicators related to new quality productive forces — such as research intensity, patents per capita, and the share of strategic emerging industries and digital economy in output," Zhang said.

Fostering new quality productive forces, notably technological innovation, digital transformation and emerging industries, will likely form the backbone of China's economic development during the 15th Five-Year Plan period.

"In the 15th Five-Year Plan period, China will enter a key stage of fully advancing the development of new quality productive forces," Zhang said. "We must place the development of these new forces in a more prominent strategic position."