The proposal for the 15 th  Five-Year Plan (FYP), approved by the Central Committee of the Chinese Communist Party at its 4 th  plenum in late October 2025, is substantively similar to the proposal for the 14 th FYP. The most important message conveyed in this document is that the party will continue to pursue the security-centered development strategy unveiled in October 2020. Based on the more pessimistic assessments of China’s external environment, the proposal for the ne

The emergence of a prosperous, middle-income class is seen as important for China’s drive for sustained macroeconomic growth and the achievement of common prosperity. Using household survey data and defining “middle income” as being neither poor nor rich in the developed countries, we examine whether China’s middle-income class can fulfill these expectations. We find that China has successfully grown a prosperous middle-income class, and this class contributed to past macroec

The 21st National Congress of the Chinese Communist Party, which will convene in late 2027, will continue the Xi Jinping leadership as he enters his fourth term as supreme leader.   When Xi secured his third term as party leader at the 20th Party Congress in 2022, he effectively abolished the term limits that had been in place since the 1990s, so it is unrealistic to expect that he will not seek a fourth term at the forthcoming Party Congress. Regardless of widespread rumors