Strengthen, improve, and expand the real economy.

Xijinping

一

Revitalizing the real economy is the primary task of supply-side structural reform, which must focus its efforts and resources on revitalizing the real economy.

No matter how far economic development progresses, the real economy remains the foundation for China's economic growth and its ability to gain a competitive edge in international economic competition.

China's economy was built on the real economy and will continue to rely on it for its future development.

We cannot replicate the approach of certain countries that heavily rely on the virtual economy, and engaging in such practices carries significant inherent risks.

China has a population of over 1.3 billion. The basic needs of its people—including clothing, food, housing, transportation, and daily necessities—as well as the material and technological foundations for socioeconomic development, cannot be achieved without the real economy. No other country in the world possesses this capability to meet these requirements for us.

We must keep this firmly in mind: under no circumstances should we neglect or weaken the real economy, which is vital to national security, the well-being of the people, and international competitiveness.

（Speech delivered at the Central Economic Work Conference on December 14,2016）

二

A nation must make sound strategic choices. As a major country, China must develop its real economy, continuously advance industrial modernization, and enhance the quality of its manufacturing sector; it cannot shift away from the real economy toward speculative activities.

（Speech delivered during an inspection visit to Guangxi on April 20,2017）

2025年12月10日至11日，中央经济工作会议在北京举行。中共中央总书记、国家主席、中央军委主席习近平出席会议并发表重要讲话。 新华社记者 谢环驰/摄

三

The real economy is the foundation of a nation's economy, the fundamental source of wealth creation, and a crucial pillar of national prosperity.We must deepen supply-side structural reforms, accelerate the development of advanced manufacturing, promote deep integration of the internet, big data, and artificial intelligence with the real economy, ensure that resources are concentrated in the real economy, policy measures are aligned with its needs, and workforce efforts are directed toward it, thereby fostering a development environment and social atmosphere characterized by pragmatism, diligence, entrepreneurship, and prosperity through real economic activities.。

（Speech delivered at the third collective study session of the 19th Central Political Bureau on January 30,2018）

四

The manufacturing industry is the foundation of a nation and the cornerstone of a strong country.China remains in the stage of industrialization, yet it has already faced the issue of a rapidly declining share of manufacturing in its economy, which demands serious attention.We must place high-quality development of the manufacturing sector in a more prominent position, adopt robust measures to promote deep integration between advanced manufacturing and modern services, and unwaveringly build China into a manufacturing powerhouse.

（Speech delivered at the Central Economic Work Conference on December 19,2018）

五

The manufacturing sector forms the foundation of the real economy, which serves as the cornerstone of China's development and a vital pillar for building future strategic advantages.We must resolutely advance industrial transformation and upgrading, strengthen independent innovation, develop high-end and smart manufacturing, elevate China's manufacturing sector and real economy, shift the country's economic focus from quantity to quality, and steadily achieve the "Two Centenary Goals."

（Speech delivered during an inspection visit to Henan Province on September 17,2019）

六

It is essential to fully grasp the new characteristics and requirements of the current development phase, prioritizing the strengthening, enhancement, and optimization of the real economy as the primary focus. This involves simultaneously advancing the transformation and upgrading of traditional industries while fostering the growth of strategic emerging industries, accelerating the digitalization, networking, and intelligentization of manufacturing, and improving the stability and modernization level of industrial and supply chains.

（Speech delivered during an inspection visit to Anhui Province on August 21,2020）

七

Promote the integrated development of the digital economy and the real economy.We must focus on the trends of digitalization, networking, and intelligence, promote the digital transformation of industries such as manufacturing, services, and agriculture, leverage new internet technologies to comprehensively upgrade traditional industries across the entire value chain, enhance total factor productivity, and harness the amplifying, synergistic, and multiplier effects of digital technology on economic development.We must promote deep integration of the internet, big data, and artificial intelligence with industries, and accelerate the development of a group of "specialized, refined, distinctive, and innovative" enterprises as well as manufacturing champions.Of course, we must remain pragmatic and tailor our approach to each enterprise's specific needs—never pursuing digitalization for its own sake.

（Speech delivered at the 34th collective study session of the Political Bureau of the 19th Central Committee on October 18,2021）

2025年5月19日至20日，中共中央总书记、国家主席、中央军委主席习近平在河南考察。这是19日下午，习近平在洛阳轴承集团股份有限公司智能工厂考察时，同企业职工亲切交流。 新华社记者 燕雁/摄

八

Build a modern industrial system.We will continue to focus economic development on the real economy, advance new-type industrialization, and accelerate the building of a strong manufacturing nation, a quality-driven nation, an aerospace powerhouse, a transportation leader, a cyber powerhouse, and a digital China.Implement the Industrial Foundation Revitalization Project and the Major Technical Equipment Development Project, support the growth of specialized, refined, distinctive, and innovative enterprises, and promote the high-end, intelligent, and green development of the manufacturing sector.Consolidate the leading position in key industries, accelerate efforts to address shortcomings in areas critical to security and development, and enhance the capacity for securing strategic resource supplies.Promote the integrated cluster development of strategic emerging industries, and establish a series of new growth engines including next-generation information technology, artificial intelligence, biotechnology, new energy, advanced materials, high-end equipment, and green environmental protection.Establish a high-quality, efficient new service industry system, and promote deep integration between modern services and advanced manufacturing as well as modern agriculture.Accelerate the development of the Internet of Things, establish an efficient and streamlined distribution system, and reduce logistics costs.Accelerate the development of the digital economy, promote its deep integration with the real economy, and build internationally competitive digital industrial clusters.Optimize the layout, structure, functionality, and system integration of infrastructure to establish a modern infrastructure framework.

（2022年10月16日在中国共产党第二十次全国代表大会上的报告）

九

Currently, the global industrial system and supply chains are characterized by diversified distribution, regional collaboration, green transformation, and accelerated digitalization—hallmarks of economic development patterns and historical trends that remain independent of human will.We must continue to focus our economic development efforts on the real economy, steadily advance new-type industrialization, accelerate the building of a manufacturing powerhouse, a quality powerhouse, a cyber powerhouse, and a digital China, and foster internationally competitive digital industry clusters.In line with the overall trends of industrial development, we should comprehensively advance industrial upgrading and relocation from both temporal and spatial perspectives.On one hand, efforts should be made to strengthen weak links in industrial chains while extending those of competitive industries, upgrading traditional sectors and establishing new ones, thereby enhancing the continuity and competitiveness of industrial development. On the other hand, reforms must be deepened to improve mechanisms for regional strategic coordination and integrated market development, optimize the distribution of productive forces, facilitate the orderly relocation of key industries both domestically and internationally, support enterprises in actively participating in global industrial division of labor and cooperation, promote deep integration between domestic and international industries, and build a modern industrial system that is self-reliant, secure, reliable, and highly competitive.

（Speech delivered at the second collective study session of the 20th Central Political Bureau on January 31,2023）

十

In this new era and on this new journey, advancing the comprehensive development of a strong nation and achieving national rejuvenation through Chinese-style modernization hinges on realizing new-type industrialization as the key task.We must fully, accurately, and comprehensively implement the new development philosophy, balance development with security, deeply understand the fundamental principles governing the advancement of new-type industrialization in this new era and on this new journey, proactively adapt to and lead the new round of technological revolution and industrial transformation, integrate the requirements of high-quality development throughout the entire process of new-type industrialization, and organically combine building a manufacturing powerhouse with developing the digital economy and industrial informatization, thereby laying a solid material and technological foundation for Chinese-style modernization.

（Instructions on Promoting New Industrialization in September 2023）

十一

We must uphold providing financial services to the real economy as our fundamental mission.The real economy is the foundation of finance, while finance serves as its lifeblood; serving the real economy is finance's fundamental duty.If finance becomes obsessed with self-reinforcement and self-expansion, it will turn into water without a source or a tree without roots, ultimately leading to a crisis.China's financial sector must faithfully serve the real economy and promote high-quality development; it must never deviate from the real economy toward speculative activities.

（Speech delivered at the Special Seminar on Promoting High-Quality Financial Development by Key Provincial and Ministerial-Level Leaders on January 16,2024）

2026年2月9日至10日，中共中央总书记、国家主席、中央军委主席习近平在北京考察并看望慰问基层干部群众。这是9日上午，习近平在位于北京亦庄的国家信创园考察。 新华社记者 谢环驰/摄

十二

During the 15th Five-Year Plan period, it is imperative to place the development of new-quality productive forces tailored to local conditions in a more prominent strategic position, guided by scientific and technological innovation and grounded in the real economy. This requires simultaneously advancing the comprehensive transformation and upgrading of traditional industries, actively fostering emerging industries, and proactively planning for future industries, thereby accelerating the establishment of a modern industrial system.We must enhance the national innovation system, stimulate the vitality of all types of innovation entities, focus on the forefront of global science and technology, continue to strengthen basic research and improve original innovation capabilities, and accelerate breakthroughs in key core technologies and cutting-edge technologies.We must promote the integrated development of education, science and technology, and talent resources in a coordinated manner, thereby strengthening the foundational and strategic support for the advancement of new-quality productive forces.。

（Speech delivered at the Symposium on Economic and Social Development during the 15th Five-Year Plan Period in Some Provinces, Autonomous Regions, and Municipalities on April 30,2025）

十三

The draft proposal highlights the leading role of scientific and technological innovation, making arrangements in areas such as building a modern industrial system, accelerating high-level self-reliance and strength in science and technology, and promoting a comprehensive green transformation of economic and social development. It proposes optimizing and upgrading traditional industries, fostering and expanding emerging and future industries, and consolidating the foundation of the real economy; emphasizes strengthening original innovation and breakthroughs in key core technologies, promoting deep integration between scientific and technological innovation and industrial innovation, advancing the integrated development of education, science, technology, and talent, and further advancing the construction of Digital China; and calls for accelerating the establishment of a new energy system and promoting green production and lifestyles.

（October 20,2025: Explanation Regarding the "Proposals of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development"）

十四

It is essential to closely integrate investment in physical assets with investment in human capital.It is essential to not only expand effective investment in the real economy and technological innovation, but also strengthen human resource development, promoting a balanced accumulation of physical capital and human capital, thereby achieving mutual empowerment and reinforcement between investments in both material assets and human resources.。

（Speech delivered at the Central Economic Work Conference on December 10,2025）

十五

We must strengthen our internal capabilities through rigorous practice to meet external challenges.In the face of rapidly changing international dynamics and various risks and challenges, we must maintain strategic resolve, steadfastly focus on advancing our own priorities, continuously strengthen, optimize, and expand the real economy, comprehensively enhance our capacity for independent innovation, and remain invincible amidst turbulent times.

（Speech delivered at the Central Economic Work Conference on December 10,2025）

※ 这是习近平总书记2016年12月至2025年12月期间有关做强做优做大实体经济重要论述的节录。