(Yicai) July 10 -- China’s economy is likely to expand by over CNY35 trillion (USD4.87 trillion) in the five years through this year, the period covered by the country’s 14th Five-Year Plan, according to the state planning chief. That is more than the gross domestic product of Japan, the world’s third-largest economy.

China’s economy grew at an average annual rate of 5.5 percent over the past four years, Zheng Shanjie, chairman of the National Development and Reform Commission, told reporters at the State Council Information Office yesterday. Consumer spending accounted for 56.2 percent of that growth, up from 47.6 percent during the 13th Five-Year Plan period.

Key indicators such as economic growth, labor productivity, and research and development spending have progressed as expected, Zheng noted, adding that eight others, including urbanization rate, life expectancy, and combined food and energy production, have exceeded expectations. All 102 major projects outlined in the plan are advancing smoothly, he said.

R&D outlays have surged by nearly 50 percent, or CNY1.2 trillion (USD163 billion), since the end of the previous plan, while R&D intensity has reached 2.7 percent, approaching the average for countries in the Organization for Economic Co-operation and Development, Zheng said.

China now has 26 of the world’s top 100 science and technology innovation clusters, ranking first globally, and has more than 460,000 high-tech enterprises, he said.

Since the start of the current Five-Year Plan, urban employment has remained stable, with over 12 million new jobs created annually, while the basic pension and medical insurance now cover more than 95 percent of the population, Zheng said.

China’s education attainment at all levels reached or surpassed the average of upper-middle-income countries last year, with the years of education for new labor force entrants exceeding 14 years on average, he added.

Over the past four years, the world has undergone accelerated changes unseen in a century, and the tasks of reform, development, and stability have been more challenging than ever, Zheng pointed out.

Nonetheless, China has withstood the pressures and overcome challenges, achieving a significant leap in economic and social development, he noted. China’s comprehensive national strength has advanced by leaps and bounds, reflected in its economic might, innovation capability, soft power, and resilience, he said.

Zheng also noted that the robust improvements in national strength during the 14th Five-Year Plan have laid asolid foundation for building a modern socialist country and achieving the great rejuvenation of the Chinese nation.

Editor: Futura Costaglione