Xi Jinping: Strengthen, improve, and expand the real economy.

2026-05-15 Source: Qiushi, Issue 10, 2026

Strengthen, improve, and expand the real economy.

Xi Jinping

One

Revitalizing the real economy is the primary task of supply-side structural reform, which must focus its efforts and concentrate its resources on this goal. Regardless of where economic development stands, the real economy remains the foundation for China’s economic growth and for us to maintain the initiative in international economic competition. China’s economy was built on the real sector, and it will continue to rely on it to move forward into the future. We cannot emulate the practices of certain countries that have heavily promoted the virtual economy; moreover, pursuing a virtual economy carries significant risks. With a population of over 1.3 billion, our people’s basic needs—food, clothing, housing, transportation, and daily necessities—and the material and technological underpinnings of economic and social development all depend on the real economy. No other country in the world has the capacity to provide these essentials for us. We must keep this firmly in mind and never allow the real economy—key to national security, the well-being of the people, and international competitiveness—to be weakened or diminished.

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

Two

A country must make the right strategic choices. As a major power, China must develop the real economy, continuously advance industrial modernization, and elevate the level of its manufacturing sector; it cannot shift from the real to the virtual.

(Speech delivered during an inspection tour in Guangxi on April 20, 2017)

From December 10 to 11, 2025, the Central Economic Work Conference was held in Beijing. Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, attended the conference and delivered an important speech. Photo by Xinhua News Agency reporter Xie Huanchi.

Three

The real economy is the foundation of a nation’s economic development, the fundamental source of wealth creation, and a vital pillar of national strength. We must deepen supply-side structural reform, accelerate the development of advanced manufacturing, promote the deep integration of the internet, big data, and artificial intelligence with the real economy, and ensure that resources and policy measures are directed toward the real economy while mobilizing greater efforts to support it, thereby fostering a development environment and social climate characterized by pragmatism, hard work, entrepreneurship, and prosperity through sound industry.

(Speech delivered on January 30, 2018, during the third collective study session of the 19th CPC Central Politburo)

Four

Manufacturing is the foundation of a nation and the cornerstone of national strength. Although China remains in the stage of industrialization, the share of manufacturing in the economy has been declining too rapidly, a trend that demands urgent attention. We must elevate the high-quality development of manufacturing to a more prominent position, implement robust measures to foster deep integration between advanced manufacturing and modern services, and unswervingly advance China’s transformation into a manufacturing powerhouse.

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

Five

Manufacturing is the foundation of the real economy, which in turn is the cornerstone of China’s development and a vital pillar for building strategic advantages for future growth. We must steadfastly advance industrial transformation and upgrading, strengthen independent innovation, and develop high-end and intelligent manufacturing, thereby elevating China’s manufacturing sector and the real economy, shifting the Chinese economy from sheer size to robust quality, and steadily achieving the Two Centenary Goals.

(Speech delivered during an inspection tour of Henan Province on September 17, 2019)

Six

It is essential to gain a profound understanding of the new characteristics and requirements of each stage of development, steadfastly prioritizing the strengthening, bolstering, and upgrading of the real economy. We must simultaneously accelerate the transformation and upgrading of traditional industries and foster the growth of strategic emerging sectors, driving the manufacturing sector to advance more rapidly toward digitalization, networking, and intelligentization, thereby enhancing the stability and modernization of industrial and supply chains.

(Speech delivered during an inspection tour of Anhui Province on August 21, 2020)

Seven

Promote the integrated development of the digital economy and the real economy. We must seize the opportunities presented by digitalization, networking, and intelligent technologies, drive the digital transformation of industries such as manufacturing, services, and agriculture, and leverage new internet technologies to comprehensively upgrade traditional sectors across all stages of their value chains, thereby boosting total factor productivity and harnessing the amplifying, cumulative, and multiplicative effects of digital technologies on economic growth. We should foster deep integration between the internet, big data, and artificial intelligence and various industries, and accelerate the cultivation of a cohort of “specialized, refined, distinctive, and innovative” enterprises as well as manufacturing single-champion firms. Of course, we must remain grounded in reality and tailor our approaches to the specific needs of each enterprise; we must not pursue digitalization for its own sake.

(Speech delivered on October 18, 2021, during the 34th collective study session of the 19th CPC Central Politburo)

From May 19 to 20, 2025, Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, conducted an inspection tour in Henan Province. On the afternoon of the 19th, while visiting the smart factory of Luoyang Bearing Group Co., Ltd., Xi Jinping engaged in cordial exchanges with the company’s employees. Photo by Xinhua News Agency reporter Yan Yan.

Eight

Build a modern industrial system. Uphold the principle of focusing economic development on the real economy, advance new‑type industrialization, and accelerate efforts to make China a manufacturing powerhouse, a quality‑driven nation, a space power, a transportation powerhouse, a cyber power, and a digital China. Implement projects to rebuild industrial foundations and tackle key technological equipment challenges, support the development of specialized, refined, distinctive, and innovative enterprises, and promote the high‑end, intelligent, and green transformation of manufacturing. Consolidate the leading position of our competitive industries, swiftly address shortcomings in areas critical to national security and development, and enhance our capacity to ensure the secure supply of strategic resources. Foster the integrated, cluster‑based development of strategic emerging industries, and establish a new set of growth engines—including next‑generation information technology, artificial intelligence, biotechnology, new energy, new materials, high‑end equipment, and green environmental protection. Build a high‑quality, efficient service sector, and deepen the integration of modern services with advanced manufacturing and modern agriculture. Accelerate the development of the Internet of Things, construct an efficient and smooth circulation system, and reduce logistics costs. Speed up the development of the digital economy, promote its deep integration with the real economy, and cultivate internationally competitive digital industry clusters. Optimize infrastructure layout, structure, functions, and system integration to create a modern infrastructure system.

(Report Delivered at the 20th National Congress of the Communist Party of China on October 16, 2022)

Nine

At present, the global industrial system and its industrial chains and supply chains are characterized by diversified spatial layouts, regional cooperation, green transformation, and accelerated digitalization—trends that reflect the inherent laws of economic development and broader historical currents, beyond the control of any single actor. We must continue to focus on the real economy as the cornerstone of economic development, advance new‑type industrialization in a solid and steady manner, and accelerate efforts to build a manufacturing powerhouse, a quality‑driven nation, a cyber power, and a digitally advanced China, while fostering internationally competitive digital industry clusters. In line with overarching trends in industrial development, we should coordinate industrial upgrading and relocation across both temporal and spatial dimensions. On the one hand, we will strengthen weak links in key industries, extend the value chains of our strengths, upgrade traditional sectors, and establish new ones, thereby enhancing the continuity and competitiveness of industrial development. On the other hand, we will deepen reforms to improve mechanisms for coordinated regional strategies and integrated market development, optimize the spatial distribution of productive forces, promote the orderly relocation of priority industries both domestically and internationally, support enterprises in actively participating in global industrial division and cooperation, and foster deep integration between domestic and international industries, thus building a modern industrial system that is self‑reliant, secure, reliable, and highly competitive.

(Speech delivered on January 31, 2023, during the second collective study session of the 20th CPC Central Politburo)

Ten

In the new era and on the new journey, advancing the great cause of national rejuvenation through the comprehensive promotion of China’s modernization requires making the development of a new type of industrialization a key task. We must fully, accurately, and comprehensively implement the new development philosophy, coordinate development with security, deeply grasp the fundamental principles guiding the advancement of new‑type industrialization in this new era and on this new journey, proactively adapt to and lead the latest round of scientific and technological revolution and industrial transformation, integrate the requirements of high‑quality development into every stage of new‑type industrialization, and closely link the building of a manufacturing powerhouse with the development of the digital economy and industrial informatization, thereby laying a robust material and technological foundation for China’s modernization.

(Instructions on Promoting New‑Type Industrialization, September 2023)

Eleven

We must steadfastly uphold the principle of using financial services to support the real economy. The real economy is the foundation of finance, and finance is the lifeblood of the real economy; serving the real economy is finance’s sacred duty. If finance becomes obsessed with self‑circulation and self‑expansion, it will lose its source and footing, inevitably giving rise to crises. China’s financial sector must remain committed to its core mission of serving the real economy, promote high‑quality development, and never allow finance to decouple from the real economy in favor of speculation.

(Speech delivered on January 16, 2024, at the Special Seminar for Principal Leading Cadres at the Provincial and Ministerial Levels on Promoting High-Quality Financial Development)

From February 9 to 10, 2026, Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, conducted an inspection tour in Beijing and extended greetings and condolences to grassroots cadres and the general public. On the morning of the 9th, he visited the National Information Technology Innovation Park in Yizhuang, Beijing. Photo by Xinhua News Agency reporter Xie Huanchi.

Twelve

During the 15th Five-Year Plan period, it is imperative to place the development of new‑type productive forces tailored to local conditions in a more prominent strategic position. Guided by scientific and technological innovation and grounded in the real economy, we must simultaneously advance the transformation and upgrading of traditional industries, vigorously develop emerging industries, and proactively lay out future‑oriented sectors, thereby accelerating the building of a modern industrial system. We need to improve the national innovation system, invigorate all types of innovation actors, target the forefront of global science and technology, and sustain efforts to strengthen basic research and enhance our capacity for original innovation, while urgently tackling key core technologies and cutting‑edge advancements. Moreover, we must coordinate and promote the integrated development of education, science and technology, and talent, thus solidifying the foundational and strategic underpinnings for the growth of new‑type productive forces.

(Speech delivered at the symposium on economic and social development during the 15th Five-Year Plan period in certain provinces, autonomous regions, and municipalities on April 30, 2025)

Thirteen

The draft “Suggestions” highlights the leading role of scientific and technological innovation, laying out plans to build a modern industrial system, accelerate high‑level self-reliance and self‑strengthening in science and technology, and expedite the comprehensive green transformation of economic and social development. It calls for optimizing and upgrading traditional industries, fostering and expanding emerging and future industries, and consolidating and strengthening the foundations of the real economy; for bolstering original innovation and tackling key core technologies, promoting the deep integration of scientific and technological innovation with industrial innovation, and advancing education, science, technology, and talent development in a coordinated manner; and for accelerating the construction of a new‑type energy system and speeding up the adoption of green production and lifestyles.

(Explanation on the “Suggestions of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development,” October 20, 2025)

Fourteen

It is imperative to uphold the close integration of investment in physical assets and investment in human capital. We must both expand effective investment in the real economy and technological innovation, and strengthen human resource development, thereby ensuring coordinated accumulation of both physical and human capital. In this way, investment in physical assets and investment in human capital will mutually empower and reinforce each other.

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

Fifteen

We must strengthen our internal capabilities through rigorous practice to meet external challenges. In the face of a rapidly changing international landscape and myriad risks and uncertainties, we must maintain strategic composure, steadfastly manage our own affairs, continuously bolster and enhance the real economy, and comprehensively reinforce our capacity for independent innovation, ensuring that we remain invincible amid turbulent times.

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

※This is an excerpt of General Secretary Xi Jinping’s important remarks, made between December 2016 and December 2025, on strengthening, improving, and expanding the real economy.

Editor-in-charge: Ma Yingjuan