China proposed the 15th Five-Year Plan (2026-30), the nation's key development agenda, at the fourth plenary session of the 20th Communist Party of China Central Committee, which was held in Beijing from Oct 20 to 23.

Outlining major goals and measures for economic growth, technological innovation, people's livelihoods and sustainable development, the plan is expected to prioritize high-quality development fueled by innovation and further opening-up, in order to better connect with the rest of the world on the path of modernization toward Chinese rejuvenation.

Rigorous and wide-ranging consultations among relevant government departments and social sectors have taken place for the drafting of the plan in line with China's principle of democratic and scientific decision-making.

A notable feature is the whole-process democracy seen throughout the formulation of the 15th Five-Year Plan. Over the years, Xi Jinping, who is general secretary of the CPC Central Committee, has rightly stressed sound, consultative and law-based decision-making to ensure that the next five-year plan for national economic and social development is formulated with high quality. Xi, who is also Chinese president and chairman of the Central Military Commission, emphasized the importance of integrating top-level design along with seeking advice from the public, enhancing research and discussions, and building broad consensus.

It is pertinent to mention that, apart from investigative reports of professional teams, more than 3 million suggestions in regard to the plan were received by policymakers between May and June, showing people's massive participation in the decision-making process of the country, Xinhua News Agency reported. The final version of the proposal is expected to be adopted by the National People's Congress early next year for implementation.

Many policy statements and speeches of President Xi have already reflected probable salient features of the socioeconomic development plan for the coming years.

Xi's emphasis on scientifically guiding economic and people-centered social development for the next five years has led to clear parameters, with approaches and measures to be proposed for each specific field.

The plan lists some major tasks the country will strive to achieve, such as expanded high-standard opening-up, promotion of high-quality development on all fronts, and ensuring both development and security.

Obviously, the new plan will be a crucial step in achieving China's long-term goal, set by the 20th National Congress of the CPC in 2022, to "basically realize socialist modernization" by 2035, with the 14th, 15th and 16th Five-Year Plans serving as important periods in advancing toward the goal. To that end, it is important to adhere to the general principle of seeking progress while maintaining stability, and accelerating the forging of a new development paradigm.

The plan is also expected to reflect the country's emphasis on improving the national innovation system through stimulating the vitality of various innovation entities and zeroing in on global scientific and technological frontiers.

It appears that solid foundational and strategic support for new quality productive forces will depend on the coordinated integration of education, technology and talent, which should be nurtured as soon as possible. Maintaining a sustained focus on the development of new quality productive forces will help clarify the direction for shaping new drivers and advantages in China's development.

The desired targets of the country's modernization drive may be achieved by taking major steps in pursuing common prosperity, improving income distribution, boosting the purchasing power of middle- and low-income groups, and investing in public welfare. These integrated structural reforms would simultaneously stimulate domestic demand while addressing social concerns, moving the nation and its economy toward greater stability, sustainability and prosperity, while mitigating all external risks and domestic hurdles.

In summary, the five-year plans have become a key mechanism for advancing the modernization of China through high-quality development, further opening-up and digitalization.

The rest of the world has reason to celebrate, as the 15th Five-Year Plan will continue to deepen high-standard opening-up by promoting trade and investment facilitation, strengthening international economic cooperation, and enhancing the stability of global industrial and supply chains. This will not only add certainty to a changing world economy, but also yield more opportunities for jobs, income increases and better connections for people in the rest of the world.

The author is president of the Center for Knowledge and Public Policy and chief executive of the Center for South Asia and International Studies in Islamabad, Pakistan.

The views do not necessarily reflect those of China Daily.