The next five years will be a crucial period for China to tide over the so-called "middle-income trap", but China is determined to evade it and become a high-income economy in the next 15 years, with its "new development philosophy" guiding the way.

By 2035, the country's per capita GDP will reach the level of moderately developed countries, according to the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035. This means that China will successfully cross the middle-income stage.

With its per capita GDP above $10,000 and a middle-income group exceeding 400 million, China is already an upper middle-income economy by the World Bank standard.

China's new five-year plan will further focus on high-quality development rather than just high-speed growth. High-quality growth, embodying the new development philosophy, i.e., innovative, coordinated, green and open development that is for everyone, will be the theme for the country in the coming years.

China is putting ever more emphasis on research and development to increase productivity, stepping up financial support and streamlining administration to create fertile ground for innovation.

The new five-year plan is also expected to feature detailed measures on environmental protection, integrated regional development and further opening up.