Global Times: Managing own affairs well, moving toward set goals in next 5 years, says Zhu Min
Beijing, CHINA, May 26, 2026 (GLOBE NEWSWIRE) -- China's economy has performed well in the inaugural year of the 15th Five-Year Plan period (2026-30) as shown by steadily rising tax revenue, high-tech products export, and corporate profit margins. Though certain Western media continue to badmouth China's economy, the country will focus on managing its own affairs and push ahead with stable development.
Judging the performance of an economy, latest data are very important, which often reveal the underlying health of the economy.
Between January and April of 2026, the total value of China's exports expanded by 11.3 percent year-on-year to reach 9.33 trillion yuan, while exports of mechanical and electronic products surged by 17.6 percent, the General Administration of Customs said.
Due to geopolitical volatilities during the past two years, China's exports saw some fluctuations and structural changes. Although China's exports to the US dropped significantly, its exports to Europe and ASEAN have increased.
However, even with the overall drop in exports to the US, China's high-tech exports to the US have kept on rising, with very healthy profit margins. This is a very important factor, signaling the competitive edge of China's manufacturing sector.
According to official data, China's tax revenue grew by 2.2 percent to reach 4.85 trillion yuan during the first quarter of this year. Meanwhile, its producer price index, which measures costs for goods at the factory gate, has started to strengthen, while consumer price index, a major gauge of inflation, has picked up.
So, China's inflation remains within a reasonable range, and the economy should continue to move forward along its robust growth trajectory.
China set its GDP growth target at between 4.5 to 5 percent for 2026, and will strive for a better result in practice. Such a goal has its basis and prudence, as it can meet the country's goal to double the total economic output volume and per-capita income by 2035.
Despite the progress in China's economy, especially in high-tech sectors, some Western media have been pushing the "China Shock 2.0" narrative, portraying China's progress in high-tech sectors as a new wave of disruption to the global economy.
In my own life, I have heard narratives that badmouth Chinese economy for countless times. But I think there is a powerful trait in Chinese culture: no matter what others say, we always focus on doing our own things well. So, no matter what others say, the country will walk along its own path, step by step, moving toward the set goals, steadily.
This is the core issue reflected in the 15th Five-Year Plan. China's technological advancement is increasingly noted, and the country will continue to export great products to the world. Isn't this a good thing?
China and the US are each taking their own technological development paths, and the two have their respective strengths and weaknesses, which creates great complementary potential.
This dynamic naturally extends to the financial realm. In the process of China's high-quality development, the yuan's internationalization is gaining pace. Accelerating the internationalization of the yuan is driven by the need to grow China's economy and stabilize the global economy, as a strong yuan embodies the aspirations of the Global South and serves the needs of the global financial system.
To further advance the internationalization of the yuan, efforts are needed to increase its use in China's foreign trade. We have seen that an increasing number of countries have started to use the yuan for the payment of bulk commodities in the past years. There is huge room for the yuan to be increasingly used for trade settlement and loans.
For a currency to grow stronger, it requires well developed markets: bond markets, derivatives markets, and offshore exchange markets. Hong Kong will continue to play a critical role in the offshore currency trading market. And, China should continue to accelerate institutional reforms in its financial sector, improving the convenience and security of capital operations, steadily progressing toward internationalization of the yuan.
This article is compiled based on an interview with Zhu Min, former deputy managing director of the IMF and a former deputy governor of the People's Bank of China, during the 2026 Tsinghua PBCSF Global Finance Forum.
Source: Global Times:
Company: Global Times
Contact Person: Anna Li
Email: editor@globaltimes.com.cn
Website: https://globaltimes.cn
City: Beijing
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