The comments from Zhu, who served as finance vice-minister between 2010 and 2018, come as China prepares for the fourth plenum of the 20th party congress.

The meeting comes at a crucial time for the world’s No 2 economy, as it tackles all-out rivalry with the United States.

The full five-year plan, to be finalised in March during the annual national legislative session, will set key targets and priorities for a wide range of sectors.

In his remarks on Friday, Zhu noted that artificial intelligence, robotics and related industries would support China’s high-quality development over the next five years.

He acknowledged that US export controls on advanced semiconductors had limited China’s computing capabilities, but expressed confidence in China’s AI prospects, citing its extensive application scenarios and robust electricity generation capacity.

The United States has leveraged hi-tech chip exports in its protracted trade dispute with China.

China generated over 10,000 terawatt-hours of electricity in 2024, more than the combined output of the US, European Union and India, the next three largest producers, according to data from energy think tank Ember.

Zhu also highlighted China’s commitment to carbon reduction and its determination to achieve peak carbon emissions by 2030.

Analysts said it was a cautious target that left room for flexibility on future economic policy.

Xi pledges to cut China’s climate emissions by up to 10%

In a video address to United Nations climate talks on September 24, Xi also pledged to increase the share of energy produced by non-fossil fuels to more than 30 per cent, install 3,600 gigawatts of wind and solar power capacity, and develop the national emissions trading market.

Meanwhile, the US is rolling back on its commitments, with President Donald Trump calling climate change a “con job”, and belittling renewable energy and the concept of climate change.

Clean power generation, led by solar and wind, met 84 per cent of China’s electricity demand growth in 2024. Renewable output reduced fossil fuel generation by 2 per cent in the first half of this year, according to a report on China’s energy transition released by Ember in September.