China economic growth target set below 5% for the first time at key meeting | Business and Economy News
China's National People's Congress set a GDP growth target of 4.5 to 5 percent for 2026, down from its recent target of around 5 percent, reflecting the country's economic slowdown. The Economist Intelligence Unit’s China economist Tianchen Xu stated that this shift reflects a move towards prioritizing quality over quantity and delivering tangible results like household income growth and expanded public services. The government also plans to expand defense spending by 7 percent, while aiming for a "childbirth-friendly society" through increased support for its aging population. The Two Sessions, comprising the National People's Congress and the Chinese People’s Political Consultative Conference, are underway in Beijing, where China will release its 15th Five-Year Plan outlining its development targets for 2026 to 2030.
6 MAR 2026
— South China Morning Post
Zhang Bin argues that achieving China's 2% inflation target is essential for achieving other economic goals.
9 MAR 2026
— Sixth Tone
China will increase spending on science and technology, infrastructure, and other key sectors by nearly 7.1% in 2026.
12 MAR 2026
— Al Jazeera
The National People's Congress concluded with the approval of China's 15th five-year plan, setting a growth target of 4.5 to 5 percent for the next five years.
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