China sets 2026 economic growth target at 4.5%-5% as parliament opens

Record ID: 2361091

  • Title: China sets 2026 economic growth target at 4.5%-5% as parliament opens
  • Date: 5th March 2026
  • Summary: XI AND POLITBURO MEMBERS TAKING SEATS  CHINESE PREMIER LI QIANG WALKING TO PODIUM, BOWING BEFORE SPEAKING (SOUNDBITE) (Mandarin) CHINESE PREMIER, LI QIANG, SAYING:   "The main expected targets for development this year are: economic growth of 4.5%–5%, with efforts to achieve better results in actual work; surveyed urban unemployment rate of around 5.5%, with over 12 millio
  • Embargoed:
  • Keywords: China GDP Great Hall of the People Li Qiang National People's Congress Xi Jinping economy growth parliament target work report
  • Location: BEIJING, CHINA
  • City: BEIJING, CHINA
  • Country: China
  • Topics: Asia / Pacific,Budget/Taxation/Revenue,Government/Politics
  • Reuters ID: LVA004100804032026RP1
  • Aspect Ratio: 16:9
  • Story Text:China on Thursday (March 5) announced its economic growth target for 2026 at 4.5%-5%, a slight downgrade from the 5% pace achieved last year, which leaves room for greater, albeit not decisive, efforts to curb industrial overcapacity and rebalance the economy.
    The growth target was announced in the government work report presented by Chinese premier Li Qiang in parliament, which opened its annual session on Thursday.
    China also released its 15th five-year plan, and as widely expected, pledged investments in innovation, high-tech industries, scientific research and a "notable" - but unspecified - increase in household consumption as a share of economic output. 
    The pledges show that Beijing is concerned weak domestic demand makes the world's second-largest economy too reliant on exports for growth, but that it also does not want to abandon efforts to upgrade its vast industrial complex, which gives it supply chain leverage over Washington and its allies at a time when the rivalry is intensifying. 
    Economists have said a lower target gives Beijing more flexibility to implement reforms, such as reducing industrial overcapacity, but cautioned that this shift does not mean a departure from its production-focused growth model. 
    (Production: Wang Shubing, Xiaoyu Yin) 
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