Deputies approved the government’s work report, budget and socio-economic development plans, and endorsed the outlines of the 15th Five-Year Plan (2026-2030), a strategic document that will set the course of the world’s second economy for the next decade, Global Times reported.
Li Qiang, Premier of the State Council of the People’s Republic of China, said in a report to the government that the main task for 2026 remains maintaining sustainable growth amid global uncertainty.
“We will strive for better results in realizing the targets,” Premier Li Qiang said.
One of the most discussed decisions was to set the GDP growth target at 4.5-5%, the lowest range in decades, reflecting the authorities’ cautious approach to economic risks and a shift to “quality growth,” china-biefing.com noted.
Economy, technology and social policy
The government report outlines key macroeconomic targets for 2026. Among them:
– Creating more than 12 million new jobs in urban areas;
– consumer price inflation (CPI) growth of about 2%;
– grain production of about 700 million tons;
– further increase in R&D spending by an average of 7% annually over the next five years.
Much of the discussion focused on technological development and increasing economic self-sufficiency. The authorities intend to accelerate investment in high-tech industries and the digital economy, the share of which is scheduled to reach 12.5% of GDP over the next five-year period.
At the legislative level, deputies adopted a number of new acts. Among them is the law on national development planning, which enshrines the role of five-year plans in the system of strategic economic management.
The parliament also approved the Law on Promoting Ethnic Unity and Progress, which, according to official statements, aims to strengthen national identity and integrate China’s multi-ethnic society.
Chinese President Xi Jinping, who attended the closing session at the House of People’s Congress, stressed the need to further modernize the country and strengthen national security amid global challenges, chinadaily.com specified.
According to analysts, the decisions of the current session of the National People’s Congress actually marked the start of a new stage of China’s economic policy – the transition from rapid growth to sustainable technological development and increasing domestic demand as a key driver of the economy.
