China targets lowest growth range since 1991 in realistic move as pressures rise

SCMP | March 5, 2026, 9:30 a.m. | Original

Beijing to prioritise hi-tech over stimulus-driven growth with focus on the people in notable shift, premier’s work report to NPC reveals

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Chinese Premier Li Qiang’s speech at the National People’s Congress opening session is broadcast on a giant TV screen, in Beijing on Thursday. Photo: Robert Ng

A 4.5 to 5 per cent GDP growth target – the lowest since 1991 – was announced by Premier Li Qiang on Thursday at the opening session of the National People’s Congress (NPC), China’s top legislature.

He emphasised that it would “strive for better results in practice” to align with the goal of doubling the 2020 per capita gross domestic product and realising medium- to long-term economic potential.

The world’s second-largest economy expanded by 5 per cent last year, meeting the “around 5 per cent” official target amid a tariff war with the United States and a property market downturn at home.

The new growth target matches an earlier report by the South China Morning Post, which forecast that the GDP goal would prioritise space for structural reforms, risk management and high-quality development, rather than aggressive stimulus-driven expansion.

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Chinese premier sets 2026 GDP growth target at 4.5-5%

Chinese premier sets 2026 GDP growth target at 4.5-5%

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