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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. Advertisement 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. 02:16 Chinese premier sets 2026 GDP growth target at 4.5-5% Chinese premier sets 2026 GDP growth target at 4.5-5% The world’s…

Chinese e-commerce giant JD.com reported a 2.7 billion yuan (US$392 million) loss in the fourth quarter and a halving of annual profit amid an ongoing food delivery battle it ignited last year. The fourth-quarter loss contrasted with a profit of 9.9 billion yuan a year earlier, marking the company’s first quarterly loss since the start of 2022, according to its earnings results on Thursday. Profit for last year dropped nearly 53 per cent to 19.6 billion yuan. Advertisement However, by non-generally accepted accounting principles, which exclude one-off costs and non-cash…

President Xi Jinping urged China’s major provincial economies to take the lead in technological innovation and strengthen their resilience to external shocks over the next five years, as part of the annual meeting of the National People’s Congress (NPC) – the country’s top legislature – which began in Beijing on Thursday. Addressing deputies from the eastern province of Jiangsu, Xi said the region should be at the forefront of developing “new quality productive forces” – the emerging industries Beijing views as potential drivers of long-term growth – which he deemed…

China has earmarked a 7 per cent increase in defence spending this year, keeping the growth rate largely stable even as the White House aims to ramp up expenditure for the military. The 7 per cent is a shade down from the 7.2 per cent rise last year but still above the 4.5 to 5 per cent GDP growth target set for this year. Advertisement Song Zhongping, a military analyst and former People’s Liberation Army (PLA) instructor, said the increase reflected China’s “moderate growth in defence spending”. Song said the…

China’s “two sessions” this year presents less of a story of an economic miracle than of transition: from high-speed to high-quality growth, and from dependence on external demand to a more resilient, innovation-driven economy. Against a backdrop of global tensions and fragmenting supply chains, Beijing is using this political moment to signal that it sees opportunity in adversity and is prepared to recalibrate its development model rather than cling to the habits of the boom years. For China, the key question is no longer whether it can hit a headline…

China is expanding its diplomatic budget by 9.3 per cent, the highest increase in three years, signalling Beijing’s plans to consolidate its geopolitical clout as instability mounts around the globe, according to analysts. The Ministry of Finance on Thursday proposed that 70.975 billion yuan (US$10.28 billion) be allocated for Beijing’s diplomatic spending in 2026, up 9.3 per cent from the previous year. It is the fifth consecutive year that China has increased its foreign affairs expenditure. The proposed budget – submitted to the National People’s Congress (NPC), the country’s top…

As the United States grapples with mounting debt, China is doubling down on efforts to clean up its own balance sheet, vowing to tackle risks with “iron discipline”. The pledge came as the world’s second-largest economy weathers a years-long real estate slump and cooling domestic demand. Beijing faces growing pressure to balance short-term growth targets with longer-term deleveraging, as it seeks to transition to a more sustainable economy. In the government work report delivered on Thursday to Beijing’s annual parliamentary session, Premier Li Qiang said “curbing the growth of non-compliant…

US Secretary of State Marco Rubio has stirred unexpected debate in Taiwan after invoking the phrase “unleash Chiang” while warning that Washington would intensify its strikes against Iran. Speaking to reporters on Tuesday about the escalating Middle East conflict, Rubio said the world would soon see a change in the scope and intensity of the attacks. “We’re going to unleash Chiang on these people in the next few hours and days,” he said. Advertisement The remark, made in the context of US efforts to dismantle Iran’s missile systems and military…

Mainland China and Hong Kong should ease listing rules for biotechnology companies and lower takeover thresholds for listed firms to capitalise on renewed foreign interest in the healthcare sector, venture capitalist Nisa Leung said. “Besides artificial intelligence, Premier Li Qiang also highlighted biomedicine in the ‘two sessions’ annual government work report,” said Leung, a managing partner at Aulis Capital, speaking in a sideline interview during China’s annual meetings of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (NPC). “We are paying attention…

The deadly US-Israeli military strikes on Iran have triggered an outpouring of public sympathy and support in China, with many social media users condemning the attacks and discussing ways to help. The Iranian embassy in China thanked the “righteous” Chinese public on Thursday for their support, but said it was not accepting financial help from Chinese individuals and organisations for now. “The embassy would like to express its sincere gratitude to the civilised and righteous Chinese people,” the mission said in a statement on its official social media account. Advertisement…