Here are the major takeaways from this year’s government work report and budget report: Major targets for 2026 Gross domestic product growth of 4.5-5 per cent Advertisement A consumer price index increase of around 2 per cent A fiscal budget deficit of around 4 per cent of GDP Advertisement Addition of 12 million new urban jobs South China Morning Post
China has set its target for GDP growth to a record low of 4.5-5%, the first time since 1991 that the figure has dropped below 5%, reflecting an economic strategy that is shifting away from export-led growth to a model that leaders hope will be more resilient to external shocks. Li Qiang, China’s premier, announced the target for 2026 in the opening session of the National People’s Congress (NPC), China’s annual parliamentary gathering, which began on Thursday. Addressing the nearly 3,000 delegates gathered in the Great Hall of the People…
Among the generally drab lineup of mostly middle-aged men in suits who make up the nearly 3,000 delegates to the National People’s Congress (NPC), China’s parliament, a few stand out. There are delegates from China’s 55 official ethnic minority groups, who often arrive dressed in traditional outfits rather than western-style suits. There are military members, identifiable by their uniforms. And then there is Yao Ming, the 7ft and 6in tall retired basketball player who, towering over every other person in the Great Hall of the People, is hard to miss.…
The bombs falling on Iran have extinguished any remaining doubt. The US-Israeli military campaign has ignited a major regional war. This explosion of violence is the ultimate rebuke to a central promise of US President Donald Trump’s second term: that America could disengage from distant quagmires to focus on confronting China. Over a year into this administration, the strategic picture affirms the conclusion I reached last summer: America’s hoped-for single-minded containment of China lies in tatters. The president, who once envisioned a grand disengagement to confront Beijing, now finds himself…
China has set a growth target for GDP this year of between 4.5 and 5 per cent, the lowest range in decades, and maintained a higher fiscal deficit as leaders warned of growing “difficulties and challenges” in the economy. Announcing national economic targets for 2026, China’s Premier Li Qiang also said on Thursday that defence spending would rise 7 per cent this year, slightly lower than 7.2 per cent a year ago but still significantly outpacing overall fiscal expenditure as he warned against Taiwan “independence”. The figures were released at…
China has set a growth target for GDP this year of between 4.5 and 5 per cent, the lowest range in decades, and maintained a higher fiscal deficit as leaders warned of growing “difficulties and challenges” in the economy. Announcing national economic targets for 2026, China’s Premier Li Qiang also said on Thursday that defence spending would rise 7 per cent this year, slightly lower than 7.2 per cent a year ago but still significantly outpacing overall fiscal expenditure as he warned against Taiwan “independence”. The figures were released at…
China has set a growth target for GDP this year of between 4.5 and 5 per cent, the lowest range in decades, and maintained a higher fiscal deficit as leaders warned of growing “difficulties and challenges” in the economy. Announcing national economic targets for 2026, China’s Premier Li Qiang also said defence spending would rise 7 per cent this year, slightly lower than 7.2 per cent a year ago but still significantly outpacing overall fiscal expenditure as he warned against Taiwan “independence”. The figures were released at the opening of…
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. China has announced its GDP growth range for this year of between 4.5 and 5 per cent, the lowest in decades, and maintained a higher fiscal deficit in an acknowledgment that the world’s second-largest economy is set to expand at a slower rate. The figure, released in a report ahead of the opening of the annual session of China’s rubber-stamp parliament, represents a modest step down from last year’s target…
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INTRODUCTION This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. Get faster notifications on the latest updates by downloading our app. This year’s annual meetings of the top legislature and the top advisory body – together known as the “two sessions” – are being held ahead of US President Donald Trump’s expected visit to China from March 31. Facing a complex, volatile international landscape marked by strategic competition with the US and opportunities for diversified cooperation with…