China has set an economic growth target of 4.5 percent to 5 percent for 2026, according to a government work report delivered by Premier Li Qiang at the start of the annual National People's Congress on Thursday.

The report also said Beijing "will strive for better in practice".

Among the other targets this year are a surveyed urban unemployment rate of around 5.5 percent, an inflation rate of 2 percent, growth in personal income in step with economic growth, and a 3.8 percent drop in carbon dioxide emissions per unit of GDP.

Premier Li also said Beijing will continue to implement a more proactive fiscal policy in 2026 and boost government spending, with the deficit-to-GDP ratio set at around 4 percent.

The report also said the world's second-largest economy proved remarkably resilient over the past year, with GDP exceeding 140 trillion yuan.

"What we achieved in 2025 was indeed hard won," Li said.

"Rarely in many years have we encountered such a grave and complex landscape where external shocks and challenges were intertwined with domestic difficulties and tough policy choices.

"We've prepared for the worst-case scenario, striving for the best.

"Not only did we maintain overall macroeconomic stability and secure new advances in high quality development, we also significantly bolstered morale and confidence across society."

China posted GDP growth of 5 percent in 2024 and 2025.
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Last updated: 2026-03-05 HKT 10:27



Edited by Edmond Fong