"While recognizing our achievements, we are also clear-eyed about the difficulties and challenges we face. GDP targets in recent years have become less important than before because the overarching, and most important political priority has shifted from promoting economic development to so-called 'high-quality development.'"
"The government is striving to balance two goals: reviving the flagging economy by boosting domestic spending, while also furthering leader Xi Jinping's ambitions to build China into a global power in AI, robotics and other advanced technologies - and one that is not dependent on the U.S. or others for high-end semiconductors and other components."
China announced a 4.5% to 5% annual growth target for 2026, marking the lowest target since 1991 and slightly below last year's 5% actual growth. Premier Li Qiang presented this target to the National People's Congress, acknowledging both achievements and challenges facing the economy. The lower target reflects a strategic shift in priorities from rapid growth to high-quality development. The government aims to balance economic revival through increased domestic spending with advancing Xi Jinping's agenda to establish China as a global leader in AI, robotics, and advanced technologies while reducing dependence on foreign semiconductors. Defense spending growth was also trimmed to 7% from 7.2%. The Congress will formally approve the annual report, budget, and five-year policy plan through 2030.
#china-economic-policy #gdp-growth-targets #high-quality-development #technological-advancement #economic-priorities
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]