China's key NPC meeting comes to a close as lower growth target set

"The 15th iteration of the five-year plan, an economic roadmap for 2026 to 2030, also set targets for inflation, the fiscal deficit ratio and urban unemployment. China has set the longterm goal of becoming a moderately developed country by 2035 and raising gross domestic product (GDP) per capita to $20,000."

"China's targets for the next five years include industrial self-reliance and increased state support for industries such as AI, aerospace, aviation, biomedicine and integrated circuits, as well as the development of future energy, quantum technology, embodied artificial intelligence, brain-computer interfaces, and 6G technology."

"Planners in Beijing also continue to grapple with deep economic problems driven by the collapse of the property sector, low consumer confidence and a prolonged period of deflation."

China's National People's Congress approved the 15th five-year plan establishing an economic growth target of 4.5 to 5 percent for 2026-2030, marking the lowest target in nearly three decades outside the pandemic period. The plan sets objectives for inflation, fiscal deficit, and urban unemployment while pursuing the long-term goal of becoming a moderately developed country by 2035 with GDP per capita reaching $20,000. Key priorities include industrial self-reliance and state support for AI, aerospace, biomedicine, integrated circuits, quantum technology, and 6G development. Beijing continues addressing structural economic challenges including property sector collapse, weak consumer confidence, and deflation. The plan also emphasizes expanding the digital yuan for cross-border payments and strengthening anti-corruption measures.

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