China sets 2026 growth target at 4.5%–5% vs. 5% hit last year

In an annual report presented by Premier Li Qiang at the opening session of this year's meeting of the National People's Congress (NPC) on Thursday, China set its 2026 economic growth target at 4.5%-5%, slightly lower than the 5% pace achieved last year.

Additional takeaways

To continue 'moderately loose' monetary policy.

To promote adoption of ai in economy, adjust consumption tax.

Aims to stabilize property market, curb local government debt.

Aiming to promote cross-border use of renminbi.

Aims to further open up its services sector.

Will prevent disorderly, wasteful investment by local governments.