Chinas Key NPC Meeting Concludes with Lower Growth Target Announcement

China’s National People’s Congress Approves Economic Growth Target for 15th Five-Year Plan

The National People’s Congress, China’s annual legislative meeting, has concluded its proceedings after setting the country’s lowest economic growth target in nearly three decades. The meeting, which brings together nearly 3,000 delegates, formally approved an economic growth target of “4.5 to 5 percent” for the 15th five-year plan, which spans from 2026 to 2030.

The plan also sets targets for inflation, the fiscal deficit ratio, and urban unemployment, as well as long-term goals such as becoming a “moderately developed” country by 2035. China aims to raise its gross domestic product (GDP) per capita to $20,000 by 2035, up from $13,303 in 2024.

The plan includes targets for industrial self-reliance and increased state support for industries such as artificial intelligence, aerospace, and biomedicine. Beijing also plans to expand the use of the digital yuan, known as the e-CNY, to improve cross-border payments.

Government “work reports” released during the meeting provide insight into China’s progress in meeting its goals and future policy direction. The NPC’s Standing Committee reported that a law on combating cross-border corruption is expected to be passed soon, following President Xi Jinping’s long-running anticorruption drive.

The Supreme People’s Court reported a 22.4 percent increase in corruption cases last year involving 36,000 individuals. China’s military also identified combatting corruption as an important target in its annual work report, alongside ensuring political loyalty to Xi and the Chinese Communist Party.

The meeting is typically held for a week and brings together thousands of delegates to approve short- and mid-term policy measures. The “Two Sessions” meetings are known for their significance in shaping China’s economic and social policies.

Source: Al Jazeera