China set the country's lowest annual growth target in decades today at its yearly Two Sessions parliamentary gathering, where the government will unveil its plans to tackle sluggish consumption and a flagging property market.
For 2026, China expects growth of 4.5-5%, according to a government work report issued Thursday, "with efforts in actual work to strive for even better results".
In 2025, it had set a target of around 5%.
This year's is the lowest target in decades, barring 2020, when no goal was set as the economy reeled from the Covid-19 pandemic.
China's leaders say the economic model must shift away from traditional drivers like exports and manufacturing, and towards consumption-based growth.
Other "main projected targets for development" in 2026 include an increase in the consumer price index of around 2%, and "growth in residents' income in step with economic growth".
