06:33 ETChina sets GDP growth target for 2026, eyeing stronger results

, /PRNewswire/ -- This is a report from China SCIO: China has set an economic growth target of 4.5% to 5% for this year, while pledging to strive for better results as authorities aim to balance structural reforms, risk prevention, and long-term development goals. The goals are outlined in this year's government work report submitted Thursday to the national legislature for deliberation. At a press briefing, Shen Danyang, director of the State Council Research Office, described the goal as a "two-part target": maintaining growth within the 4.5-5% range while "striving for better in practice." The approach, he said, reflects both ambition and prudence amid evolving domestic and international conditions. According to Shen, who headed the report's drafting team, the growth target allows room for economic restructuring, risk prevention, and further reforms, while remaining aligned with China's long-term development vision. China aims to raise per capita GDP to the average level of developed countries by 2035, a goal set at the fifth plenary session of the 19th Communist Party of China Central Committee. During the 14th Five-Year Plan period (2021-2025), the economy expanded at an average annual rate of 5.4%, providing a foundation for future growth. Based on expert estimates, Shen said, China would need average annual growth exceeding 4.17% over the next decade to achieve the 2035 target of a per capita GDP of more than US$20,000, doubling the figure from 2020. "The proposed target is consistent with China's growth potential," Shen said, noting that forecasts from international institutions, economists, and think tanks broadly align with the government's expectations. Employment considerations were also a key factor behind the target. Around 20 million people are expected to enter the labor market this year, and even after accounting for vacancies due to retirement and other factors, the country will still need to create about 12 million new jobs, said Chen Changsheng, a member of the government work report drafting team and deputy director of the State Council Research Office. Based on the relationship between economic growth and job creation in recent years, Chen said growth of 4.5-5% would be necessary to support employment at that scale. Shen added that setting a range-based target, rather than a fixed number, allows flexibility in responding to uncertainties in the global environment. It also allows local governments to set development goals suited to their own conditions, while guiding policymakers to prioritize high-quality growth. Despite an increasingly complex and volatile external environment, Shen expressed confidence in China's economic resilience. He said the country continues to benefit from its strong underlying vitality, a continuously improving economic structure, and the rapid development of new quality productive forces. China will continue implementing more proactive and effective macro policies and deepen reforms in key sectors this year, steps that are expected to further unlock growth potential. "With these favorable conditions fully utilized, we believe it is entirely possible to achieve better results," Shen said. China sets GDP growth target for 2026, eyeing stronger results http://english.scio.gov.cn/pressroom/2026-03/06/content_118366169.html SOURCE China SCIO