Takeaways from Chinese Premier Li Qiang’s government work report

South China Morning PostEN 1 min read 100% complete by Laura ZhouMarch 5, 2026 at 04:22 AM

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At the National People's Congress in Beijing, Premier Li Qiang presented the government's work report outlining China's priorities for 2026. Key targets include a GDP growth of 4.5-5%, a consumer price index increase of around 2%, and a fiscal deficit of approximately 4% of GDP. The government plans to support the private sector and foster emerging industries like energy, quantum technology, AI, brain-computer interfaces, and 6G. The report also addressed the 15th five-year plan (2026-2030), aiming to maintain annual GDP growth within an "appropriate range." The GDP growth target is the least ambitious since 1991, signaling a formal downgrade since 2023.

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Key Player Opposition Context

SCMP 40% Great Hall of the People 50% National People's Congress (NPC) 70% Beijing ×280% Li Qiang 90%

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economic growth 90% gdp 80% private sector 70% innovation 60% future industries 60% five-year plan 50% fiscal budget deficit 50% li qiang 40% r&d spending 40%

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South China Morning Post

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