Takeaways from Chinese Premier Li Qiang’s government work report

Beijing laid out a list of priorities for the economy, innovation and the military for this year at the opening session of the National People’s Congress (NPC) at the Great Hall of the People on Thursday.Here are the major takeaways from this year’s government work report and budget report:Major targets for 2026 Gross domestic product growth of 4.5-5 per cent A consumer price index increase of around 2 per cent A fiscal budget deficit of around 4 per cent of GDP Research and development spending to grow by 10 per cent Economic resilience and the private sectorThis year’s GDP growth target confirmed an earlier report by the SCMP. It marks the first formal downgrade since 2023 and is the least ambitious expansion goal since 1991.Li said the government would roll out new measures to support the private sector, protect its legitimate interests, and support the young generation of entrepreneurs.Focus on future industriesBeijing will foster and strengthen emerging and future industries in 2026, with special attention on energy, quantum technology, embodied artificial intelligence, brain- computer interfaces and 6G technology.The five-year planChina aims to keep annual GDP growth within “an appropriate range” in the 2026-2030 period under the 15th five-year plan.