China’s key NPC meeting comes to a close as lower growth target set
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China's National People's Congress (NPC) concluded its annual meeting on March 12, 2026, approving the 15th five-year plan, an economic roadmap for 2026-2030. Nearly 3,000 delegates formally approved an economic growth target of "4.5 to 5 percent", the lowest in nearly 30 years, excluding the pandemic period. The plan includes targets for inflation, fiscal deficit, and unemployment, aiming for China to become a "moderately developed" country by 2035 with a GDP per capita of $20,000. China intends to address economic challenges like the property sector collapse and deflation through industrial self-reliance and state support for key industries, including AI and advanced technologies. The plan also focuses on expanding the use of the digital yuan (e-CNY) for cross-border payments.
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