China sets lowest GDP growth target on record at 4.5% to 5%
CNBC • • general
Key Points:
- China set its 2026 GDP growth target at 4.5% to 5%, the lowest since the early 1990s, reflecting challenges like deflation, trade tensions with the U.S., and weak domestic demand.
- The government maintained its budget deficit target at around 4% of GDP, the highest since 2010, and kept the consumer inflation target steady at around 2%, signaling subdued inflation expectations.
- Premier Li Qiang emphasized the shift from prioritizing high growth numbers to focusing on "quality-first" growth amid structural economic issues and a challenging international environment.
- China plans significant fiscal measures including issuing 1.3 trillion yuan in ultra-long-term treasury bonds and 4.4 trillion yuan
