China confident of achieving 2026 growth target

China has a solid foundation to achieve its GDP growth target of 4.5 to 5 percent in 2026, underpinned by the country's vast economic scale, growing innovation capabilities and institutional strengths in managing risks, according to the country's top economic regulator. 

"China's economy exceeded 140 trillion yuan ($20.3 trillion) last year, reaching a new level and marking the successful conclusion of the 14th Five-Year Plan (2021-25) period," said Zheng Shanjie, head of the National Development and Reform Commission. He made the remarks at a news conference on economy in Beijing on Friday during the ongoing fourth session of the 14th National People's Congress, the country's top legislature. 

He said China's technological innovation has drawn global attention in terms of achievements and breakthroughs, reflecting stronger development momentum, while the country's institutional strengths allow it to steadily, flexibly and effectively deal with risks and external challenges. 

"These advantages—our huge economic scale, dynamic innovation and institutional strengths—give us the confidence to cope with risks and market fluctuations and achieve the preset targets," Zheng said. 

To achieve the goals and make a strong start to the 15th Five-Year Plan (2026-30) period, Zheng said the country will continue to implement more proactive and effective macroeconomic policies while strengthening both countercyclical and cross-cyclical adjustments.

Authorities will also enhance coordination among fiscal, monetary, industrial and employment policies, along with measures related to consumption, prices, regional development and investment, to maximize their combined impact, he added. 

"If economic conditions evolve normally, China's economic expansion this year could add more than 6 trillion yuan to output, an increment roughly equivalent to the annual economic size of a developed economy," Zheng noted. "Such growth would provide strong support for stabilizing employment, improving people's livelihoods and mitigating risks." 

Meanwhile, Zheng said strengthening the domestic market will be another priority, with policies aimed at boosting both consumption and investment. 

China already ranks first globally in terms of goods consumption volumes, Zheng said, noting that authorities will continue implementing programs aimed at encouraging large-scale equipment upgrades and consumer goods trade-ins.

The government will also roll out new initiatives to stimulate consumption, including new measures to stabilize employment, expand job opportunities and upgrade service-sector capacity. 

On the investment side, authorities will expand government investment while encouraging greater participation from private sector and promoting joint efforts by State-owned and private enterprises. 

Zheng said China will advance 109 major projects mapped out in the 15th Five-Year Plan, while stepping up effective investment in infrastructure and public services. 

Priority infrastructure includes six key national networks—water, power, computing capacity, next-generation communications, underground urban pipelines and logistics systems—along with major projects in areas like integrated transportation, consumption, low-altitude economy, "Artificial Intelligence Plus" and public services such as education and healthcare. "Investment in these areas is expected to exceed 7 trillion yuan this year," Zheng added.

Looking ahead, another priority will be strengthening China's modern industrial system by promoting technological and industrial innovations, as well as integrating advanced manufacturing with modern services. In addition, authorities will support the transformation and upgrading of traditional industries while fostering new growth drivers, Zheng said. 

Notably, during the 15th Five-Year Plan period, the size of China's services sector is expected to surpass 100 trillion yuan, Zheng highlighted. 

At the same time, policymakers will foster emerging and future industries and implement industrial innovation programs. 

For example, China will expand large-scale applications of the BeiDou Navigation Satellite System, widely used in smartphone navigation, emergency response and maritime operations, with the industry expected to exceed 1 trillion yuan in size within five years. 

Authorities will also deepen the "AI Plus" initiative to integrate AI into various industries, with the scale of AI-related industries projected to exceed 10 trillion yuan by the end of the 15th Five-Year Plan period, Zheng said. 

ouyangshijia@chinadaily.com.cn