Zheng Shanjie, head of the National Development and Reform Commission (NDRC), China's top economic planner Photo: VCG

China's 2026 GDP target of 4.5 percent to 5 percent growth while striving for better in practice was proposed based on comprehensive assessment and prudent judgment, and the country has a solid foundation to achieve this goal, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), China's top economic planner, said on Thursday.

Zheng made the remarks at a press conference on the sidelines of the fourth session of the 14th National People's Congress on Thursday. 

Notably, China's GDP increment in 2026 will exceed 6 trillion yuan, equivalent to the annual GDP of a developed economy, which will provide strong support for stabilizing employment, improving people's livelihoods and preventing risks, Zheng said.

China's economic output has exceeded 140 trillion yuan, while globally notable innovation achievements have also improved people's livelihoods. In addition, institutional strengths have effectively helped the country respond to various risks and challenges, Zheng noted. These three factors, he said, "give us the confidence and capability to address risks and market fluctuations from all sides and achieve our established and expected goals."

Zheng also noted that China remains clear-eyed that many difficulties and problems still exist in economic and social development, and that 2026 marks the beginning of the 15th Five-Year Plan (2026-30) period, requiring solid implementation of the decisions made at the Central Economic Work Conference and the arrangements outlined in the Government Work Report.

The NDRC will strengthen macroeconomic regulation and enhance policy coordination across fiscal, monetary, industrial, investment, employment, consumption, price and regional policies, he said.

The NDRC will also step up efforts to build a strong domestic market, focusing on consumption and investment. A special campaign will boost consumption by promoting employment and improving service sector quality, while investment will advance water, power, computing, communications, urban pipeline and logistics networks, as well as infrastructure in areas such as integrated transport, the low-altitude economy, "AI Plus Initiative," education and healthcare. Zheng said that investment in these areas is expected to exceed 7 trillion yuan in 2026.

Efforts will be made to improve the modern industrial system. About 200 billion yuan in ultra-long-term special treasury bonds will support equipment upgrades and manufacturing upgrading, while emerging and future industries will be promoted. The BeiDou industry is expected to exceed 1 trillion yuan within five years, and the AI-related sector will surpass 10 trillion yuan by the end of the 15th Five-Year Plan period. A national-level M&A fund will also be launched this year, expected to leverage more than 1 trillion yuan in capital, Zheng said.

Zheng also stressed the need to remove bottlenecks hindering economic and social development by improving the legal framework and reducing barriers and unreasonable restrictions.

Global Times