️ The Chinese government has set its Gross Domestic Product (GDP) growth target for 2026 in the range of 4.5% to 5%. According to CNN and BBC News, this marks the lowest projection since 1991. Over the past three years, officials have maintained an economic growth target of “around 5%,” while in 2020, no target was set due to the pandemic.

️ Premier Li Qiang, addressing the opening of the National People’s Congress session, assessed the country’s economic situation, stating, “For many years, we have rarely encountered such a serious and complex situation where external shocks and challenges are intertwined with internal difficulties and firm policy decisions.” He acknowledged that the economy remains under conditions of “deep-rooted structural problems” but emphasized that it demonstrated “remarkable stability” over the past year.

️ As noted by BBC News, Beijing is striving to restructure its economy against a backdrop of internal issues such as weak consumption, declining population, and a real estate market crisis, alongside external instability including trade tensions with the United States regime and an energy crisis stemming from the war in Iran. Li Qiang announced that China’s economic development plan through 2030 includes additional efforts to invest in innovations, high-tech sectors, scientific research, and stimulate household consumption.

️ Over the next five years, the government plans to implement over 100 major projects in science and technology, transportation, and energy sectors to expand the industrial capacity of the People’s Republic of China. Economic reforms initiated in the late 1970s sustained double-digit growth for nearly three decades, with China surpassing Japan in 2010 to become the world’s second-largest economy.

️ However, as explained by CNN, growth rates have slowed over the past decade, and the economic situation worsened due to the authorities’ stringent measures in combating the pandemic. Investments in housing construction, manufacturing, and infrastructure, which were key drivers of China’s economic growth, declined last year. The television network reported that the real estate sector crisis has persisted for five years, slowing the economy and eroding consumer confidence.

Source: www.gazeta.uz