Overview
- The meetings this week will release the 15th Five-Year Plan and set 2026 policy and economic targets at the CPPCC and the NPC in Beijing.
- Premier Li Qiang is due to present the growth goal, with analysts expecting a 4.5%–5% target after 5% expansion in 2025 and 14 provinces lowering their aims.
- The plan is slated to prioritize high-tech manufacturing, green transition and supply chain resilience, with officials pledging to “create new demand through new supply,” though economists question whether it will lift weak consumption.
- Headwinds include a property slump, deflation pressures and youth unemployment, alongside a third straight year of population decline despite pledged childcare subsidies of about $500 annually per child under three.
- The defence budget will be unveiled as a sweeping PLA anti-corruption drive continues following January’s investigation of top general Zhang Youxia, with the tightly managed sessions expected to largely ratify pre-set decisions.