Foreign media said China lowered this year's gross domestic product (GDP) growth target to 4.5–5%.
According to Reuters on Mar. 5, the work report that Premier Li Qiang of the China State Council is set to deliver at the opening ceremony of the National People's Congress of China at the Great Hall of the People in Beijing includes this content.
Since 2023, after COVID-19, China set its growth target at "around 5%" for three consecutive years through last year, and the actual growth rates were 5.2%, 5.0%, and 5.0%, respectively. However, as uncertainty has grown with the real estate crisis, sluggish domestic demand, and youth unemployment, compounded by U.S. tariff pressure and technology controls, it appears the growth target has been slightly revised downward.
The National People's Congress of China opens at 9 a.m. local time. At the opening ceremony, Li is expected to present this year's GDP growth target and key policy directions. Attention is on how much defense spending in this year's budget will be increased, and whether there will be concrete signals on U.S.-China strategy amid U.S. airstrikes on Iran.