Guangzhou (JLC), March 5, 2026--China targets a gross domestic product (GDP) growth target of 4.5-5.0% this year, according to Premier Li Qiang's first government work report delivered on Thursday.
The 2026 target is slightly lower than last year's target. China achieved a GDP growth of 5.0% in 2025, in line with its annual goal, data from the National Bureau of Statistics showed.
The country will strive to create more than 12 million jobs in urban areas this year and keep the surveyed urban unemployment rate at around 5.5%.
Meanwhile, consumer price index growth will be controlled at around 2%, the premier said. Efforts will be made to ensure that resident income grows along with the economy and the balance of payments maintains a basic equilibrium.
The government also plans to cut carbon emissions per unit of GDP by around 3.8%.
Budgetary objectives and fiscal measures
China set its deficit-to-GDP ratio at 4% for 2026, implying a deficit scale of CNY5.89 trillion, an increase of CNY230 billion from the 2025 budget figure.
General public budget expenditure is projected to reach CNY30 trillion for the first time in 2026, the report said.
The country plans to issue CNY1.3 trillion in ultra-long special treasury bonds in 2026. It will allocate CNY250 billion to support the consumer goods trade-in program and CNY800 billion to implement major national strategies and enhance security capacity in key areas.
At the same time, the government will also issue CNY4.4 trillion of local government special-purpose bonds.
A total of CNY755 billion will be earmarked in this year's central government budget for investment.
