March 5 (Asia Today) -- China has lowered its economic growth target to between 4.5% and 5% for 2026, marking the lowest level in about 35 years as the country grapples with deflation, weak domestic demand and mounting external pressures.
Chinese Premier Li Qiang announced the target Wednesday in a government work report at the opening of the Fourth Session of the 14th National People's Congress in Beijing.
The new range represents a modest reduction from the government's previous goal of growth of "around 5%," which had been maintained for the past three years. The change signals that Chinese leaders acknowledge mounting economic challenges.
One of the biggest concerns is the prolonged downturn in the country's real estate sector, which analysts estimate accounts for roughly a quarter of China's gross domestic product. The continued slump has contributed to weakening consumer spending.
Related
