China sets lowest GDP growth target for decades as it braces for economic slowdown

The meeting of the National People’s Congress (NPC), one of China’s Two Sessions meetings, got underway in Beijing on Thursday. Photograph: Andrés Martínez Casares/EPA

China has set its target for GDP growth to a record low of 4.5-5%, the first time since 1991 that the figure has dropped below 5%, reflecting an economic strategy that is shifting away from export-led growth to a model that leaders hope will be more resilient to external shocks.

Li Qiang, China’s premier, announced the target for 2026 in the opening session of the National People’s Congress (NPC), China’s annual parliamentary gathering, which began on Thursday.