The 4th Session of the 14th National People’s Congress opened at 9 a.m. on the morning of March 5th at the Great Hall of the People in Beijing, hearing Chinese Premier Li Qiang deliver the government work report. The report announced this year’s economic growth target is set at 4.5% to 5%, with the deficit ratio planned at around 4%, and the deficit size at 5.89 trillion yuan (3.36 trillion ringgit), up by 230 billion yuan (131.4 billion ringgit) from last year. It also proposed promoting deep integration of technological innovation and industrial innovation, constructing international science and technology innovation centers in Beijing (Jing-Jin-Ji region), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macau Greater Bay Area, to build world-class sources of scientific and technological innovation.
● Promoting Reasonable Quantitative Economic Growth
Li Qiang emphasized the need to continuously prevent and resolve risks in key sectors, promote the effective qualitative improvement and reasonable quantitative growth of the economy, and achieve a good start to the 15th Five-Year Plan (2026 to 2030).
Li Qiang stated that, centering on the implementation of the goals and tasks of the 15th Five-Year Plan, and taking into account strategy, pivotal actions, and continuity, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of China (draft)" proposes 109 major projects in six areas. In leading the development of new quality productive forces, 28 projects are proposed focusing on enhancing industrial foundation capabilities and competitiveness, developing new industries and new tracks, tackling frontier technologies, and improving innovation capacity.
He also said: “We will focus on leveraging government investment to bring in social forces, making better use of major projects to strengthen foundations, address weaknesses, and generate new momentum.”
Li Qiang emphasized that this year is the first year of the 15th Five-Year Plan. To perform government work well, more proactive and effective macro policies need to be implemented, policy foresight, targeting, and coordination must be enhanced; continue to expand domestic demand, optimize supply, improve new incremental output and activate existing assets; develop new quality productive forces based on local strengths; advance the development of a unified national market; continuously guard against and resolve risks in key areas; focus on stabilizing employment, enterprises, markets, and expectations; promote effective qualitative improvement and reasonable quantitative growth in the economy; maintain social harmony and stability; and ensure a good start to the 15th Five-Year Plan.
Li Qiang emphasized the need to continuously prevent and resolve risks in key sectors, promote the effective qualitative improvement and reasonable quantitative growth of the economy, and achieve a good start to the 15th Five-Year Plan (2026 to 2030).
Li Qiang stated that, centering on the implementation of the goals and tasks of the 15th Five-Year Plan, and taking into account strategy, pivotal actions, and continuity, the "Outline of the 15th Five-Year Plan for National Economic and Social Development of China (draft)" proposes 109 major projects in six areas. In leading the development of new quality productive forces, 28 projects are proposed focusing on enhancing industrial foundation capabilities and competitiveness, developing new industries and new tracks, tackling frontier technologies, and improving innovation capacity.
He also said: “We will focus on leveraging government investment to bring in social forces, making better use of major projects to strengthen foundations, address weaknesses, and generate new momentum.”
Li Qiang emphasized that this year is the first year of the 15th Five-Year Plan. To perform government work well, more proactive and effective macro policies need to be implemented, policy foresight, targeting, and coordination must be enhanced; continue to expand domestic demand, optimize supply, improve new incremental output and activate existing assets; develop new quality productive forces based on local strengths; advance the development of a unified national market; continuously guard against and resolve risks in key areas; focus on stabilizing employment, enterprises, markets, and expectations; promote effective qualitative improvement and reasonable quantitative growth in the economy; maintain social harmony and stability; and ensure a good start to the 15th Five-Year Plan.