Thousands of Chinese officials have gathered in Beijing for the National People’s Congress, where a 4.5 to 5 percent GDP growth target for 2026 was approved. Facing an economic slowdown, China aims to shift towards quality over quantity, focusing on household income growth and public services access. The country also plans to expand defense spending, transition to a consumption-driven economy, and address social and environmental issues like population decline and carbon emissions. The NPC and CPPCC meetings are known as the “Two Sessions”, culminating in the release of China’s 15th Five-Year Plan outlining mid-term development targets for 2026 to 2030.
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