Following Premier Li Qiang's government work report setting a 2026 GDP growth target of 4.5-5%, Zheng Shanjie of the National Development and Reform Commission projected over 6 trillion yuan GDP growth this year at the NPC economy press conference. The service sector is expected to exceed 100 trillion yuan during the 15th Five-Year Plan (2026-2030). Leaders including Xi Jinping emphasized high-quality development amid the sessions.
The fourth session of the 14th National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC)—known as the 'two sessions'—continue in Beijing in March 2026. At Friday's NPC economy press conference, National Development and Reform Commission head Zheng Shanjie forecasted China's GDP growth exceeding 6 trillion yuan ($869.6 billion) in 2026, bolstering employment, livelihoods, and risk prevention.
Zheng projected the service sector surpassing 100 trillion yuan ($14.49 trillion) in the 15th Five-Year Plan period (2026-2030), with supportive measures underway. Commerce Minister Wang Wentao highlighted China leading the world in consumer market size by purchasing power parity during the 14th Five-Year Plan (2021-2025). China Securities Regulatory Commission Chairman Wu Qing noted A-share market capitalization over 110 trillion yuan ($15.9 trillion). People's Bank of China Governor Pan Gongsheng affirmed no intent to devalue the yuan for trade advantages.
Zheng added that AI-related industries could reach over 10 trillion yuan ($1.45 trillion) by 2030, BeiDou satellite industries topping 1 trillion yuan ($144.9 billion), and six emerging pillar industries exceeding 10 trillion yuan total by 2030 (nearing 6 trillion yuan output in 2025).
President Xi Jinping joined CPPCC advisors Friday, engaging with groups on medicine, health, welfare, and security. Thursday, Premier Li Qiang urged Yunnan deputies to address risks proactively; top legislator Zhao Leji called on Sichuan deputies to advance the 15th Five-Year Plan and modern industry.
These updates build on the government report's priorities, with analysts noting benefits for the Asia-Pacific via market access, infrastructure, and tech investments.
