China unveils major development targets for the 2026–2030 period

Beijing – China on Thursday, 5 March announced a set of major development targets for the 2026–2030 period as the government work report was submitted to the National People’s Congress, the country’s top legislative body, for discussion. According to the report, over the next five years China aims to keep GDP growth within a reasonable range, with the annual growth rate to be determined by actual conditions. This would provide a solid foundation for achieving the goal of doubling China’s GDP per capita by 2035 from 2020 levels, in order to reach the status of a relatively advanced economy, the report said. To pursue innovation- and environmentally-friendly development, China projects an average annual growth in national R&D spending of no less than 7 percent, as well as a total reduction of CO2 emissions per unit of GDP by 17 percent between 2026 and 2030, the report continued. The report also states that China proposes to raise the added value of the core digital economy to 12.5 percent of GDP and to increase life expectancy to 80 years. To ensure effective implementation of the goals and tasks of the Fifteenth Five-Year Plan, China proposes a total of 109 major projects across six areas, ranging from directing the development of new, higher-quality productive forces to ensuring and improving people’s welfare.