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Current Affairs

As China charts a new course, Hong Kong writes its next chapter

With the conclusion of China’s parliamentary “two sessions”, the approval of the 2026 government work report and 15th five-year plan – together with the foreign…

By Samantha Johnson / March 22, 2026
With the conclusion of China’s parliamentary “two sessions”, the approval of the 2026 government work report and 15th five-year plan – together with the foreign minister’s press conference – has sent a clear signal of China pursuing steady and quality-driven growth while projecting a firm and timely voice on the world stage.
In the work report, Premier Li Qiang noted that China’s gross domestic product grew by 5 per cent last year, surpassing 140 trillion yuan (US$20.3 trillion). This year’s growth target has been set in the range of 4.5-5 per cent. Li’s emphasis that we will “strive for better results in practice” is to align with the goal of doubling the 2020 per capita GDP and realising the medium- to long-term economic potential.

The shift to a target range reflects strategic flexibility – a pragmatic approach that balances ambition with stability. On one hand, it allows room for structural adjustments, risk prevention and reforms. On the other, the goal is firmly within China’s growth potential and among the highest of the major economies, a positive signal for the global economy.

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What will China do in the next five years, and how? The five-year plan provides clear answers.

On innovation: research and development spending is set to grow by over 7 per cent annually, with the digital economy’s core industries targeted to make up 12.5 per cent of GDP. On the environment: a 17 per cent cut in carbon emissions per unit of GDP, backed by a new national low-carbon transition fund. On food and energy security: grain production capacity is set to stabilise at around 725 million tonnes, and energy production capacity at 5.8 billion tonnes of standard coal. And on people’s well-being: the goal is to raise average education levels for the working-age population to 11.7 years, and life expectancy to 80.

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