China sets lowest economic growth target since 1991

China has set its annual economic growth target at 4.5% to 5%, the country’s lowest goal since 1991, reflecting challenges such as weak domestic spending, a property crisis and a shrinking population, according to Reuters.

The target was announced at China’s main annual political meetings, known as the «two sessions,» where the country’s top officials shared early details of the 15th Five-Year Plan. Once approved at the end of the week-long meeting, the document will set economic goals for the nation through 2030.

China last changed its growth target in 2023, setting it at «around 5%.» In 2020, no target was announced because of the COVID-19 pandemic.

Premier Li Qiang presented the targets in a report to delegates. He said the new five-year plan will focus on innovation, high-tech industries, scientific research and boosting household spending. The plan also lists more than 100 major projects to expand China’s industrial capacity, particularly in technology, transportation and energy.

China also plans to expand renewable energy production and reduce carbon emissions. The five-year plan further addresses demographic challenges by promoting what officials describe as a «childbirth-friendly society.»