Graphics: Decoding China's 2026 targets and 15th Five-Year blueprint

China targets an economic growth of 4.5%-5% for 2026, the opening year of the 15th Five-Year Plan (2026–2030) period, according to a government work report submitted to the country's top legislature for deliberation on Thursday.

Other main goals include a surveyed urban unemployment rate of around 5.5%, over 12 million new urban jobs, an increase in the consumer price index (CPI) of around 2%, personal income growth in step with economic growth, a basic equilibrium in the balance of payments, grain output of around 700 million tonnes, and a reduction of around 3.8% in carbon dioxide emissions per unit of gross domestic product (GDP).

Looking further ahead, the 15th Five-Year Plan outlines broader structural objectives. Over the next five years, China expects to keep its GDP growth within an appropriate range, with annual growth rates to be determined in light of actual conditions. 

To pursue innovation-led and green development, China projects an annual average increase of at least 7% in nationwide R&D spending, and envisages a total reduction of 17% in carbon dioxide emissions per unit of GDP between 2026 and 2030, the report said. China also proposes raising the value added of core digital economy industries to 12.5% of GDP and life expectancy to 80 years.

The blueprint builds on solid results from the 14th Five-Year Plan period (2021–2025). China's GDP expanded at an average annual rate of 5.4%, reaching 140.19 trillion yuan (around $20 trillion) in 2025. That year alone saw 12.67 million new urban jobs created, grain output hit 715 million tonnes, and total retail sales exceeded 50 trillion yuan.

The people's well-being was elevated to a new level, the report said. Per capita disposable income increased at an average annual rate of 5.4%, a total of over 60 million urban jobs were created, and life expectancy reached 79.25 years.