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NEWSCMP Economy Series

‘Two sessions’: China’s economic agenda

Ahead of China’s annual legislative meetings, the South China Morning Post examines the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications.

Updated: 04 Mar, 2026

Tourists visit a commercial street in Hubei, central China during the Chinese New Year holiday. Photo: Xinhua

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[1]

After years of ‘at-all-costs’ growth, China wants cadres to ditch GDP obsession

Five-month campaign seen prioritising social welfare and long-term sustainability over economic expansion, with debt, fraud and vanity projects in crosshairs.

27 Feb, 2026

A child waves a Chinese flag near Tiananmen Gate in Beijing on February 19. China’s leadership is calling for local-level cadres across the country to do work that “benefits the people”. Photo: AP

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[2]

China’s pivot from GDP obsession sparks cadre confusion, tests local governance

Governors and mayors must reconcile Beijing’s people-centric mandates with traditional growth targets, navigating vague appraisal changes and performance concepts.

28 Feb, 2026

A vendor sits at the doorway to her store in Beijing on February 18. China’s leadership is pivoting towards people-centric, consumption-led economic growth. Photo: Getty Images

[3]

How China could narrow a tech hub’s income gap – and avoid Silicon Valley’s fate

As tech mecca Zhejiang province sees wealth soar on the back of robotics, gaming and AI, Beijing hopes to avert a wide income disparity.

01 Mar, 2026

An employee works on the production line of the Tashan hip-assisted exoskeleton at a workshop in Hangzhou, capital of Zhejiang province. Photo: China News Service/VCG via Getty Images

[4]

How China could untangle its private firms’ complex debt burdens

As private businesses grapple with cash flow challenges, entrepreneurs say they want the settling of outstanding debts to be made a priority.

02 Mar, 2026

Workers install insulation on a residential building under construction in Beijing in December. Photo: AP

[5]

Chinese officials, car executives may discuss capping EV output

As China’s EV industry faces slowing growth, officials may discuss capping output and boosting tech innovation to combat price wars.

02 Mar, 2026

Employees work on the assembly line of new energy vehicles at Zero Run’s plant in Jinhua, Zhejiang province. Photo: VCG via Getty Images

[6]

Investors lock onto NPC as markets seek policy lift amid AI jitters

With Chinese stocks drifting and global markets spooked by artificial intelligence fears, traders are eyeing the ‘two sessions’ for catalysts.

03 Mar, 2026

More than 2,000 delegates from across the nation will convene in Beijing for the annual meeting of the National People’s Congress, China’s top legislature, scheduled to open on March 5. Photo: AP

[7]

Can China’s ‘two sessions’ find a strategy to fix the property rot?

China signals shift from debt-driven housing growth, but sweeping stimulus seen as unlikely.

04 Mar, 2026

Calls to ‘accelerate the development of a new model for real estate’ have featured prominently in government work reports. Pnoto: AFP

[8]

Healthcare investors looking to ‘two sessions’ for clarity on drug pricing

Healthcare and insurance sectors will see policy fine-tuning, ‘moral support’ rather than ‘groundbreaking news’ from Beijing, analysts say.

04 Mar, 2026

Staff members dispense medicines at a pharmacy in Wuhan, in central China’s Hubei province, on February 27, 2020. Photo: Xinhua