https://www.scmp.com/rss/505241/feed China’s gross domestic product (GDP) is the value of all goods and services produced within the country during a specific time. Its GDP, and in particular its GDP growth rate, have come under particular focus during the US-China trade war as the export-driven economy struggles under American tariffs. China’s quarterly growth rate averaged 9.4 per cent from 1989 until 2019, reaching an all time high of 15.4 per cent in the first quarter of 1993. But under pressure from the trade war with the... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com He Huifeng He Huifeng Beijing is intensifying its enforcement against tax evasion, extending its reach into consumption taxes, which have been positioned as a critical source of stabilising local government finances that have been hit hard by the nation’s prolonged property crisis. Earlier this month, the State Taxation Administration (STA) released details of eight tax-violation cases involving sectors such as gold jewellery, alcoholic beverages and refined oil. The enforcement actions spanned multiple regions,... https://www.scmp.com/economy/china-economy/article/3351320/china-ramps-hunt-tax-evaders-frames-consumption-levies-fiscal-lifelines?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3351320/china-ramps-hunt-tax-evaders-frames-consumption-levies-fiscal-lifelines?utm_source=rss_feed Fri, 24 Apr 2026 14:00:14 +0000 Xinyi Wu Xinyi Wu Despite China’s stronger-than-expected first-quarter economic growth, young jobseekers found little respite as March brought a rise in youth unemployment across urban areas, snapping six straight months of decline. The jobless rate for the 16-to-24 age group, excluding students, edged up to 16.9 per cent in March from 16.1 per cent in February, according to data released by the National Bureau of Statistics on Tuesday. The job market, weighed down by deflationary pressures and external... https://www.scmp.com/economy/china-economy/article/3350813/chinas-youth-unemployment-crunch-deepens-record-graduation-season-looms?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3350813/chinas-youth-unemployment-crunch-deepens-record-graduation-season-looms?utm_source=rss_feed Tue, 21 Apr 2026 03:53:36 +0000 Ralph Jennings Ralph Jennings China’s central bank chief has urged the IMF to serve as a bulwark against “rising unilateralism”, at a time when escalating trade restrictions and an intensified Middle East conflict threaten energy and food security. The International Monetary Fund should “take a clear stand against protectionism and defend multilateralism”, People’s Bank of China governor Pan Gongsheng said in a statement to the fund’s International Monetary and Financial Committee, for its 53rd meeting, held on Thursday and... https://www.scmp.com/economy/global-economy/article/3350718/china-presses-imf-quota-reform-better-surveillance-advanced-economies?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3350718/china-presses-imf-quota-reform-better-surveillance-advanced-economies?utm_source=rss_feed Mon, 20 Apr 2026 09:05:04 +0000 Ralph Jennings Ralph Jennings Asia-Pacific economies are likely to suffer a slowdown in growth this year, as rising costs linked to the US-Israel war on Iran combine with lingering trade uncertainty to threaten global trade flows, according to forecasts by top international organisations. The predictions come despite China showing resilience in the first quarter by posting better-than-expected growth of 5 per cent and finance minister Lan Foan last week stressing that the world’s second-largest economy would remain an engine... https://www.scmp.com/economy/china-economy/article/3350676/asia-growth-forecasts-slashed-iran-war-and-tariffs-threaten-supply-chains?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3350676/asia-growth-forecasts-slashed-iran-war-and-tariffs-threaten-supply-chains?utm_source=rss_feed Mon, 20 Apr 2026 05:00:10 +0000 Neil Denslow,Raymond Ma Neil Denslow,Raymond Ma China’s economy grew 5 per cent in the first quarter, surpassing expectations, as the nation weathered supply disruptions and higher oil prices caused by the US-Israeli war in Iran. Expansion accelerated from 4.5 per cent in the last three months of 2025, and beat the 4.9 per cent forecast among economists polled by Chinese financial data provider Wind. The number, announced on Thursday, hit the top end of the full-year growth target of 4.5-5 per cent. Quicker-than-expected growth reflected a... https://www.scmp.com/plus/economy/china-economy/article/3350304/chinas-economic-boom-masks-iran-war-slowdown?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3350304/chinas-economic-boom-masks-iran-war-slowdown?utm_source=rss_feed Thu, 16 Apr 2026 09:00:46 +0000 Xinyi Wu,Mia Nurmamat Xinyi Wu,Mia Nurmamat China’s economy grew 5 per cent year on year in the first quarter, beating market expectations despite the global impact of the US-Israel war in Iran, which analysts said indicates the country remains on track to meet its full-year growth target without the need for near-term stimulus. The closely watched gross domestic product growth figure, released by the National Bureau of Statistics (NBS) on Thursday, beat the 4.86 per cent forecast by economists polled by financial data provider Wind. It... https://www.scmp.com/economy/economic-indicators/article/3350237/china-records-5-gdp-growth-first-quarter-track-annual-target?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3350237/china-records-5-gdp-growth-first-quarter-track-annual-target?utm_source=rss_feed Thu, 16 Apr 2026 02:00:21 +0000 Mia Nurmamat Mia Nurmamat The US-Israeli war on Iran and the current Iranian and American blockades of shipping through the Strait of Hormuz are likely to overshadow China’s first-quarter economic performance, analysts said, with questions looming large about how the world’s second-largest economy will handle their impact. Many observers said they expect the leadership in Beijing will adopt a wait-and-see approach, with little likelihood of an immediate stimulus to guarantee the country’s annual economic target is... https://www.scmp.com/economy/economic-indicators/article/3350181/analysts-doubt-iran-war-will-prompt-china-stimulus-tip-solid-first-quarter-gdp-growth?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3350181/analysts-doubt-iran-war-will-prompt-china-stimulus-tip-solid-first-quarter-gdp-growth?utm_source=rss_feed Wed, 15 Apr 2026 13:00:24 +0000 Ralph Jennings Ralph Jennings The International Monetary Fund (IMF) has lowered its global economic growth forecast, including for China, citing shocks from the US-Israeli war in Iran. In its flagship World Economic Outlook published on Tuesday, the IMF projected worldwide gross domestic product growth at 3.1 per cent this year, down 0.2 percentage points from its January estimate. China – the world’s second-largest economy – is now expected to expand by 4.4 per cent this year. That would miss the IMF’s January estimate by... https://www.scmp.com/economy/global-economy/article/3350042/imf-cuts-chinas-gdp-growth-forecast-44-iran-war-pressures-global-economy?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3350042/imf-cuts-chinas-gdp-growth-forecast-44-iran-war-pressures-global-economy?utm_source=rss_feed Tue, 14 Apr 2026 13:00:10 +0000 Mia Nurmamat Mia Nurmamat China’s factory-gate prices rose for the first time in more than three years in March, in an early sign that the US-Israel war on Iran is starting to affect producers in the world’s second-largest economy. The producer price index (PPI) – a measure of factory-gate prices – increased by 0.5 per cent year on year in March, according to data released by the National Bureau of Statistics on Friday. The result broke a long deflationary period stretching for 41 consecutive months, with rising global... https://www.scmp.com/economy/china-economy/article/3349582/chinas-factory-gate-prices-rise-first-time-3-years-iran-war-bites?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3349582/chinas-factory-gate-prices-rise-first-time-3-years-iran-war-bites?utm_source=rss_feed Fri, 10 Apr 2026 01:32:34 +0000 Ralph Jennings Ralph Jennings Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. For other interviews in the Open Questions series, click here. What impact will the oil shock arising from the Iran war have on the growth of Asian economies this year? Asia is greatly affected by the war... https://www.scmp.com/economy/china-economy/article/3348903/andrew-tilton-chinas-growth-prospects-economic-trajectory-wake-iran-war?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348903/andrew-tilton-chinas-growth-prospects-economic-trajectory-wake-iran-war?utm_source=rss_feed Sun, 05 Apr 2026 22:00:29 +0000 Sylvia Ma Sylvia Ma A leading Chinese state media outlet has run back-to-back front-page editorials over the past two days pushing back against claims that China’s economy is losing steam and that the global economy is experiencing a “China shock 2.0”. “Looking across the globe, China’s growth target stands out as second to none,” the state-run Economic Daily wrote in a Thursday editorial, noting that the country’s goal of achieving 4.5 to 5 per cent growth in 2026 was far higher than the 2.6 per cent global growth... https://www.scmp.com/economy/china-economy/article/3348787/china-shock-20-false-narrative-born-western-anxiety-chinese-media?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348787/china-shock-20-false-narrative-born-western-anxiety-chinese-media?utm_source=rss_feed Thu, 02 Apr 2026 07:55:43 +0000 Ralph Jennings Ralph Jennings Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs, speaks to the South China Morning Post about the long-term future of China’s economy after the “two sessions” in Beijing and ahead of an expected Xi-Trump summit – all during an oil crisis sparked by the US-Israel war against Iran. SCMP Plus readers get early access to articles in the Open Questions series. What impact will the oil shock arising from the Iran war have on the growth of Asian economies this year? Asia is greatly... https://www.scmp.com/plus/economy/china-economy/article/3348772/goldman-sachs-economist-sees-iran-war-testing-chinas-self-reliance?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3348772/goldman-sachs-economist-sees-iran-war-testing-chinas-self-reliance?utm_source=rss_feed Thu, 02 Apr 2026 07:30:04 +0000 Xinyi Wu Xinyi Wu China has sufficient leeway to cope with imported inflationary shocks from Middle East instability, a monetary-policy adviser to the People’s Bank of China said, but the country must balance those pressures with economic-growth risks. Huang Yiping, a member of the PBOC’s Monetary Policy Committee, said that China was already experiencing upwards pressure on prices. But China’s consumer price index (CPI), a key gauge of inflation, has remained below its official target of 2 per cent in recent... https://www.scmp.com/economy/china-economy/article/3348567/china-has-room-imported-inflation-economic-risks-rising-pboc-adviser?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348567/china-has-room-imported-inflation-economic-risks-rising-pboc-adviser?utm_source=rss_feed Tue, 31 Mar 2026 13:00:08 +0000 Ji Siqi Ji Siqi China has sufficient capacity to absorb external shocks from the Iran war and meet its annual economic growth target, a prominent economist said, while adding it was also preparing for the possibility that Washington might renege on trade deals. Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and a former chief economist at the World Bank, said on Thursday that no country could be spared from the economic impacts of the conflict in the Middle East, which... https://www.scmp.com/economy/china-economy/article/3348154/chinas-economy-big-enough-absorb-iran-war-shocks-says-justin-lin?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348154/chinas-economy-big-enough-absorb-iran-war-shocks-says-justin-lin?utm_source=rss_feed Fri, 27 Mar 2026 12:00:12 +0000 Xinyi Wu,Ji Siqi Xinyi Wu,Ji Siqi China is still on course to overtake the United States as the world’s largest economy in the next decade, as the global balance of power pivots towards Asia and America pursues a string of “self-defeating” policies, a prominent academic has said. While the Chinese economy is undergoing a structural transition, the current challenges facing the US are more severe, according to Li Cheng, the founding director of the University of Hong Kong’s Centre on Contemporary China and the World. The US is... https://www.scmp.com/economy/china-economy/article/3347863/china-still-track-supplant-us-worlds-no-1-economy-10-years-academic?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347863/china-still-track-supplant-us-worlds-no-1-economy-10-years-academic?utm_source=rss_feed Wed, 25 Mar 2026 14:00:10 +0000 Cui Jianchun Cui Jianchun 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... https://www.scmp.com/opinion/china-opinion/article/3347213/china-charts-new-course-hong-kong-writes-its-next-chapter?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347213/china-charts-new-course-hong-kong-writes-its-next-chapter?utm_source=rss_feed Sun, 22 Mar 2026 21:30:08 +0000 He Huifeng He Huifeng As China undergoes a sweeping economic transition, its regions are also in the process of embracing change. The powerhouses of yesteryear must adapt or risk falling behind, as traditional industries become less reliable growth drivers and new sectors take prominence. In this series, we explore three representative areas of the country as they attempt to navigate this rapidly changing environment. One morning in December, Zhang Li showed up for work as normal at Everwin Toys in Dongguan to find a... https://www.scmp.com/economy/china-economy/article/3347333/how-chinas-tech-transformation-putting-worlds-factory-tough-spot?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347333/how-chinas-tech-transformation-putting-worlds-factory-tough-spot?utm_source=rss_feed Sat, 21 Mar 2026 06:00:32 +0000 Xinyi Wu Xinyi Wu China’s urban youth unemployment rate fell in February for the sixth consecutive month, though the marginal improvement provides little reprieve for jobseekers in a challenging post-holiday labour market. The jobless rate for the 16-to-24 age group, excluding students, edged down to 16.1 per cent in February from 16.3 per cent in January, according to data released by the National Bureau of Statistics on Thursday. The figure has been gradually declining since August, when a record 12.2 million... https://www.scmp.com/economy/china-economy/article/3346838/chinas-youth-unemployment-falls-sixth-consecutive-month-february?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346838/chinas-youth-unemployment-falls-sixth-consecutive-month-february?utm_source=rss_feed Thu, 19 Mar 2026 07:57:31 +0000 Jeffrey Wu Jeffrey Wu Every spring when China’s policy blueprint is released at its “two sessions”, global headlines tend to focus on its GDP growth target. This year’s target of 4.5 to 5 per cent has been interpreted as evidence that the world’s second-largest economy is losing momentum under the weight of property woes, demographic decline and geopolitical tensions. However, the more consequential story is its new five-year plan (2026-2030). China’s latest economic road map suggests a deeper shift: away from a... https://www.scmp.com/opinion/china-opinion/article/3346443/china-re-engineering-its-economy-more-complex-world?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3346443/china-re-engineering-its-economy-more-complex-world?utm_source=rss_feed Tue, 17 Mar 2026 08:30:08 +0000 Carol Yang,Xinyi Wu Carol Yang,Xinyi Wu China’s economy got off to a strong start in 2026, as several indicators registered expectation-beating expansions in the first two months – though analysts cautioned the imminent energy crisis caused by the US-Israel war in Iran would present challenges for Beijing and the world at large in the months to come. Resilience in industrial output and retail sales, as well as a small expansion in fixed-asset investment, will provide a vital boost to Beijing as it strives to achieve an economic growth... https://www.scmp.com/economy/economic-indicators/article/3346697/chinas-economy-starts-2026-strongly-retail-sales-investment-rise?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3346697/chinas-economy-starts-2026-strongly-retail-sales-investment-rise?utm_source=rss_feed Mon, 16 Mar 2026 02:00:10 +0000 Yeon Woo Lee Yeon Woo Lee Declining fertility rates have long been viewed as a drag on economic growth, but the outlook may not be entirely bleak for Asian economies such as China, South Korea and Japan, analysts said. Demographic pressure was accelerating investment in robotics and artificial intelligence (AI) in these rapidly ageing yet technologically advanced countries, helping offset labour shortages and sustain productivity even as populations shrank, they argued. Analysts at Bank of America (BofA) Global Research... https://www.scmp.com/economy/china-economy/article/3346475/chinas-ai-adoption-may-limit-economic-fallout-its-rapidly-ageing-population-analysts?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346475/chinas-ai-adoption-may-limit-economic-fallout-its-rapidly-ageing-population-analysts?utm_source=rss_feed Fri, 13 Mar 2026 06:58:35 +0000 Xinyi Wu Xinyi Wu Some Chinese lawmakers and advisers are pushing to secure higher pensions for elderly farmers, underscoring the persistent income disparity between the country’s urban and rural residents. The latest government work report, approved on Thursday, confirmed a 20-yuan (US$2.91) monthly increase to basic pension payments for a third consecutive year, bringing the national minimum to 163 yuan. However, some deputies from China’s top legislature contend that this level is inadequate. “A pension of... https://www.scmp.com/economy/china-economy/article/3346368/chinas-rural-pensions-focus-lawmakers-fight-farmers-fair-share-amid-income-gap?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346368/chinas-rural-pensions-focus-lawmakers-fight-farmers-fair-share-amid-income-gap?utm_source=rss_feed Fri, 13 Mar 2026 00:00:11 +0000 Sylvia Ma Sylvia Ma Huang Yiping, a veteran Chinese economist, has attended countless policy forums and high-level summits over his long career. But one event at Peking University a decade ago stands out. Academic debates are often niche, sparsely attended affairs, but that afternoon in November 2016 was different. Seats in the auditorium were snatched up in minutes as people piled in to witness a showdown that had attracted nationwide attention. The public frenzy centred on a rare face-to-face clash between two... https://www.scmp.com/economy/china-economy/article/3346238/pivot-how-china-turbocharged-its-industrial-policy-and-remade-global-economy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346238/pivot-how-china-turbocharged-its-industrial-policy-and-remade-global-economy?utm_source=rss_feed Wed, 11 Mar 2026 22:00:08 +0000 Winston Mok Winston Mok This year’s government work report delivered by Premier Li Qiang marks a shift from the perennial fixation with growth towards a greater emphasis on effective strategic development, especially social and people-centred outcomes. The “two sessions” have convened against the backdrop of Washington’s military adventure overseas. In contrast to that overextended empire, China will prevail in the competition with the United States by putting its own house in order. Some of the most consequential... https://www.scmp.com/opinion/china-opinion/article/3346047/chinas-refocusing-social-goals-requires-more-new-metrics?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3346047/chinas-refocusing-social-goals-requires-more-new-metrics?utm_source=rss_feed Tue, 10 Mar 2026 08:30:09 +0000 Kun Tian Kun Tian China’s annual parliamentary “two sessions” have been framed as a show of resilience in a turbulent world. That framing is not wrong but it is incomplete. Beijing’s deliberately lower 2026 economic growth target is less an admission of weakness than a signal that the growth playbook is being rewritten. For Hong Kong, this is not background noise. It is a test of whether policy alignment can be converted into institutional credibility. When Premier Li Qiang delivered the government work report... https://www.scmp.com/opinion/hong-kong-opinion/article/3345773/why-chinas-economic-reset-credibility-test-hong-kong?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3345773/why-chinas-economic-reset-credibility-test-hong-kong?utm_source=rss_feed Tue, 10 Mar 2026 01:30:07 +0000 Fan Hou Fan Hou To see every province-level region’s growth target, view this Quick Digest. https://www.scmp.com/plus/economy/china-economy/article/3345931/two-sessions-2026?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345931/two-sessions-2026?utm_source=rss_feed Mon, 09 Mar 2026 05:16:08 +0000 Mandy Zuo Mandy Zuo China’s top economic officials held a press conference on the sidelines of the “two sessions” – the annual meetings of China’s top legislature and advisory body – in Beijing on Friday. The briefing, which came a day after Beijing unveiled its economic goals for 2026 and a draft outline for its 15th five-year plan, offered fresh insights into China’s agenda for trade, investment and technological development. Here are the main takeaways from the meeting: Exchange rate Pan Gongsheng, governor of... https://www.scmp.com/economy/china-economy/article/3345737/8-takeaways-economic-briefing-chinas-two-sessions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345737/8-takeaways-economic-briefing-chinas-two-sessions?utm_source=rss_feed Fri, 06 Mar 2026 10:57:01 +0000 Haining Gao Haining Gao China’s 15th five-year plan lays out a comprehensive set of quantitative socio-economic development targets, ranging from innovation to food and energy security. To navigate external volatility and sluggish domestic demand, Beijing has built in flexibility by allowing specific economic and innovation metrics to be determined on certain conditions. https://www.scmp.com/plus/economy/china-economy/article/3345693/measurable-goals-chinas-new-five-year-plan?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345693/measurable-goals-chinas-new-five-year-plan?utm_source=rss_feed Fri, 06 Mar 2026 07:34:56 +0000 Xinyi Wu,Sylvia Ma Xinyi Wu,Sylvia Ma Achieving this year’s inflation target would be one of China’s top economic tasks, a prominent economist and government adviser said, as it was pivotal to accomplishing other government priorities such as boosting consumption, raising incomes and achieving the required headline growth figures. “The inflation target corresponds to a state of relative equilibrium between supply and demand,” Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social... https://www.scmp.com/economy/china-economy/article/3345690/hitting-inflation-target-key-chinas-other-economic-goals-adviser-says?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345690/hitting-inflation-target-key-chinas-other-economic-goals-adviser-says?utm_source=rss_feed Fri, 06 Mar 2026 07:00:16 +0000 SCMP Reporters SCMP Reporters This live blog is freely available to our registered users. Please log in or create an account below. For full coverage of the 15th five-year plan, including policy and economic shifts plus Trump’s visit, subscribe with our China Super March offer now. China’s top economic officials held a press conference on Friday as part of the “two sessions”, the country’s annual policymaking meetings. The leaders of the National Development and Reform Commission – Beijing’s top economic planner – the... https://www.scmp.com/economy/china-economy/article/3345694/two-sessions-2026-china-lays-out-its-economic-agenda-press-conference?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345694/two-sessions-2026-china-lays-out-its-economic-agenda-press-conference?utm_source=rss_feed Fri, 06 Mar 2026 06:55:23 +0000 Mandy Zuo Mandy Zuo China will allocate more of its fiscal spending this year towards human capital and social safety nets, as Beijing seeks to boost domestic demand and unlock new growth through “investing in people”. “Efforts must be sustained to optimise the expenditure structure, with greater emphasis on supporting the boosting of consumption, investing in people, and safeguarding people’s livelihoods,” Premier Li Qiang said in his annual work report, delivered during the opening session of the National... https://www.scmp.com/economy/china-economy/article/3345615/china-pivots-investing-people-strategy-growth-engine-switches-gears?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345615/china-pivots-investing-people-strategy-growth-engine-switches-gears?utm_source=rss_feed Fri, 06 Mar 2026 05:00:08 +0000 Coco Feng,Mia Nurmamat,Ann Cao Coco Feng,Mia Nurmamat,Ann Cao China’s policymakers want the digital economy to account for 12.5 per cent of gross domestic product by 2030, as Beijing accelerates its push to build a modern industrial system anchored in advanced manufacturing. The goal represents a significant increase from the 10.5 per cent share achieved in 2025, which was announced on Thursday during the annual “two sessions” parliamentary meetings and exceeded the initial target. A large part of China’s digital economy – activities facilitated by data,... https://www.scmp.com/business/china-business/article/3345611/china-bets-ai-manufacturing-integration-narrow-digital-economy-gap-us?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345611/china-bets-ai-manufacturing-integration-narrow-digital-economy-gap-us?utm_source=rss_feed Fri, 06 Mar 2026 01:00:12 +0000 SCMP Editorial SCMP Editorial Chinese Premier Li Qiang revealed in his work report to the annual session of the National People’s Congress a growth target of 4.5-5 per cent, compared with around 5 per cent for 2025. It will have to stay around that level for 10 years to achieve Beijing’s goal of turning China into a moderately developed country by 2035. The target, for the first year of the 15th five-year plan (2026-2030), has been set at a relatively moderate and realistic range to reflect the reality that externally, China... https://www.scmp.com/opinion/comment/article/3345623/amid-external-uncertainties-china-steers-growth-and-stability?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3345623/amid-external-uncertainties-china-steers-growth-and-stability?utm_source=rss_feed Thu, 05 Mar 2026 23:15:13 +0000 Jane Cai Jane Cai Beijing has set a relatively cautious yet pragmatic economic growth target for 2026 amid persistent domestic headwinds and escalating external pressures. A 4.5 to 5 per cent GDP growth target – the lowest since 1991 – was announced by Premier Li Qiang on Thursday at the opening session of the National People’s Congress (NPC), China’s top legislature. In delivering his annual government work report, Li reaffirmed Beijing’s aim for stronger economic growth where conditions allowed. He emphasised... https://www.scmp.com/news/china/diplomacy/article/3345621/china-targets-lowest-growth-range-1991-realistic-move-pressures-rise?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3345621/china-targets-lowest-growth-range-1991-realistic-move-pressures-rise?utm_source=rss_feed Thu, 05 Mar 2026 14:30:20 +0000 Carol Yang Carol Yang As the United States grapples with mounting debt, China is doubling down on efforts to clean up its own balance sheet, vowing to tackle risks with “iron discipline”. The pledge came as the world’s second-largest economy weathers a years-long real estate slump and cooling domestic demand. Beijing faces growing pressure to balance short-term growth targets with longer-term deleveraging, as it seeks to transition to a more sustainable economy. In the government work report delivered on Thursday to... https://www.scmp.com/economy/china-economy/article/3345587/china-pledges-iron-discipline-tackle-debt-risks-us-borrowing-under-trump-surges?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345587/china-pledges-iron-discipline-tackle-debt-risks-us-borrowing-under-trump-surges?utm_source=rss_feed Thu, 05 Mar 2026 11:00:11 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma China set the lowest economic growth target since 1991 as the country contends with global trade tensions, weak domestic demand and rising debt from white elephant investments. A target range for growth of 4.5 to 5 per cent, “while striving for better in practice” was announced by Premier Li Qiang as he delivered the annual government work report on the opening day of the National People’s Congress (NPC), the annual legislative gathering. That marks a reduction from “around 5 per cent” in each... https://www.scmp.com/plus/economy/china-economy/article/3345566/chinas-growth-target-cut-reflects-pragmatism-amid-challenges?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345566/chinas-growth-target-cut-reflects-pragmatism-amid-challenges?utm_source=rss_feed Thu, 05 Mar 2026 09:45:18 +0000 Sylvia Ma,Carol Yang Sylvia Ma,Carol Yang China will set priorities for technological innovation, economic security, public well-being and carbon reduction over the next five years, vowing to lay a solid foundation for its 2035 target of doubling per capita gross domestic product from 2020 levels. The world’s second-largest economy will release 20 growth targets, including both binding and non-binding ones, in areas covering the economy, technology, healthcare and economic security, Premier Li Qiang said when outlining the broad strokes... https://www.scmp.com/economy/china-economy/article/3345525/china-step-tech-energy-and-decarbonisation-efforts-next-5-year-plan?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345525/china-step-tech-energy-and-decarbonisation-efforts-next-5-year-plan?utm_source=rss_feed Thu, 05 Mar 2026 05:54:25 +0000 SCMP Reporter SCMP Reporter China’s National Development and Reform Commission unveiled its 2026 draft report focused on domestic demand, industrial upgrading and tech self-reliance. Key funding projects include: 250 billion yuan from ultra-long-term special treasury bonds to support consumer goods trade-in programmes 200 billion yuan from ultra-long-term special treasury bonds to support large-scale equipment upgrades 100-billion-yuan special fiscal-financial coordination fund to boost domestic consumption NDRC... https://www.scmp.com/plus/economy/china-economy/article/3345513/chinas-economic-development-draft-report-2026?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345513/chinas-economic-development-draft-report-2026?utm_source=rss_feed Thu, 05 Mar 2026 04:36:25 +0000 SCMP Reporter SCMP Reporter Premier Li Qiang delivered the government’s annual work report during the opening session of the National People’s Congress, laying out an economic growth target of 4.5 to 5 per cent for 2026. 2026 Government work report_Li Qiang English by scmp https://www.scmp.com/plus/economy/china-economy/article/3345496/government-work-report-2026?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3345496/government-work-report-2026?utm_source=rss_feed Thu, 05 Mar 2026 02:23:38 +0000 Cao Li Cao Li Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the seventh entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Investors and policy watchers will be looking to this week’s meetings of China’s national legislature and top political advisory body – also known as the “two sessions” – for... https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed Tue, 03 Mar 2026 23:30:07 +0000 Xinyi Wu Xinyi Wu China’s rapid push into artificial intelligence and its simultaneous energy transition are central to overtaking the United States in technological supremacy, according to a former finance vice-minister. Competition in the field of AI has shifted from purely a technological sprint to a broader contest over application scenarios and regulatory frameworks, led by the world’s two largest economies, Zhu Guangyao explained. “China’s leading position in energy transition has laid a solid foundation... https://www.scmp.com/economy/global-economy/article/3345106/chinas-ai-power-play-beijing-banks-clean-energy-boom-triumph-over-us?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3345106/chinas-ai-power-play-beijing-banks-clean-energy-boom-triumph-over-us?utm_source=rss_feed Mon, 02 Mar 2026 07:00:03 +0000 Xinyi Wu Xinyi Wu Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the fourth entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. China’s private businesses, many still facing cash flow problems amid a prolonged property slump, want treasury bonds and legal obligations on state-owned enterprises and... https://www.scmp.com/economy/china-economy/article/3344906/whats-wish-list-chinas-private-sector-ahead-two-sessions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344906/whats-wish-list-chinas-private-sector-ahead-two-sessions?utm_source=rss_feed Mon, 02 Mar 2026 03:00:10 +0000 Mandy Zuo Mandy Zuo Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the third entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. In China’s eastern province of Zhejiang, a sprawling laboratory for Beijing’s “common prosperity” campaign to reduce income inequality, statistics suggest success: between 2021... https://www.scmp.com/economy/china-economy/article/3344302/how-china-could-narrow-tech-hubs-income-gap-and-avoid-silicon-valleys-fate?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344302/how-china-could-narrow-tech-hubs-income-gap-and-avoid-silicon-valleys-fate?utm_source=rss_feed Sun, 01 Mar 2026 02:00:12 +0000 Frank Chen Frank Chen Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the second entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Beijing’s campaign to purge the bureaucracy of a growth-at-all-costs mindset has caught some local officials off guard, triggering a mix of confusion and contradictory... https://www.scmp.com/economy/china-economy/article/3344887/chinas-pivot-gdp-obsession-sparks-cadre-confusion-testing-local-governance?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344887/chinas-pivot-gdp-obsession-sparks-cadre-confusion-testing-local-governance?utm_source=rss_feed Sat, 28 Feb 2026 02:00:49 +0000 Carol Yang Carol Yang China’s leadership has stressed the need for a more proactive macroeconomic stance to support the country’s new five-year plan, ahead of next week’s annual “two sessions” – one of the country’s most important political events. Chaired by President Xi Jinping, the Politburo – a major decision-making body of the ruling Communist Party – met on Friday and set a decisive tone for policy direction, highlighting the need to expand domestic demand and strengthen new growth drivers. In an official... https://www.scmp.com/economy/china-economy/article/3344917/chinas-politburo-signals-decisive-macroeconomic-direction-ahead-two-sessions?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344917/chinas-politburo-signals-decisive-macroeconomic-direction-ahead-two-sessions?utm_source=rss_feed Fri, 27 Feb 2026 12:30:14 +0000 SCMP Reporters SCMP Reporters This document was translated from Chinese into English using Alibaba’s Qwen3.5-Plus and edited for accuracy by a Post journalist. It is for reference only and is not the official English version. Alibaba owns the South China Morning Post. https://www.scmp.com/plus/economy/china-economy/article/3344891/chinas-february-politburo-readout?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3344891/chinas-february-politburo-readout?utm_source=rss_feed Fri, 27 Feb 2026 10:16:25 +0000 Raymond Ma,Neil Denslow Raymond Ma,Neil Denslow Chinese lawmakers gather next week for the annual “two sessions” legislative meetings, where they will approve the 15th five-year plan and likely see a shift towards less emphasis on economic growth. Premier Li Qiang will summarise the new five-year plan and announce the 2026 GDP target on March 5, the first day of meetings for the National People’s Congress, the country’s legislature. Lawmakers will likely give near-unanimous support to the plan, which runs through 2030, when the meeting... https://www.scmp.com/plus/news/china/politics/article/3344851/two-sessions-trump-tariffs-jdcom-earnings?utm_source=rss_feed https://www.scmp.com/plus/news/china/politics/article/3344851/two-sessions-trump-tariffs-jdcom-earnings?utm_source=rss_feed Fri, 27 Feb 2026 09:00:08 +0000 Fan Hou Fan Hou Twenty-one of China’s 31 provincial-level regions have set lower annual growth targets ahead of the unveiling of the national goal on March 5. Guangdong, the most populous region, cut its target for 2026 to a range of 4.5 per cent to 5 per cent, versus “around 5 per cent” last year. Tianjin, Hebei and Shanxi are also among provinces with lower economic targets. Jiangxi is the only region with an increase. The national goal may be reduced to 4.5 per cent to 5 per cent from “around 5 per cent”,... https://www.scmp.com/plus/economy/china-economy/article/3344825/chinese-regions-cut-growth-targets-2026?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3344825/chinese-regions-cut-growth-targets-2026?utm_source=rss_feed Fri, 27 Feb 2026 04:50:43 +0000 Frank Chen Frank Chen Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the first entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Beijing’s forceful campaign to instil a “correct” understanding of tenure performance among party cadres may signal Chinese leaders’ determination to downplay headline growth... https://www.scmp.com/economy/china-economy/article/3344723/china-shifts-cadre-appraisal-metrics-away-pure-gdp-growth-resetting-mindsets?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344723/china-shifts-cadre-appraisal-metrics-away-pure-gdp-growth-resetting-mindsets?utm_source=rss_feed Thu, 26 Feb 2026 22:00:09 +0000 Sylvia Ma Sylvia Ma The International Monetary Fund (IMF) has called on China to make the shift to a consumption-led growth model an “overarching priority”, while urging the country to curb what it called “unwarranted industrial policy” amid mounting external imbalances. The IMF staff’s recommendations, issued ahead of Beijing’s annual parliamentary meetings, joined increasingly loud calls for economic rebalancing, particularly after China’s record trade surplus last year. “China needs to move decisively towards... https://www.scmp.com/economy/china-economy/article/3344557/imf-urges-china-prioritise-consumption-led-rebalancing-curb-industrial-policy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344557/imf-urges-china-prioritise-consumption-led-rebalancing-curb-industrial-policy?utm_source=rss_feed Wed, 25 Feb 2026 08:47:38 +0000