Portrait of Li Qiang
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Li Qiang on Government Work Report

Presents 2026 economic plan (strong)

TL;DR

Li Qiang directly presented the Government Work Report, outlining major 2026 targets and the 15th Five-Year Plan's initial direction.

Key Points

  • He announced a 2026 economic growth target set at a range of 4.5% to 5 percent.

  • The report outlined a deficit-to-GDP ratio target of around 4 percent for 2026.

  • The strategy involves nurturing future industries like quantum technology, embodied AI, and 6G technology.

Summary

Li Qiang, as Premier, delivered the Government Work Report on behalf of the State Council at the opening of the fourth session of the 14th National People's Congress on March 5, 2026. The report focuses on promoting high-quality development and securing a good start for the implementation of the 15th Five-Year Plan (2026–2030). Key elements of his presentation included setting major development targets for 2026, such as a GDP growth target of 4.5% to 5%, an urban unemployment rate of around 5.5%, and a CPI increase of about 2%.

The presentation underscored an emphasis on technological innovation, green transition, and improving public well-being, reflecting a long-term strategic orientation rather than just short-term stimulus measures. The Premier detailed proactive fiscal policy, including a deficit-to-GDP ratio of around 4%, and an appropriately accommodative monetary policy, while also stressing the need for policy coordination and risk mitigation in areas like real estate and local government debt. His delivery served as the primary official articulation of the government's economic and social priorities for the upcoming year.

Frequently Asked Questions

Li Qiang's position is to formally present and advocate for the policy direction outlined in the Government Work Report. He delivered the document on behalf of the State Council to the legislature for deliberation. The report details the main objectives and tasks for 2026 and the coming 15th Five-Year Plan.

In the report, Li Qiang set the 2026 GDP growth target between 4.5% and 5%. He also targeted an urban unemployment rate of around 5.5% and a Consumer Price Index (CPI) increase of around 2%. These targets inform the government's immediate macroeconomic management.

He emphasized accelerating the development of new quality productive forces, driven by high-level self-reliance in science and technology. Li Qiang also stressed the importance of expanding the service sector openness and continuing green, low-carbon development throughout the 15th Five-Year Plan.