NDRC chairman says China to lift 2026 GDP target to 5 per cent with Q4 adjustments
China's NDRC chairman Zheng Shanjie said counter-cyclical adjustments will be intensified in the fourth quarter, raising the full-year economic growth target from 4.5 per cent to 5 per cent. He urged private firms to seize long-term opportunities amid external shocks and domestic transition.
China's National Development and Reform Commission (NDRC) chairman Zheng Shanjie said on 10 October that counter-cyclical adjustments will be intensified in the fourth quarter, and consistency assessment of macroeconomic policy orientation will be strengthened.
Speaking at a symposium with private-sector executives, Zheng said the nation will also strengthen existing and incremental policies and strive to reach full-year targets, raising full-year economic growth this year from 4.5 per cent to 5 per cent.
Zheng said that driven by new momentum emerging and structural improvement, China's economy in the first three quarters advanced under pressure with strong resilience and vitality. He noted that considering the mix of external shocks that have continued to impact the economy and the domestic transition between old and new growth drivers, private enterprises should seize long-term growth opportunities under the pressure of international supply and demand changes, as well as China's solid economic fundamentals.
Zheng further noted that the NDRC will promote the 15th-Five-Year Plan and the 'six networks' infrastructure strategy that includes water network, new-type power grid, computing power network, next-generation communication network, urban underground pipeline network, and logistics network. Combining these two major strategies and other major infrastructure projects can stimulate and unleash the potential of domestic demand, promote the integration of scientific and technological innovation with industrial innovation, further enhance the resilience of industrial and supply chains, improve the level of energy and resource security, and consolidate the consolidation of national food security, Zheng said.
Executives from companies in the petrochemical, natural gas supply, agricultural machinery, and artificial intelligence applications sectors attended the symposium, including representatives from Shenghong Holding, Shandong Dongming Petrochemical Group, ENN Energy (2688.HK), Gifore Agricultural Machinery Chain, and XtalPi.