China Prepares to Unveil Major Economic Agenda at Key Legislative Session

Beijing. China is preparing to unveil a comprehensive economic agenda for the next five years at the National People's Congress (NPC) meeting, set to commence in Beijing's Great Hall of the People over the next seven days.

China's 15th Five-Year Plan, prepared for 2026-2030, will be publicized during the NPC, one of the most significant political gatherings of the year. This session starts on Thursday and typically lasts for about a week, with 3,000 representatives from across the country participating.

The previous Five-Year Plan was released in March 2021, at which time Beijing was managing the impact of the COVID-19 pandemic. According to analysts, this time, Chinese leaders will need to clarify strategies to handle new challenges, including the economic fallout from the trade war initiated by former US President Donald Trump and a lack of domestic consumer confidence.

Concurrently with the NPC, the Chinese People's Political Consultative Conference (CPPCC) is also taking place, which began on Wednesday. The two meetings are jointly referred to as the Two Sessions. The CPPCC does not have the authority to pass laws, but it can submit policy suggestions. Its committees play an important role in providing feedback to China's leadership.

The NPC is considered the supreme organ of state power in China. Although it is separate from the Chinese Communist Party (CCP), in practice, it follows the policy recommendations of the CCP as guidance. According to Zhanghao Wei, founder of the independent website NPC Observer, this year's meeting will draft the Five-Year Plan, formalizing the relationship with the CCP under the law concerning the upcoming national development plan.

Chinese Premier Li Qiang will also present the government's annual work report this week, outlining the economic situation over the past 12 months and presenting future growth targets.

According to the International Monetary Fund (IMF), China aims to maintain a Gross Domestic Product (GDP) growth rate between 4.5 and 5 percent for 2026, with potential adjustments to interest rates considering inflation, unemployment, and the fiscal deficit.