National People's Congress (NPC)

China's highest state organ of power, with nearly 3,000 deputies who formally approve legislation, national budgets, and development plans. - 14th NPC annual session opened March 5; reviewing Government Work Report and 15th Plan

China adopted five-year economic planning from the Soviet Union in 1953. Seventy-three years and fourteen plans later, the 15th Five-Year Plan unveiled at Beijing's annual Two Sessions on March 5, 2026, represents the clearest break from the growth-first model that powered China's rise since Deng Xiaoping's reforms in the 1980s. Under Xi Jinping, the plan elevates technological self-reliance and economic security, with $70 billion earmarked for semiconductor incentives, as Premier Li Qiang confirmed in his Government Work Report setting the 2026 GDP target at around 5%.

Updated 23 minutes ago

China's top legislative body, which formally approves the government budget, growth targets, and Five Year Plans during its annual March session. - Holding annual session, deliberating 15th Five Year Plan

For three decades, China's annual growth target was a formality — the economy nearly always blew past it. On March 5, Premier Li Qiang set the 2026 target at 4.5% to 5%, the lowest figure Beijing has published since it began the practice in the early 1990s. The downgrade from the previous three years' 'around 5%' signals that China's leadership now expects structurally slower expansion for the foreseeable future.

Updated 2 hours ago