China targets lowest growth range since 1991 in realistic move as pressures rise
Beijing to prioritise hi-tech over stimulus-driven growth with focus on the people in notable shift, premier’s work report to NPC reveals
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.
Takeaways from Chinese Premier Li Qiang’s government work report
Li raises the curtain on the annual session of the National People’s Congress with a series of targets for the economy
Here are the major takeaways from this year’s government work report and budget report:
Major targets for 2026
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Gross domestic product growth of 4.5-5 per cent
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A consumer price index increase of around 2 per cent
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A fiscal budget deficit of around 4 per cent of GDP
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Addition of 12 million new urban jobs
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A 7 per cent increase in the defence budget
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Research and development spending to grow by 10 per cent
Economic resilience and the private sector
Singapore and China have ‘common interests’ in safeguarding global order, says ambassador
In Beijing, Peter Tan Hai Chuan says two countries built ties based on sovereign equality and respect, not just cultural or ethnic links
The world has faced increased challenges, with huge pressure on multilateralism, free trade, and openness since the beginning of last year, Peter Tan Hai Chuan, Singapore’s ambassador to China, warned at an event at Renmin University in Beijing on Tuesday.
“But Singapore and China have common interests – upholding the rules-based international order,” he said at the event hosted by the university’s Chongyang Institute for Financial Studies.
“Small countries need stability and large countries need predictable development.
“An open, connected and cooperative region serves our common interests.”
Still, Beijing has not officially endorsed the concept of the rules-based international order and has been widely accused by the West of challenging it.
China has long advocated “the international system with the United Nations at its core and the international order based on international law”.
“Cooperation between Southeast Asian countries and China is also crucial,” he said, adding that Singapore and China were working together to build a “more integrated and prosperous” Asia.
He highlighted that over the past 35 years since establishing diplomatic ties, the two countries had built a “unique, solid and dynamic” bilateral relationship, which was based on sovereign equality and mutual respect rather than merely cultural or ethnic links. Singapore is often considered the only sovereign country besides China with a majority Chinese population.
“Looking ahead, may we always remember that true friendship is not about being identical, but about respecting differences, being sincere and growing together,” Tan said.
While the United States is Singapore’s largest foreign investor and a major security cooperation partner, China is the city state’s largest trading partner in goods.
Singapore has been China’s largest source of new foreign investment since 2013, according to Chinese government data.
When asked about China-US trade competition at the event on Tuesday, Tan said that Singapore, as a trade-dependent country, was watching developments “very closely”.
“We need to preserve the multilateral system of open trade and free trade, and that’s what we will continue to do,” he said.
“As all of us try to navigate the complex global changes that have happened for the past 12-13 months, that is key.”
“On platforms like Apec, we will continue to promote multilateralism, openness and free trade based on international rules,” Tan said.
At the same event on Tuesday, Liu Qing, vice-president of the China Institute of International Studies, which is affiliated with the Chinese foreign ministry, called for China and Singapore to cooperate in maintaining the existing international order amid looming “law of the jungle” in the international arena.
“We must clearly oppose bloc politics and ‘small circles’, and work together to safeguard regional peace and prosperity,” Liu said.
