Global Times: China's national legislature opens annual session with 15th Five-Year Plan draft outlined; expert says long-term planning brings stability and highlights institutional strengths

BEIJING, March 5, 2026 /PRNewswire/ -- The 14th National People's Congress (NPC), China's top legislature, opened its fourth session on Thursday morning at the Great Hall of the People in Beijing, the Xinhua News Agency reported.

Xi Jinping and other Party and state leaders attended the opening meeting, Xinhua reported.

Premier Li Qiang delivered a government work report at the meeting, according to the report.

According to the Government Work Report submitted Thursday to the country's top legislature for deliberation, China targets an economic growth of 4.5 percent to 5 percent this year and will strive for better in practice.

Meanwhile, according to a draft report submitted to the national legislature for review on Thursday, China's defense budget growth is expected to slow to 7 percent in 2026, marking the 11th consecutive year of single-digit growth for China's defense budget.

At the Great Hall of the People in Beijing on Thursday, the Global Times reporter saw many domestic and foreign journalists gathering around deputies of the NPC for their insights regarding the Government Work Report in which several key topics mostly discussed include China's economic resilience, science innovation and green energy among others.

As China enters a fresh planning cycle, the "two sessions" offer a window into how the country will sustain and advance the momentum of its high-quality development as policymakers set out a blueprint for the country's development for the year and over the next five years, with impacts extending beyond China to the global stage, a Chinese expert said, noting that this capability of a long-term planning provides greater predictability and stability to the uncertain world, highlighting China's institutional strengths.

Heated discussions

As China embarks on the inaugural year of its 15th Five-Year Plan period (2026-2030), the world has also been closely watching the review of a guiding development blueprint for the new five-year period.

At the meeting, lawmakers examined a draft outline of the 15th Five-Year Plan (2026-2030) for national economic and social development.

They examined the report on the implementation of the 2025 plan for national economic and social development and on the 2026 draft plan, and the draft plan for national economic and social development in 2026.

When Global Times reporters arrived at the scene on early Thursday morning, many journalists and interviewees were already gathered, and they quickly carried out several exchanges to capture insights on the future development blueprint.

Tian Xuan, a deputy to the 14th NPC and an economist, told the Global Times that in reviewing the 15th Five-Year Plan, he noticed that policy support for financial development was specifically highlighted in the Government Work Report.

"As a researcher in finance, I paid special attention to the emphasis on 'technology finance,' which is intended to support entrepreneurship and innovation, promote technological advancement, and provide financial services across the entire industrial chain and throughout the full lifecycle of technological innovation," Tian said.

"I believe that first and foremost, we must accelerate the establishment of a modern industrial system, particularly one with advanced manufacturing as its backbone. At the same time, achieving a high level of technological self-reliance and strength is essential, as this is crucial for fostering and developing new quality productive forces," Tian said.

Sharing his views on the technology innovation content in blueprint, Li Dongsheng, an NPC deputy and chairman of Chinese electronics giant TCL, told the Global Times that he echoes the work plan and aligns it with the implementation of his own proposals as a technology entrepreneur, noting that innovation plays an important role in the manufacturing sector in which his company operates.

"Achieving transformation and upgrading in Chinese manufacturing relies on developing high tech, capital intensive, and long cycle industries such as integrated circuits and semiconductor displays," Li Dongsheng said. He also noted that in some sectors where capital investment is not huge but is still important, such as industrial software and large AI models, consistent investment is needed.

Additionally, he said that "Only breakthroughs in key technology areas can support the overall transformation and upgrading of China's economy and strengthen the core capabilities of China's tech manufacturing sector."

Global attention

The annual sessions have also drawn global media attention, as they are eager to gauge the direction of the world's second-largest economy in the next five years.

The Guardian on Thursday highlighted that the plan includes chapters on boosting consumption and enhancing innovation, key priorities for Beijing over the next five years.

"With the US launching tariffs and other actions on not only China but the world, Beijing appears to view the next five years as a window for China to play a more active role in the global environment," The Guardian reported, citing Guo Shan, a partner and chief economist at Hutong Research, a boutique advisory firm, noting that the government work report discussed the importance of international economic flows.

Reuters in its report noted that the 141-page five-year blueprint, which covered a wide range of socio-economic targets and policies, mentioned AI more than 50 times and included a sweeping "AI+ action plan."

China is aiming for global technological supremacy in its next five-year plan, the Financial Times highlighted in its report.

In addition to wide coverage by foreign media, some foreign government representatives attending Thursday's meeting also shared their views on the development blueprint.

Khalil Hashmi, Pakistan's Ambassador to China, told the Global Times on Thursday that it is very clear that China provides a great deal of stability amid the turbulence affecting many parts of the world, whether in terms of political, economic, or social stability. "What we have learned from the Government Work Report is truly impressive, particularly the progress and achievements made across social, economic, political, security, environmental, and other fields, as well as the plans outlined for the coming year," the envoy said.

"Within that context, we know the high significance of the Five-Year Plan, which is a major planning tool for China," Hashmi said.

With science and technology at its core, the upcoming 15th Five-Year Plan will enable China to continue achieving steady and sound economic growth, social progress, and technological advancement, while also contributing much-needed stability to the world, he said.

This year's Government Work Report further clarifies key priorities, including technological innovation, industrial modernization, financial support, and green development, providing policy backing and institutional support for economic transformation and upgrading, while also outlining directions for cultivating new-quality productive forces and enhancing the core competitiveness of industries, Hu Qimu, a deputy secretary-general of the Forum 50 for Digital-Real Economies Integration, told the Global Times on Thursday.

"These development goals not only show that China is focusing on innovation-driven growth, industrial upgrading, and green, low-carbon development while maintaining steady economic growth, but also reflect China's strategic resolve to pursue stability and sustainable development amid a complex external environment."

As the most important annual meeting of the world's second-largest economy, the "two sessions" chart a blueprint for the country's development over the next five years, with implications that extend beyond China to the global stage, Cao Heping, professor at the School of Economics of Peking University, told the Global Times on Thursday, noting that this long-term planning provides greater predictability and stability to an otherwise uncertain world, highlighting China's institutional strengths.

"It not only lays a solid foundation for China's sustained economic growth but also offers an important reference and confidence for the global economy, demonstrating China's determination and capability to achieve high-quality and sustainable development amid a complex international environment," Cao said.

https://www.globaltimes.cn/page/202603/1356398.shtml

SOURCE Global Times