China has set its annual economic growth target at 4.5%-5%, the lowest expansion goal since 1991. This marks the first reduction since a target of "around 5%" was set for 2023.
The lowered target comes as Beijing navigates significant challenges, including weak domestic consumption, a declining population, a persistent property crisis, global trade tensions, and energy supply disruptions linked to the Iran war.
Premier Li Qiang outlined plans within the Five Year Plan to boost innovation, high-tech industries, and scientific research, while also emphasizing efforts to increase household consumption. The strategy aims to reduce reliance on exports and upgrade the nation's manufacturing capabilities.
Future plans include over 100 major projects over five years to expand industrial capacity, with a focus on science, technology, transportation, and energy. China also aims to lead in green energy initiatives, reduce carbon emissions, and improve environmental protection.
Addressing demographic shifts, the country plans to build a "childbirth-friendly society" and tackle concerns over employment, education, and healthcare, as it faces an aging population and falling birth rates.