What is the significance of setting economic growth targets again?
2026-03-06
The expected economic growth target is particularly noteworthy in the annual government work report. Unlike the previous three years' "around 5%", setting the expected target for this year as "economic growth of 4.5% -5%" has attracted a lot of attention: why set a range? In fact, setting interval targets is not the first time in recent years. In 2016, China set its economic growth target at 6.5% -7%, and in 2019, it was 6% -6.5%. The economic growth rates in 2016 and 2019 reached 6.8% and 6.1% respectively, both achieving the expected targets for that year. This year, the expected goals are once again presented in the form of intervals, which can be said to have taken into account the international and domestic situation, balanced the needs and possibilities of development, and reflected the idea of seeking truth from facts and adapting to the situation. From an international perspective, the external environment is becoming more complex and ever-changing, and setting interval targets is beneficial for us to cope with various uncertainties more calmly. Since the beginning of this year, the international situation has been highly uncertain, geopolitical conflicts have occurred frequently, and the global economy is facing unprecedented challenges. Various risks and challenges will be transmitted to China through channels such as trade, investment, and finance, increasing the difficulty of stable operation of the Chinese economy. In the face of more uncertain and unpredictable factors, we need to estimate the difficulties more fully and reserve some space and flexibility in macroeconomic regulation. Setting interval goals is beneficial for us to maintain strategic focus, concentrate on doing our own things well, avoid being "nervous" due to temporary fluctuations, and respond more scientifically and effectively to global changes. From a domestic perspective, tasks such as structural adjustment and kinetic energy transformation are arduous. Setting interval targets is conducive to promoting China's economy to seek dynamic balance among multiple goals and achieve quantity and quality improvement. Today, China's total economic output has reached a new level of 140 trillion yuan, and the annual economic growth is equivalent to the economic scale of a moderately developed country. At the same time, it also faces prominent contradictions between strong domestic supply and weak demand, as well as numerous risks and hidden dangers in key areas. Setting interval targets to make growth targets more flexible is conducive to leaving greater policy space for optimizing economic structure, deepening reforms in key areas, and promoting a healthier and more sustainable Chinese economic body. As Wei Qijia, a researcher at the National Information Center of the National Development and Reform Commission, said, "On the one hand, the meaning of interval goals is to ensure that the economy operates within a reasonable range, which is an important prerequisite for achieving high-quality development. On the other hand, interval goals not only effectively guide expectations, but also emphasize the importance of structural adjustment and improving the quality of economic development, which is more conducive to promoting the effective improvement of the quality and reasonable growth of the economy." From a specific practice perspective, expected goals play an important guiding role in the development of various regions, and setting interval goals is conducive to guiding all parties to devote more energy to high-quality development. 2026 is the starting year of the 15th Five Year Plan, and it is necessary to maintain a certain growth rate and achieve "stable opening" to lay the foundation for subsequent development. At the same time, the leadership teams of provinces, cities, counties, and townships will gradually change this year, and it is also necessary to overcome the impulse of political achievements and avoid "doing big and getting up quickly". Setting interval targets is conducive to guiding localities to establish and practice a correct view of political achievements, avoiding excessive focus on GDP as a single indicator. By combining this goal and setting local growth targets according to local conditions, pursuing high-quality and sustainable development, a powerful force will be gathered to jointly promote high-quality development. Overall, setting interval goals is a pragmatic choice made based on realistic conditions and development goals; The range of "4.5% -5%" is in line with the overall goal of 2035 and is basically consistent with China's long-term economic growth potential. It is also a pragmatic, scientific, and feasible range. Aiming at this goal and striving for better results in practical work, the Chinese economy will continue to ride the waves and move forward steadily in 2026. (New Society)
Edit:Luoyu Responsible editor:Jiajia
Source:people.cn
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