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Xi Jinping, China's president, center, attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) at the Great Hall of People in Beijing, China, on Wednesday, March 4, 2026.
Qilai Shen | Bloomberg | Getty Images
China on Thursday set its GDP growth target for 2026 at 4.5% to 5% — the lowest target on record — Reuters reported, as Beijing grapples with persistent deflationary pressures and trade tensions with the U.S.
That marks a slight downgrade from the "around 5%" target set in the past three years and the most modest goal for the world's second largest economy on record, barring 2020 when Beijing did not set a growth target due to the pandemic.
Beijing also reportedly pegged its budget deficit target at "around 4%" of GDP, matching that from last year, as the country's top legislative body held its annual meeting this week.
The 4% deficit was the highest on record going back to 2010, according to data accessed via Wind Information. The prior high was 3.6% in 2020.
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