China's State Council to step up support for economy, aiming for 4.5-5% growth target in 2026
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China's State Council said on the 28th that, as pressure on the economy intensifies, it plans to strengthen policy support to shore up growth. According to a summary of the State Council meeting reported by state media, it said macroeconomic policy adjustments to smooth economic fluctuations should be strengthened and efforts made to achieve the 2026 economic and social development goals, and that existing policy measures should be implemented more effectively while accelerating the issuance of government bonds and the use of raised funds. The government has set its 2026 economic growth target at 4.5-5%. It also called for construction to begin as early as possible on major infrastructure projects related to the six nationwide networks included in the 2026-2030 five-year plan. The State Council also said it plans to further strengthen support for investment and consumption through interest subsidies, infrastructure upgrades, and targeted policy measures, and called for improving the efficiency of fiscal spending, making greater use of unused local government debt issuance quotas, and flexibly employing monetary policy tools. It also said it would expand relending programs for technological innovation, industrial upgrading, agriculture, and small businesses, and consider new measures to support the housing market, employment, and income growth.