China set its most modest growth target in more than three decades, in a tacit acknowledgment that the model powering the country¡¯s rapid rise for four decades is showing strains.
The goal ¡ª a range of 4.5% to 5% ¡ª is the first formal downgrade since 2023 and the least ambitious expansion goal since 1991. While widely anticipated by economists, it carries symbolic weight in a country where growth figures function as political statements as much as economic forecasts.
The shift signals Beijing¡¯s comfort with a slower pace while seeking more sustainable growth drivers to replace debt-fueled property and infrastructure investment. A lower target also reduces the pressure on officials to deploy aggressive stimulus despite a volatile global trade environment.
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