经观社论｜GDP“4.5%至5%”区间增速的本意

Core Viewpoint - The article emphasizes the necessity of pursuing a certain economic growth rate in China, specifically targeting a range of 4.5% to 5% for 2026, which reflects a proactive adjustment rather than a relaxation of growth targets [1][5]. Summary by Sections Economic Growth Target - In 2026, China sets a GDP growth target range of 4.5% to 5%, marking the first time the target falls below 5% [2]. - This target is not a prediction but a guideline for government policy to steer economic growth efforts [2][4]. Challenges and Adjustments - The Chinese economy faces numerous challenges, including external environmental changes and geopolitical risks, necessitating a flexible growth target to accommodate various situations [3][4]. - The adjustment of the growth target does not imply a reduction in growth ambitions; rather, it allows for a focus on employment and price stability [4]. Quality vs. Quantity - The gradual slowdown in GDP growth is a natural progression from quantity-driven to quality-driven growth, which does not equate to stagnation [4][5]. - Maintaining a growth rate of 4.5% is deemed sufficient to contribute approximately 30% to global economic growth, given China's significant economic size [4]. Long-term Goals - To achieve the long-term goals set for 2035, a growth rate of 4.17% to 4.4% is necessary, aligning with the current target range [5]. - The article argues that a quality-focused growth rate of around 4% may be more beneficial than achieving a higher rate through stimulus and large-scale investments [5]. Regional Development - The range allows for regional flexibility, enabling provinces to tailor their economic strategies according to local conditions while still striving for better outcomes [6]. - The expectation is that actual growth may exceed the lower limit of the target range as regions work towards optimal results [6].