China closes NPC, approves 15th Five-Year Plan prioritizing tech self-reliance and domestic demand
President Xi Jinping attended the closing ceremony of the 4th session of China's 14th National People's Congress at the Great Hall of the People in Beijing on March 12, as the annual "Two Sessions" wrapped up. The NPC’s conclusion marks the end of deliberations by China’s national legislature for the year.
The session approved 11 items, including the draft of the 15th Five-Year Plan for 2026-2030 and the government work report. These approvals set the framework for Beijing’s policy direction over the next five years, amid domestic slowdowns and a tense global environment.
The draft 15th Five-Year Plan places emphasis on strengthening scientific and technological self-reliance and enlarging domestic demand as core drivers of growth. It signals a focus on advancing China’s capabilities in areas it deems strategically important for future competitiveness.
In technology, the plan highlights “original innovation” and targeted development of core technologies, naming priorities such as artificial intelligence, quantum science, nuclear fusion, life sciences, medical and pharmaceutical research, as well as deep-sea and space exploration.
On the domestic side, the plan prioritizes expanding consumption as a remedy for economic cooling, pledging to combine physical investment with human capital investment. It also mentions state-led support for consumption subsidies and for investment, alongside goals to raise incomes and create jobs.
The government work report draft proposed a GDP growth target of 4.5% to 5% for the year. This marks a lowering from the roughly 5% target maintained in recent years and is described by officials as a move toward higher-quality, more sustainable growth. Some observers interpret it as acknowledging limits to rapid expansion, while others view it as a shift in priorities.
As with the previous plan, the 15th Five-Year Plan draft does not include an explicit annual growth target. Instead, it outlines five-year objectives without a fixed year-by-year growth rate.
For U.S. readers, the proceedings matter because China’s push for tech self-reliance and a stronger domestic market could influence global supply chains, technology competition, and investment flows. The emphasis on AI, quantum technologies, biotech, and space-related programs signals continued heavy public investment in strategic sectors, potentially reshaping collaboration, competition, and policy considerations with the United States. Additionally, the shift toward “high-quality development” and a lower near-term growth target may affect global markets and demand for international goods and services.