Beijing set its economic growth target for 2026 at 4.5%-5%, a slight downgrade from the 5% pace achieved last year, which leaves room for greater, albeit not decisive, efforts to curb industrial overcapacity and rebalance the economy. China's 15th five-year plan, as widely expected, pledged investments in innovation and industrial upgrading, as well as a "notable" - but unspecified - increase in household consumption as a share of economic output.
