NPC Standing Committee Reviews H1 2026 Economic Report: GDP Up 4.7%
China's top legislature reviewed a State Council report on economic and social development for the first half of 2026, showing GDP growth of 4.7% year on year, with an increment of RMB 3.6 trillion, the highest for the period in five years. The report also flagged rising external spillovers, structural divergence, weak demand, and persistent risks.
The 24th session of the Standing Committee of the 14th National People's Congress was held in Beijing from August 25 to 28, during which it reviewed the State Council's report on the implementation of the national economic and social development plan for 2026. The report indicated that the economy has operated generally smoothly with steady progress since the start of 2026, while social stability has been maintained.
In the first half of the year, gross domestic product grew by 4.7% year on year, with an increment of RMB 3.6 trillion, the highest for the same period in five years.
The report also noted that the spillover effects of multiple shocks, including geopolitical conflicts, have gradually become apparent. Domestic economic structure continues to diverge, and insufficient effective demand is affecting the economic cycle. Some industries and enterprises face increasing operational difficulties, the task of resolving risks in key areas remains arduous, and employment and livelihood security require further efforts.