Key takeaways from Chinese mainland NPC meeting

13 March 2026

The annual meeting of Chinese mainland’s National People’s Congress (NPC) is concluding this week. The China equity team shares its latest views on key policy developments and analyses the main growth engines supporting high‑quality growth.

In terms of fiscal and monetary policies, the announcement for the Chinese mainland’s 15th Five-Year Plan is largely in line with our expectations. Despite a lower GDP growth target (between 4.5%-5%), the Chinese mainland has been very proactive in rolling out fiscal policies since the beginning of 2026 – e.g., announcing infrastructure projects and consumption programs year-to-date. Also, the Chinese mainland is looking to boost domestic demand, with a keen focus on domestic consumption, technology advancement and advanced manufacturing.

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