China's economic growth target of 4.5 to 5 percent for 2026 reflects the country's shift from speed to sustainability and from quantity to quality, said a senior European business executive of a global energy tech company.
Gianni Di Giovanni, chairman of Eni China BV, described the target, which was set in the government work report adopted during the fourth session of the 14th National People's Congress in March, as "deliberate," citing the European and U.S.targets, in an interview with China Global Television Network (CGTN).
"China is not slowing down. China is upgrading. This is the real answer to your question. The 2026 GDP target of 4.5 to 5 percent is deliberate, not conservative. Don't forget that in Europe, we will register at least one percent, and in the United States, two percent in 2026. So, it's a big deal. It reflects a shift from speed to sustainability, from quantity to quality," said Di Giovanni, also vice president of the European Union Chamber of Commerce in China.
Di Giovanni noted that China prioritizes stability and structural transformation as a new growth model is coming into being.
"In a world of lower growth, geopolitical tensions, and fragmented trade, pushing for high headline growth would be risky. Instead, China is prioritizing stability and structural transformation. We see it clearly: double-digit growth in high-tech investment, massive expansion in renewables, AI, and digital sectors becoming core drivers. This is a new growth model. China is moving away from infrastructure, heavy [industry] expansion, low-cost exports, toward innovation, green energy, and high-value manufacturing. At the same time, this reflects strategic patience because today's challenging demographics, inequality and global realignment require time, not speed. It is no longer about growing fast. It is about growing right," he said.
China's growth target reflects focus shift from speed to sustainability: European business executive
