ADB sees strong growth outlook for China, highlights consumption, innovation

The Asian Development Bank said China is likely to maintain strong growth momentum over the next five years, supported by technological progress, green development and improving living standards. China has set a GDP growth target of 4.5 to 5 percent for 2026 and aims to deliver better outcomes in practice. Asif S. Cheema, ADB's country director for China, said the multilateral development bank remains very optimistic about the country's growth potential. The target range is reasonable and achievable, he said, provided that policies are well coordinated and effectively implemented. He added that the strength of domestic demand, particularly household consumption, will be a key factor to watch. Rising incomes, stronger social protection and further expansion of the services sector will be crucial to boosting consumption and sustaining growth.