Robots manufacture new energy vehicle parts at the stamping and welding plant of Liuzhou Wuling Automotive Industry Co., Ltd. in Liuzhou, Guangxi Zhuang Autonomous Region of China.

Photograph: Getty Images

Jul 15th 2026|HONG KONG|4 min read

China’s GDP growth figures are often suspiciously smooth. Last year the government set a target of 5%—and the sprawling $19trn economy duly grew by just that amount, as if the combined endeavours of 760m workers and 30m corporations could be choreographed by a committee. This year the government has permitted itself half a percentage point of drama, setting a target range of 4.5-5%. Few think the official outcome will depart far from this interval.

A general view of the crude oil refinery Sinopec Jinling Petrochemical Plant and Yangtze river during sunset in Nanjing, in China's eastern Jiangsu province.

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