China’s premier calls for stabilizing external demand as growth sputters to three-year low

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China’s Q2 2026 GDP growth came in at 4.3% year-on-year, down from 5.0% in Q1 and representing the slowest quarterly pace in over three years. The government has set a full-year 2026 growth target of 4.5% to 5%, the lowest target set in more than three decades. Premier Li Qiang chaired a State Council meeting on August 17 focused on stabilizing external demand and expanding international trade cooperation. No major new stimulus package was announced during the meeting. China has been the single largest contributor to global GDP growth for most of the last two decades, making its economic trajectory particularly significant for commodity markets and the global economy.

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