China's top leaders set out policy priorities for 2026 at the annual Central Economic Work Conference held in Beijing from Wednesday to Thursday, pledging more forceful macroeconomic support, deepened reforms and accelerated efforts to build "new quality productive forces."
President Xi Jinping, also general secretary of the Communist Party and chairman of the Central Military Commission, delivered a keynote speech reviewing China's 2025 economic performance, assessing current conditions and outlining plans for the coming year.
Officials said 2025 was "an extraordinary year" in which major economic and social development targets are on track to be achieved, marking a successful conclusion to the 14th Five-Year Plan period. They noted that China had weathered multiple shocks over the past five years and achieved "new major accomplishments."
The meeting acknowledged persistent structural challenges and a more complex external environment but said China's long-term growth fundamentals "remain unchanged." Leaders committed to fully implementing the new development philosophy, quickening the shift to a new development paradigm and pushing forward high-quality growth.
Beijing said it would adopt more proactive and impactful macro policies in 2026. Fiscal policy will remain expansionary, with "necessary" deficit levels and continued standardization of tax incentives. Authorities vowed to address local fiscal strains and maintain tight spending discipline in Party and government bodies.
Monetary policy will stay "moderately accommodative," with flexible use of tools such as reserve requirement ratios and interest rates to ensure ample liquidity. Financial institutions will be encouraged to increase lending to consumption, scientific and technological innovation, and small businesses. The renminbi will be kept "basically stable at an adaptive, balanced level."
Leaders also underscored the need to guide expectations, improve policy coordination and lift social confidence.
Boosting domestic demand will remain a central task. The government will launch consumption-promotion initiatives, expand supply of high-quality consumer goods and services, remove unreasonable restrictions and unlock demand for services.
China will "stabilise and revive" investment, raise the scale of central budget spending, deepen the use of policy-based financial instruments and promote high-quality urban renewal.
Innovation-driven development will be strengthened. China will accelerate the building of international sci-tech hubs in Beijing-Tianjin-Hebei, the Yangtze River Delta and the Guangdong–Hong Kong–Macao Greater Bay Area. Leaders pledged to advance the "AI Plus Initiative," improve AI governance and expand science-and-technology finance.
The conference stressed that deepening reform remains essential to sustaining momentum. China will strengthen governance of state assets and SOEs, implement the new private economy promotion law with supporting regulations, and push forward comprehensive capital market reforms.
Beijing vowed to "steadily expand institutional opening-up," promote service-sector liberalisation, accelerate Hainan Free Trade Port development, support service exports and expand digital and green trade. China will also negotiate more regional and bilateral trade and investment agreements while advancing high-quality Belt and Road cooperation.
Leaders called for stronger coordination in regional and urban-rural development, including county-level urbanization and comprehensive rural revitalization. China will ensure farmland remains above the red line, stabilize grain prices and consolidate gains in poverty alleviation. Marine economy development will also be promoted.
China reaffirmed its targets of carbon peaking and neutrality, pledging deeper energy conservation and carbon reduction efforts in key industries. Authorities will draft an action plan for building an "energy powerhouse," expand green electricity use and strengthen the national carbon trading market. The meeting called for advancing the Three-North Shelterbelt Forest Program and improving disaster resilience.
Beijing said it would prioritise people's livelihoods, including stabilising employment for graduates and migrant workers, improving education resource allocation and reforming medical insurance payment mechanisms. Authorities also highlighted the need to support vulnerable groups and stabilise the birth rate.
Risk prevention remains a key focus, particularly in real estate and local government debt. The government will work to stabilize the property market, advance construction of "quality homes" and defuse local debt risks "in an orderly manner."
The meeting called for upholding the "centralized and unified leadership" of the CPC Central Committee and urged local governments to carry out economic work according to local conditions. Leaders emphasized preparing the 15th Five-Year Plan (2026–2030) to ensure a strong start to the new planning period.
Premier Li Qiang, together with other members of the Politburo Standing Committee, attended the meeting. Li delivered the concluding speech outlining implementation requirements for Xi's guidance.
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