The Chinese government has set economic growth target for 2026 at 4.5% to 5%, according to the government report.
China aims to create over 12 million new jobs, keep consumer price index increase at around 2%, ensure residents' income grows at the same pace with economic growth, maintain basic balance in international payments, guarantee grain production around 0.7 trillion kiligrams and reduce carbon dioxide emissions per unit of GDP by about 3.8%
The government work report mentions the continuation of a more proactive fiscal policy, stating that this year's budget deficit rate is planned to be around 4%, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year. The general public budget expenditure scale will reach 30 trillion yuan for the first time, an increase of about 1.27 trillion yuan from the previous year. It is proposed to issue 1.3 trillion yuan in ultra-long-term special government bonds to continuously support the "two heavy" construction and "two new" initiatives.
Governments at all levels must better manage finances, establish and improve mechanisms for increasing revenue and reducing expenditure, actively utilize existing resources and assets, strictly enforce financial discipline, strengthen budget constraints, rigorously control general expenditures, and resolutely implement the requirement for frugality, ensuring that every penny saved is directed toward critical development points and urgent needs of the populace.
Support local governments with conditions to promote spring and autumn breaks for primary and secondary schools, and implement paid staggered leave for employees.
Cultivate and expand emerging and future industries. Establish mechanisms for investment growth and risk-sharing in future industries, fostering the development of future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G technologies.
Deepen and expand "Artificial Intelligence +", promote the accelerated rollout of a new generation of intelligent terminals and agents, drive the commercial and large-scale application of artificial intelligence in key industries, and cultivate new business formats and models rooted in intelligence. Support the construction of open-source communities for artificial intelligence and promote a flourishing open-source ecosystem. Implement new infrastructure projects such as ultra-large-scale intelligent computing clusters and computing power coordination, strengthen national integrated computing power monitoring and scheduling, and support the development of public clouds. Accelerate the development of satellite internet. Create an upgraded version of "5G + Industrial Internet". Deepen the development and utilization of data resources, improve the foundational system for data elements, and build high-quality data sets. Enhance governance of artificial intelligence.
Thoroughly rectify "involution-style" competition. Strengthen anti-monopoly and anti-unfair competition measures, reinforce rigid constraints for fair competition reviews, and comprehensively apply methods such as capacity regulation, standard guidance, price enforcement, and quality supervision to deeply rectify "involution-style" competition and cultivate a healthy market ecology.
Adjust and optimize the scope and rates of consumption tax, and promote the postponement of the collection of some categories of goods.
Continue to deepen reforms in key areas. Focus on constructing a high-level socialist market economy system, strengthen reform efforts, and thoroughly eliminate institutional and mechanism barriers to enhance the momentum and vitality for high-quality development. Advance the construction of a national unified market. Formulate regulations for the construction of a national unified market. Promote reforms in fiscal, taxation, and financial systems. Increase the coordination of financial resources and budgets, and raise the proportion of returns from state-owned capital. Fully stimulate the vitality of various business entities. Uphold and implement the principle of "two unwavering commitments".
Solidly promote comprehensive rural revitalization. Prioritize "agriculture, rural areas, and farmers" as a major task, deeply learn from the experience of the "Ten Million Projects", improve the effectiveness of policies that strengthen agriculture and benefit farmers, and further consolidate the agricultural and rural foundation to enhance development quality and efficiency.
Further expand high-level opening-up. Adhere to win-win cooperation, steadily broaden institutional opening-up, expand international circulation, and promote reform and development through openness.
Strengthen housing guarantees for families with newly married couples and new parents, and support multi-child families in meeting their housing improvement needs. Improve the maternity insurance system and maternity leave policies.
Focus on stabilizing the real estate market. Implement city-specific policies to control supply increments, reduce inventory, and optimize supply, explore multiple channels to activate existing commodity housing, and encourage the acquisition of existing commodity housing for use in affordable housing. Deepen the reform of the housing provident fund system. Optimize the supply of affordable housing, accelerate the renovation of old and unsafe housing. Promote the orderly construction of safe, comfortable, green, and smart "good houses", implement housing quality improvement projects, and enhance property service quality.
Explore more exclusive insights at nextfin.ai.
