On March 5, Premier Liqiang presented the government work report to the fourth session of the 14th National People's Congress. The key points are as follows:
I. Review of 2025 Work
Gross domestic product (GDP) growth reached 5%.
Urban employment increased by 12.67 million people.
Grain production reached 1.43 trillion catties.
Annual production of new energy vehicles exceeded 16 million units.
Over the past five years,
Average annual GDP growth was 5.4%.
The scale of manufacturing value-added has ranked first globally for 16 consecutive years.
Per capita disposable income of residents grew at an average annual rate of 5.4%.
The cumulative number of new urban jobs has exceeded 60 million.
II. Main goals and key tasks for the '15th Five-Year Plan' period
GDP growth remains within a reasonable range.
Annual average growth of R&D investment across society exceeds 7%.
Cumulative reduction in carbon dioxide emissions per unit of GDP reaches 17%.
The added value of core industries in the digital economy accounts for 12.5% of GDP.
The average years of education for the working-age population increases to 11.7 years.
Life expectancy at birth increases to 80 years.
Comprehensive grain production capacity reaches approximately 1.45 trillion catties.
Comprehensive energy production capacity reaches 5.8 billion tons of standard coal equivalent.
III. General Requirements and Policy Orientation for Economic and Social Development in 2026
Economic growth of 4.5% to 5%
Urban employment increase of more than 12 million people
Consumer price index increase of approximately 2%
Grain output of approximately 1.4 trillion catties
Carbon dioxide emissions per unit of GDP reduced by approximately 3.8%
The deficit ratio is planned to be set at approximately 4%, with the deficit scale increasing by 230 billion yuan compared to the previous year
The scale of general public budget expenditures will reach 30 trillion yuan for the first time
It is planned to issue ultra-long-term special government bonds worth 1.3 trillion yuan
Local government special bonds are planned to be arranged at 4.4 trillion yuan
IV. Partial Work Tasks for 2026
Income Growth: Formulate and implement an income growth plan for urban and rural residents, introducing a series of pragmatic measures in areas such as promoting income growth for low-income groups, increasing residents' property-related income, and improving salary and social security systems.
Consumption: Allocate 250 billion yuan of ultra-long-term special treasury bonds to support consumer goods trade-in programs.
Investment: Plan to allocate 755 billion yuan from the central government's budgetary investment, with 800 billion yuan of ultra-long-term special treasury bond funds designated for 'two major' construction projects.
New Quality Productivity: Build emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy. Foster the development of future industries including next-generation energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G. Deepen and expand 'Artificial Intelligence Plus.'
National Unified Market: Use a combination of production capacity regulation, standard leadership, price enforcement, and quality supervision to address 'internally competitive' practices comprehensively.
Openness: Further expand pilot programs for opening up sectors such as value-added telecommunications, biotechnology, and wholly foreign-owned hospitals.
Comprehensive Rural Revitalization: Fully launch the second round of provincial-level pilots to extend land contracts by another 30 years upon expiration. Conduct the fourth national agricultural census.
New Urbanization: Scientifically and orderly promote the urbanization of the agricultural migrant population, and adapt measures to relax the conditions for registering to take the high school entrance examination in the inflow area.
Employment: Build an employment-friendly development model. Implement actions to stabilize jobs, expand positions, and improve quality.
Education: Refine the policy for free preschool education and increase the supply of general high school seats.
Healthcare: The per capita fiscal subsidy standard for residents' medical insurance has been increased by 24 yuan.
Social Security: The minimum monthly standard for basic pensions for urban and rural residents will be further increased by 20 yuan. Strengthen housing support for first-time married couples and families with their first child, and support multi-child families in meeting improved housing needs.
Green Development: Establish a national low-carbon transition fund and foster new growth areas such as hydrogen energy and green fuels.
Real estate: Implement city-specific policies to control new supply, reduce inventory, optimize supply, and explore multiple channels to revitalize existing commercial housing stock.
Editor/Lambor