The year 2026 marks the beginning of the “fifty-fifty-five” year, and the core lines of this year's government report can be summed up in 16 words with modest objectives, steadyness, brightness and internal needs。
The report builds on the years of the beginning and leaves room for adjustment, with a focus on internal needs and new dynamics driven by double-wheeling, policy-oriented, focused and clear direction for development throughout the year。
Moderate target: 4. 5-5 per cent, leaving room for long-term development
This year's GDP growth target is set at 4. 5 to 5 per cent, slightly adjusted from the previous target of around 5 per cent, a pragmatic option that fits the “155” start. As a start-up phase of the new five-year plan, there is no need to pursue short-term high growth rates, but rather to leave room for structural adjustment, risk mitigation and reform to build on the foundations of medium- and long-term development and ensure that the 2035 vision is steadily set。
This goal is not less robust, but more realistic and responsive to expectations. On the basis of a sustained expansion of the economy's total size, inter-zonal goals combine growth with robustness, avoiding excessive stimulus and leading markets to reasonable expectations and achieving “jumping up to a high and steady pace”。
Stabilized: fiscal-currency synergies and weak policies
Fiscal policy has been robust and more accurate. The deficit rate continued to be set at 4 per cent, accompanied by GDP growth, an increase in the size of the deficit in real terms over the previous year, with general public budget spending exceeding, for the first time, $3 trillion and financial support remaining strong。
The debt instruments are generally stable: over a long period of time special national debt of 1. 3 trillion yuan, special local government debt of 4. 4 trillion yuan, the same amount as last year, and special national debt adjustment of 300 billion yuan to supplement the capital of the bank。
This year's greatest highlight is the clarity and rigidity of the use of funds: 800 billion dollars for “two-fold” construction, 200 billion dollars for equipment upgrades, 250 billion dollars for consumer goods in exchange for old, no diversion of funds, and ensuring precision in the real economy。
Monetary policy has been moderate, with a shift in focus towards prices and domestic demand. The continuation of the moderate easing tone and the incorporation of price recovery into core considerations for the first time address the lack of effective demand。
The policy instruments are presented in terms of moving from a “time-appropriate rate reduction” to a “flexible and efficient application” rather than a flood of water, depending on the economic dynamics camera. At the same time, the focus of monetary policy has shifted from stable buildings and stock markets to supporting the expansion of domestic demand, science, technology and innovation, and the promotion of sustainable developmentPeople's livesEngineering, more focused on economic internal dynamics。
Internal demand is important: activate the domestic market
This year, building a strong domestic market was at the top of the agenda, moving from “consumer to consumption” to “income-driven, consumption-driven” to systematic domestic demand activation。
The first is to raise incomes and implement income-generation programmes: the focus is on raising income for low-income groups, increasing property income, improving the social security system for remuneration, and increasing the disposable income of the population by stabilizing the capital market and increasing the share of the red。
The second is consumption promotion, finance and policy: $250 billion in support of old and new ones, and $100 billion in financial synergies to boost domestic demand, which leverages multi-fold consumer loans through interest rates and risk compensation. At the same time, spring and autumn breaks for primary and secondary schools are being promoted, and long holidays are being used to release tourism consumption; under-line consumption is being pursued, markets are being opened and consumption points are being blocked。
Third is investment in people's livelihoods: investment in the central budget of 75. 5 billion, 800 billion “twice” construction funds, 800 billion government investment funds, and more than $2 trillion in the areas of education, health care and civil tourism, to achieve “investment in people”, leading to consumer growth through improved livelihoods。
Smart eyes: the overall rise in the intelligent economy
The report proposes to build new dynamic energy and to make new quality productivity the backbone of the economy, with a hierarchy of industry。
The new pillar industry was formally established in four main areas: integrated circuits, aerospace, biomedicine, and low-altitude economy, moving from a breeding period to a pillar period as the core pillar of economic growth。
Future industrial foresight: new energy sources, brain interfaces, stacking of quantum, smartness, 6g, taking the high edge of technology。
The smart economy has become a new highlight: upgrading on the basis of artificial intelligence plus, creating a new form of the intelligent economy, advancing smart terminals, approximation of intelligent bodies and building an artificial, open-source ecology; and setting up a super-large-scale smart-counting cluster, computing synergetic, satellite-based internet to build a viable new infrastructure. At the same time, it is clear that ong takes the lead in developing core capital to provide long-term financing for sti。
Reform and livelihood: building the foundations of happiness line
The reforms focused on breaking down and revitalizing the market: the promotion of universal market regulation and the regulation of recruitment; the launching of a reform of the excise tax system to promote the transfer of taxes from production to consumption and to direct local attention to consumption and livelihood; and the development of a sound medium- and long-term financial entry mechanism for capital markets that strengthens investor protection and contributes to the healthy development of markets。
There has been a constant increase in human security: the per capita financial subsidy for health insurance has been increased by 24 yuan and the basic pension has been increased by 20 yuan; the development of innovative medicines has been accelerated, family homes have been secured at the beginning of the marriage, and the allowance for childcare services has been increased to address the population's plight。
In generalReport on the work of the government in 2026Building on the “155” approach, with a sound bottom-up approach, a smooth policy escort, a dual-wheel drive of domestic demand and intelligence, and a balance between short-term growth and long-term development, both risk-control and dynamic, is a strong expression of “people-centred and pragmatic commitment” that underpins high-quality economic and social development。
