Chinese Premier Li Qiang delivered the government work report on behalf of the State Council at the opening meeting of the fourth session of the 14th National People’s Congress on Thursday. Here are some highlights.
Major development targets in 2026
China has set an economic growth target of 4.5% to 5% for this year, and will strive for better in practice, according to the report.
Main targets for development this year also include:
– surveyed urban unemployment rate of around 5.5%;
– over 12 million new urban jobs;
– CPI increase at around 2%;
– personal income growth in step with economic growth;
– a basic equilibrium in the balance of payments;
– grain output of around 700 million tonnes;
– a drop of around 3.8% in carbon dioxide emissions per unit of gross domestic product.
Fiscal and monetary policy in 2026
China will continue to implement a more proactive fiscal policy in 2026.
The deficit-to-GDP ratio for 2026 is set at around 4%, said the report.
Expenditure in general public budget is projected to reach 30 trillion yuan (about $4.17 trillion) for the first time in 2026.
China will continue to apply an appropriately accommodative monetary policy in 2026. It will flexibly and effectively employ a range of policy instruments, including cuts to required reserve ratios and interest rates, the report said.
High-level technological self-reliance
China vows to drive advances in original innovation and breakthroughs in core technologies in key fields, and move faster to achieve greater self-reliance and strength in science and technology, according to the report.
China will nurture industries of the future such as future energy, quantum technology, embodied artificial intelligence, brain-computer interfaces, and 6G technology.
Green low-carbon development
China’s share of non-fossil energy in total energy consumption reached 21.7% in 2025, and the country announced its 2035 Nationally Determined Contributions to respond to climate change, the report said.
China will set up national fund for low-carbon transition and foster new growth drivers such as hydrogen power and green fuels.
Open wider to outside world
China will open wider to the outside world, according to the government work report.
Efforts will be made to expand market access and open up more areas, particularly in the service sector, the report said.
Opening-up trials will be expanded in fields such as value-added telecom services, biotechnology and wholly foreign-owned hospitals this year, according to the report.
China will continue to be fully engaged in reform of WTO and safeguard and develop open world economy, the report said.
