The Central Economic Work Conference was held in Beijing from December 10th to 11th. Xi Jinping, General Secretary of the Communist Party of China (CPC) Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, attended the conference and delivered an important speech. Members of the Standing Committee of the Political Bureau of the CPC Central Committee, including Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi, were also present.
As reported by Xinhua News Agency, the Central Economic Work Conference took place in Beijing from December 10th to 11th. Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, attended and addressed the conference. Standing Committee members of the Political Bureau of the CPC Central Committee, namely Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi, attended the event.
In his important speech, Xi Jinping reviewed the economic work in 2025, analyzed the current economic situation, and arranged the economic tasks for 2026. Li Qiang delivered a concluding speech, putting forward requirements for implementing the spirit of General Secretary Xi Jinping’s important speech and doing a good job in economic work next year.
The conference pointed out that this has been an extraordinary year. The CPC Central Committee with Comrade Xi Jinping at its core has united and led the whole Party, all ethnic groups across the country to rise to challenges and work strenuously. It has unswervingly applied the new development philosophy, promoted high – quality development, coordinated the overall domestic and international situations, and implemented more proactive and effective macro – policies. All major goals for economic and social development will be successfully achieved. China’s economy has forged ahead against pressures, moving towards new and higher – quality development. The construction of a modern industrial system has steadily advanced, new progress has been made in reform and opening – up, positive headway has been achieved in defusing risks in key areas, and people’s livelihood security has been further strengthened. Over the past five years, we have effectively coped with various shocks and challenges, and driven significant new achievements in the cause of the Party and the country. The 14th Five – Year Plan is drawing to a successful close, and a sound start has been made in the new journey towards the Second Centenary Goal.
The conference held that through practical experience, we have gained new insights and understandings into conducting economic work under new circumstances. Specifically, we must fully tap into economic potential; adhere to the dual drive of policy support and reform and innovation; strike a balance between fostering vitality and exercising effective regulation; closely integrate investment in material assets with investment in human capital; and strengthen our internal capacities to address external challenges.
The conference noted that China’s economic development still faces many long – standing problems and new challenges. The impact of changes in the external environment is deepening, the contradiction of excessive supply amid insufficient demand is prominent domestically, and there are quite a few potential risks in key areas. Most of these are problems arising in the process of development and transformation, which can be resolved through diligent efforts. The fundamental underpinnings and long – term positive trend of China’s economy remain unchanged. We must strengthen confidence, leverage our advantages, tackle challenges, and continuously consolidate and extend the steady upward momentum of the economy.
The conference emphasized that to do a good job in economic work next year, we must take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guide, thoroughly implement the spirit of the 20th National Congress of the CPC and all plenary sessions of the 20th Central Committee, and fully, accurately and comprehensively apply the new development philosophy. We should accelerate the building of a new development pattern, focus on promoting high – quality development, and adhere to the general principle of seeking progress while maintaining stability. We need to better coordinate domestic economic work with international economic and trade struggles, and better balance development and security. We will implement more proactive and effective macro – policies, enhance the foresight, targeting and coordination of policies, and continuously expand domestic demand and optimize supply. We will improve the quality of new increments and revitalize existing stock assets, develop new quality productive forces in light of local conditions, further advance the construction of a unified national market, and continuously guard against and defuse risks in key areas. Efforts should be made to stabilize employment, enterprises, the market and expectations, promote effective improvement in the quality and reasonable growth in the quantity of the economy, maintain social harmony and stability, and achieve a sound start for the 15th Five – Year Plan.
The conference pointed out that in terms of policy orientation for economic work next year, we must adhere to seeking progress while maintaining stability and pursuing quality improvement and efficiency enhancement. We should give play to the synergistic effect of existing and new policies, intensify counter – cyclical and cross – cyclical adjustments, and improve the efficiency of macroeconomic governance. We will continue to implement a more proactive fiscal policy, maintain an appropriate level of fiscal deficit, total debt scale and total expenditures, strengthen scientific fiscal management, optimize the structure of fiscal expenditures, and regulate policies on tax incentives and fiscal subsidies. We will attach great importance to addressing the fiscal difficulties of local governments and ensure the bottom line of meeting the three guarantees at the grassroots level (ensuring basic salaries, normal operation and basic people’s livelihood). We will strictly enforce fiscal and economic discipline and urge Party and government organs to practice frugality.
We will continue to pursue a moderately accommodative monetary policy. We will take promoting stable economic growth and a reasonable recovery in prices as important considerations in formulating monetary policy, flexibly and efficiently use various policy tools such as reserve requirement ratio cuts and interest rate reductions to maintain sufficient liquidity, smooth the transmission mechanism of monetary policy, and guide financial institutions to increase support for key areas including expanding domestic demand, technological innovation, and micro, small and medium – sized enterprises. We will keep the RMB exchange rate basically stable at a reasonable and balanced level. We need to enhance the consistency and effectiveness of macro – policy orientations, incorporate various economic and non – economic policies as well as existing and new policies into the consistency assessment of macro – policy orientations, improve the expectation management mechanism, and boost social confidence.
The conference identified the following key tasks for economic work next year:
- Adhere to the dominance of domestic demand and build a strong domestic marketWe will thoroughly implement special campaigns to boost consumption and formulate and implement plans to increase the incomes of urban and rural residents. We will expand the supply of high – quality goods and services and improve the implementation of policies for large – scale equipment renewal and trade – in of consumer goods. We will eliminate unreasonable restrictive measures in the consumption sector to unlock the potential of service consumption. We will reverse the downward trend of investment and stabilize it. We will appropriately expand the scale of central budgetary investment, better implement projects related to national major strategy implementation and security capacity building in key areas, improve the management of the use of special bonds by local governments, continue to give play to the role of new policy – based financial instruments, and effectively stimulate the vitality of private investment. We will advance urban renewal with high quality.
- Adhere to innovation – driven development and accelerate the cultivation and expansion of new growth driversWe will formulate a plan to promote the integrated development of education, science and technology, and talent. We will develop Beijing (the Beijing – Tianjin – Hebei region), Shanghai (the Yangtze River Delta), and the Guangdong – Hong Kong – Macao Greater Bay Area into international centers for technology and innovation. We will strengthen the dominant position of enterprises in innovation and improve the intellectual property protection system in emerging fields. We will formulate an action plan to expand the capacity and improve the quality of the service sector, launch a new round of initiatives to promote the high – quality development of key industrial chains, further advance the “AI +” initiative, improve AI governance, and innovate sci – tech finance services.
- Press ahead with reforms and enhance the momentum and vitality for high – quality developmentWe will formulate regulations for building a unified national market and thoroughly rectify inward – looking vicious competition. We will formulate and implement plans to further deepen the reform of state – owned assets and state – owned enterprises, and improve supporting laws, regulations and policies for the Law on Promoting the Development of the Private Sector. We will step up efforts to clear up outstanding payments owed to enterprises, promote the win – win development of platform enterprises, operators on platforms and workers, expand pilot projects for the market – oriented reform of production factors, and improve the local tax system. We will further promote the streamlining and quality improvement of small and medium – sized financial institutions and continuously deepen the comprehensive reform of investment and financing in the capital market.
- Adhere to opening – up and promote win – win cooperation in multiple fieldsWe will steadily advance institutional opening – up, expand autonomous opening – up in the service sector in an orderly manner, optimize the layout and scope of pilot free trade zones, and steadily push forward the construction of the Hainan Free Trade Port. We will promote the integrated development of trade and investment as well as the integration of domestic and foreign trade, encourage and support service exports, and vigorously develop digital trade and green trade. We will deepen the reform of the institutional mechanism for promoting foreign investment, improve the overseas comprehensive service system, promote the high – quality development of the Belt and Road Initiative, and push for the signing of more regional and bilateral trade and investment agreements.
- Adhere to coordinated development and promote urban – rural integration and inter – regional linkageWe will coordinate the advancement of urbanization with county seats as an important carrier and the all – round rural revitalization, and promote the high – quality development of county economies. We will strictly guard the red line for cultivated land, ensure unremitting efforts in grain production, and maintain reasonable prices for grain and other important agricultural products. We will continue to consolidate and expand the achievements in poverty alleviation, incorporate regular assistance into the overall implementation of the rural revitalization strategy, and prevent large – scale return to poverty. We will support major economic provinces in taking the lead, strengthen the coordination and linkage among key urban agglomerations, deepen cross – administrative cooperation, strengthen the overall planning of major bays, and promote the high – quality development of the marine economy.
- Take the dual carbon goals as the guide and advance comprehensive green transformationWe will further promote energy conservation and carbon reduction transformation in key industries, formulate a master plan for building a strong energy nation, accelerate the development of a new energy system, and expand the application of green power. We will strengthen the construction of the national carbon emissions trading market, launch campaigns for the comprehensive management of solid waste, further promote the battles for blue skies, clear waters and clean land, and strengthen the control of new pollutants. We will steadily advance the tough battle of the Three – North Shelterbelt Program and optimize the integration of protected areas. We will improve the meteorological monitoring, forecasting and early warning system, speed up addressing the shortcomings in flood control, waterlogging drainage and disaster resistance infrastructure in northern China, and enhance the capacity to respond to extreme weather events.
- Prioritize people’s livelihood and strive to deliver more tangible benefits to the peopleWe will implement initiatives to stabilize, expand and upgrade employment, ensure employment for key groups such as college graduates and migrant workers, and encourage and support workers in flexible employment and new employment forms to participate in employee insurance. We will adjust the layout and structure of educational resources, increase the supply of senior high school enrollment quotas and the undergraduate enrollment scale of high – quality universities. We will optimize the centralized procurement of medicines, deepen the reform of medical insurance payment methods, launch projects to expand and upgrade rehabilitation and nursing services, implement a long – term care insurance system, and strengthen care and assistance for vulnerable groups. We will advocate a positive outlook on marriage and childbirth and strive to stabilize the newborn population size. We will make solid efforts in workplace safety, disaster prevention, mitigation and relief, and food and drug safety.
- Adhere to bottom – line thinking and steadily defuse risks in key areasWe will focus on stabilizing the real estate market, adopt targeted policies for different cities to control new supply, reduce inventory and optimize supply, and encourage the purchase of existing commercial housing for the development of affordable housing. We will deepen the reform of the housing provident fund system, steadily promote the construction of high – quality housing, and accelerate the establishment of a new development model for the real estate sector. We will actively and steadily defuse local government debt risks, urge local authorities to take the initiative to reduce debts, and prohibit the illegal increase of implicit debts. We will optimize debt restructuring and replacement methods and take multiple measures to defuse the operational debt risks of local government financing platforms.
The conference pointed out that we must consciously align our thinking and actions with the CPC Central Committee’s scientific judgment of the current situation, grasp the general trend of China’s development, and strengthen confidence in future development. We need to fully implement the overall requirements and policy orientations for next year’s economic work, adhere to a proactive and pragmatic goal – oriented approach, effectively address existing difficulties and problems, achieve greater breakthroughs in improving quality, and enhance the sense of gain among residents and enterprises. We should strengthen the synergistic effect of reforms and policies to promote sustained positive economic performance and market expectations.
In the overall context, we must focus on the key priorities for next year’s economic work: expand new space for domestic demand growth by strengthening the domestic economic cycle; promote the in – depth integration of technological innovation and industrial innovation to develop new quality productive forces; unswervingly deepen reform and expand opening – up to stimulate the vitality for high – quality development; increase efforts to ensure and improve people’s livelihood to continuously enhance people’s well – being; and steadily defuse risks in key areas to safeguard security bottom lines.
The conference emphasized the need to strengthen the Party’s overall leadership over economic work to form a unified will and strong synergy. We must uphold the centralized and unified leadership of the CPC Central Committee. All regions and departments should fully implement the CPC Central Committee’s ideas, tasks and policies for next year’s economic work in light of local realities. We should establish and practice a correct view of political achievements, strive to deliver achievements for the people through solid work, act in accordance with objective laws, and improve the differentiated assessment system. We will formulate the national and local 15th Five – Year Plans and special plans in accordance with the Recommendations of the Fourth Plenary Session of the 20th Central Committee of the CPC to promote high – quality and sustainable development. We will create a sound political, talent, business and public opinion environment, strengthen policy publicity and interpretation, and fully inspire positive social energy.
The conference required ensuring the supply of key people’s livelihood commodities at the end of this year and the beginning of next year, caring about the production and living conditions of vulnerable groups, and resolutely preventing and curbing major and extraordinarily serious accidents.
The conference called on the whole Party and the whole society to unite more closely around the CPC Central Committee with Comrade Xi Jinping at its core, work together with one heart and forge ahead with determination to strive for the achievement of the economic and social development goals and tasks next year, and ensure a sound start for the 15th Five – Year Plan.
Members of the Political Bureau of the CPC Central Committee, Secretaries of the Secretariat of the CPC Central Committee, Vice – Chairmen of the Central Military Commission, relevant leading comrades of the Standing Committee of the National People’s Congress, State Councilors, President of the Supreme People’s Court, Procurator – General of the Supreme People’s Procuratorate, relevant leading comrades of the National Committee of the Chinese People’s Political Consultative Conference, and members of the Central Military Commission attended the conference.
Principal responsible comrades of Party committees and governments of all provinces, autonomous regions, municipalities directly under the Central Government, cities with independent planning status, and the Xinjiang Production and Construction Corps, as well as principal responsible comrades of relevant central and state organs, mass organizations, some centrally administered financial institutions and enterprises, and various departments of the Central Military Commission also participated in the conference.
