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Xinhua News Agency Beijing March 7 - Title: Seeking Progress While Maintaining Stability and Striving for Achievements to Ensure a Good Start for the “14th Five-Year Plan” - Representatives and Committee Members Review and Discuss the Plan and Budget Reports

Xinhua News Agency Reporter

2026 is the inaugural year of the “14th Five-Year Plan,” and doing a good job in economic and social development is of great significance. On the 7th, representatives of the National People’s Congress and members of the Chinese People’s Political Consultative Conference attending the two sessions held a serious review and heated discussion on the plan and budget reports.

Everyone expressed that the policy deployments in the two reports clarify the development path and respond to the concerns of the people. We must take practical actions, strive for progress, promote qualitative effective enhancement and reasonable quantitative growth of the economy, and work hard to complete the annual economic and social development goals and tasks, ensuring a good start for the “14th Five-Year Plan.”

Continuously Consolidating and Expanding the Steady Positive Trend of the Economy

The government work report clarifies a series of expected goals for economic and social development this year. In response to these goals, the plan and budget reports made corresponding work deployment arrangements.

“The current domestic and international development situation is complex and variable, and there is significant uncertainty in the external environment. It is necessary to increase policy adjustment efforts and use the certainty of macro policies to respond to the uncertainty of the situation, continuously consolidating and expanding the steady positive trend of the economy, laying a solid foundation for a good start to the ‘14th Five-Year Plan,’” said Liu Shangxi, vice president of the China Macroeconomic Society.

The deficit ratio is arranged at about 4%; national general public budget expenditure is set to reach 300.1 billion yuan; the issuance of ultra-long-term special government bonds is continued at 1.3 trillion yuan… Tian Xuan, a distinguished professor at Peking University, highlighted the relevant arrangements for fiscal expenditure in 2026 while reviewing the budget report.

“In the inaugural year of the ‘14th Five-Year Plan,’ the demand for fiscal expenditure in various fields is quite large. This year, the scale of general public budget expenditure and the scale of newly issued government bonds have both reached new highs and focus on improving the efficiency of fund usage, providing strong support for the start of the ‘14th Five-Year Plan,’” Tian Xuan said.

“Taking promoting stable economic growth and reasonable price recovery as an important consideration for monetary policy” and “flexibly and efficiently using various policy tools such as RRR cuts and interest rate cuts”… The plan report makes clear arrangements around monetary policy.

Fan Xiaoyun, dean of the School of Finance at Nankai University, has been paying close attention to the orientation of monetary policy in recent years. She said, “Finance is the bloodline of the real economy. Continuing to implement a moderately loose monetary policy and using various policy tools to maintain ample liquidity and a stable decline in comprehensive financing costs will help create a good monetary financial environment for economic and social development.”

Currently, the pattern of strong domestic supply and weak demand continues. To focus on expanding domestic demand, the plan and budget reports clarify multiple policies.

During the review report, Li Feng, director of the Shandong Provincial Department of Finance, paid special attention to “introducing and implementing a package of policies for fiscal and financial collaboration to promote domestic demand.” He said, “This package of policies uses market-oriented means such as loan interest subsidies, financing guarantees, and risk compensation to achieve ‘small funds leveraging large funds, government guiding the market,’ providing greater support for expanding investment and promoting consumption.”

Unwaveringly Promoting High-Quality Development

Representatives and committee members stated that the two reports reflect a complete, accurate, and comprehensive implementation of the new development concept, accelerating the construction of a new development pattern, and promoting high-quality development, with a series of practical and hard measures that inspire and motivate.

“Both reports propose multiple measures to accelerate the cultivation and growth of new momentum, fully reflecting the requirements for developing new-quality productive forces and accelerating the construction of a modern industrial system,” said Fu Zitang, a professor at Southwest University of Political Science and Law.

The plan report mentions “promoting the deep integration of technological innovation and industrial innovation,” which has been a focus for Shi Haofei, deputy director of the Chongqing Green Intelligent Technology Research Institute of the Chinese Academy of Sciences. “The report clarifies measures to strengthen the collaborative tackling of production, education, research, and application led by enterprises, and cultivate a batch of high-level technology enterprise incubators and technology transfer institutions, which will further gather elements such as capital and talent, accelerating the industrialization of technological achievements,” Shi Haofei said.

Activating the potential of the large market and leveraging the advantages of the large market is the only way to achieve high-quality development.

While reviewing the plan report, Zhang Xiaowen, chairman of Northeast Piano Instrument Co., Ltd., carefully studied the important measures listed in the column “Deeply Promoting the Construction of a Unified National Market.” She said, “I look forward to these practical measures creating a better development ‘soil’ for private enterprises, further activating market potential and vitality.”

Development and security must achieve a dynamic balance and be mutually reinforcing.

“Both reports reflect the requirement of coordinating high-quality development and high-level security,” said Yu Jiaao, secretary of the Party committee of the Baquanling branch of Beidahuang Group from Heilongjiang. “We will intensify the promotion of high-standard farmland construction, further strengthen the protection of black land, and promote the integration of modern agricultural technology into villages and households, making the national food security ‘ballast stone’ more solid.”

Increasing Efforts to Guarantee and Improve People’s Livelihood

The central government allocates 66.7 billion yuan for employment assistance; the central general public budget’s own education expenditure is arranged at 192.5 billion yuan, an increase of 5%; the minimum standard for basic pension for urban and rural residents is raised by another 20 yuan… The budget report presents a series of measures for people’s livelihood with substantial value.

Representatives and committee members expressed that under the pressure of balancing fiscal revenues and expenditures, this year’s “national accounts” still carry significant weight and quality in terms of people’s livelihood guarantees, fully demonstrating the people-centered development philosophy.

Employment is the biggest livelihood issue. The plan report proposes “implementing actions to stabilize jobs, expand capacity, and improve quality” and “supporting the development of industries and enterprises with strong employment absorption capacity,” which greatly encourages He Han, chairman of Tianyu Shuke: “With these policy supports, enterprises can make more long-term investments in talent reserves, promoting more people to increase their income through their skills.”

Education is a major national and party agenda. In this regard, the budget report clearly states “further increasing fiscal investment in education” and proposes measures such as “improving the free preschool education policy” and “promoting the high-quality and balanced development of compulsory education and the high-quality and inclusive development of preschool education.”

“These policies actively respond to people’s concerns about livelihood, and are of great significance for promoting educational equity and effectively reducing the burden of child-rearing on families,” said Tuo Qingming, director of the Education Examination Institute of Yaan City, Sichuan Province.

From nurturing the young to supporting the elderly, the two reports clarify multiple practical measures and increase financial support.

Yue Zehui, deputy director of the Liaoning Provincial Medical Security Bureau, was deeply impressed by the content of the plan report on “leveraging the role of childcare subsidies and improving systems like maternity insurance and maternity leave.” “This is a powerful embodiment of promoting the construction of a family-friendly society. Liaoning will continue to implement medical insurance support policies for childbirth, improve prenatal check-up benefits standards, and strive to reduce the burden on the people.”

(Edited by: Wen Jing)

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