Breakdown of Li Qiang's Work Report & 2026 Budgets Report
Hi folks,
On the first day of the NPC session, we had Li Qiang presenting the Government Work Report and the publication of national budgets information.
Let’s first look at the document on local and central budgets.
The key budgetary decisions for 2026 state that “we will continue to pursue a more proactive fiscal policy. This proactive stance will be reflected in increases not only in spending scale but more importantly, in spending efficiency.”
Revenue in the central general public budget for 2026 is projected to be 9.567 trillion yuan, an increase of 1.8% over the actual figure in 2025. Adding in 100 billion yuan from the Central Budget Stabilization Fund and 250 billion yuan from the budget of central government state capital operations, total revenue is expected to reach 9.917 trillion yuan.
Expenditures in the central general public budget are projected to increase by 3.5% to 15.007 trillion yuan. Total expenditure will exceed total revenue, leaving a deficit of 5.09 trillion yuan, 230 billion yuan higher than in 2025, which will be supplemented through the issuance of treasury bonds.
Key expenditure heads for 2026 are:
diplomatic endeavors, 70.975 billion yuan, up 9.3%;
national defense, 1.909561 trillion yuan , up 7%;
public security, 258.269 billion yuan, up 5.9%;
education, 192.476 billion yuan, up 5%;
science and technology, 426.42 billion yuan , up 10%;
stockpiling of grain, edible oils, and other materials, 110.684 billion yuan, up 8.1%;
debt interest payments, 873.99 billion yuan, up 6.7%;'
10.415 trillion yuan will be transferred to local governments, up 2.2%;
50 billion yuan will be allocated to central government reserve funds
Other key details:
Expenditure in the national general public budget for 2026 reach 30.01 trillion yuan, an increase of 4.4% over last year. The deficit-to-GDP ratio will be set at around 4%, and the government deficit is projected to be 5.89 trillion yuan, an increase of 230 billion yuan compared with the figure projected at the beginning of last year.
2026’s deficit will consist of a central government deficit of 5.09 trillion yuan and a local government deficit of 800 billion yuan.
This year, a ceiling of 4.4 trillion yuan will be set on new local government special-purpose debts, which will be used to support the construction of major projects, replace hidden debts, and settle overdue payments owed by governments.
We will issue another 1.3 trillion yuan of ultra-long special treasury bonds to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
A total of 300 billion yuan in special treasury bonds will be issued to support large state-owned commercial banks in replenishing their core tier 1 capital.
Transfer payments from the central government to local governments will be set at 10.415 trillion yuan, up 2.2%. Of this amount, payments for ensuring equal access to basic public services will total 2.834 trillion yuan, an increase of 3.7%, while rewards and subsidies transferred under the mechanism for ensuring basic funding for county-level governments will total 489.5 billion yuan, up 2.1%.
Another 50 billion yuan of incentive funds for high-quality development will be transferred this year to encourage local governments to take the initiative in developing the economy and increasing incomes.
We will set up a special fund of 100 billion yuan for coordinating fiscal and financial policies to boost domestic demand.
To stimulate goods consumption, ultra-long special treasury bonds totaling 250 billion yuan will be issued to support consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas.
The central government budget will include 755 billion yuan for investment, an increase of 20 billion yuan over last year.
Ultra-long special treasury bonds totaling 200 billion yuan will be allocated to support large-scale equipment upgrades.
We will support the development of integrated circuits, aviation and aerospace, biomedicine, and other emerging pillar industries and foster future industries like embodied artificial intelligence and 6G mobile communications.
Science and technology will remain a fiscal spending priority, with expenditures in the central budget rising by 10% to 426.4 billion yuan.
Basic research expenditures in the central budget will increase by 16.3%.
The central government will allocate 66.7 billion yuan for employment subsidies.
Government spending on education must be higher than 4% of GDP. This year, outlays on education in the central general public budget are projected to increase by 5% to 192.5 billion yuan.
Basic medical insurance subsidies for rural and non-working urban residents will be increased by 24 yuan per person, bringing the total amount to 724 yuan per person per year.
A total of 177 billion yuan will be allocated for assistance in 2026, which will be mainly used to support industrial development and employment.
The central government will allocate 42 billion yuan for an award fund to support local governments in implementing policies on granting permanent urban residency to people who have moved to cities from rural areas.
The central government will allocate 202.2 billion yuan in subsidies to bolster the revitalization and development in old revolutionary base areas, areas with large ethnic minority populations, border areas, and areas affected by resource depletion.
The central government will allocate 32.3 billion yuan, 25.4 billion yuan, and 4.2 billion yuan for the prevention and control of air, water, and soil pollution, respectively.
Debt ceilings for 2026 as follows:
treasury debt, 48.550835 trillion yuan;
local government general debt, 18.868922 trillion yuan;
local government special debt, 44.318508 trillion yuan.
The key data from the report on central and local budgets for 2025 is as follows.
National Revenue in the national general public budget decreased by 1.7% over 2024 to 21.604488 trillion yuan, representing 98.3% of the budgeted figure. Tax receipts rose by 0.8% to 17.636323 trillion yuan, while non-tax revenue fell by 11.3% to 3.968165 trillion yuan, a decrease mainly due to the higher base figure for 2025 on account of a one-time arrangement for relevant central departments to turn in special proceeds in 2024. With the addition of 1.575378 trillion yuan, comprising transfers from budget stabilization funds and from the budgets of government-managed funds and state capital operations as well as utilized carryover and surplus funds, total revenue came to 23.179866 trillion yuan.
National Expenditure in the national general public budget rose by 1% to 28.739542 trillion yuan, representing 96.8% of the budgeted figure. With the addition of 100.324 billion yuan used to replenish the Central Budget Stabilization Fund, total expenditure came to 28.839866 trillion yuan.
Deficit: Total expenditure exceeded total revenue, leaving a deficit of 5.66 trillion yuan, which is consistent with the figure projected.
Breaking this down, the report says:
In central budget, the total revenue came to 9.736262 trillion yuan. This included Central Budget Stabilization Fund and 240 billion yuan. Expenditure increased by 2.8% to 14.495938 trillion yuan.
Expenditure breakdown for 2025 was:
64.956 billion yuan on diplomatic endeavors, 100.7% of the budgeted figure;
1.784665 trillion yuan on national defense, 100% of the budgeted figure;
243.848 billion yuan on public security, 100.4% of the budgeted figure;
183.314 billion yuan on education, 105.1% of the budgeted figure;
387.705 billion yuan on science and technology, 97.4% of the budgeted figure;
102.359 billion yuan on the stockpiling of grain, edible oils, and other materials, 77.7% of the budgeted figure (primarily due to the practice of reviewing and taking back surplus funds to offset some expenditures of 2025);
819.361 billion yuan on debt interest payments, 98.2% of the budgeted figure.
In addition, the report informs:
General transfer payments totaled 9.247598 trillion yuan.
Special transfer payments came to 944.916 billion yuan, representing 101.6% of the budgeted figure.
In terms of local budgets, the report says:
Revenue in the local general public budget was 22.40074 trillion yuan. This figure includes 12.208226 trillion yuan in local government revenue, an increase of 2.4%, and 10.192514 trillion yuan in transfer payments from the central government.
Expenditures in the local general public budget totaled 24.436118 trillion yuan, representing a 0.2% increase and accounting for 85% of expenditure in the national general public budget.
Total expenditure exceeded total revenue, creating a local government deficit of 800 billion yuan.
Other key details:
Revenue of government-managed funds nationwide in 2025 fell by 7% to 5.770355 trillion yuan. This decrease was mainly due to a drop in proceeds from local government sales of state-owned land-use rights. With the addition of 38.507 billion yuan carried over from 2024, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, 500 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, and 4.4 trillion yuan raised by local governments through special-purpose bonds, total revenue came to 12.008862 trillion yuan. Expenditure of government-managed funds nationwide increased by 11.3% to 11.287354 trillion yuan, representing 90.4% of the budget projection.”
Revenue of central government-managed funds grew by 6.8% to 505.588 billion yuan. With the addition of 38.507 billion yuan carried over from 2024, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, and 500 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, total revenue amounted to 2.344095 trillion yuan. Expenditure of central government-managed funds came to 2.27798 trillion yuan. Revenue of central government-managed funds exceeded expenditure by 66.115 billion yuan.
Revenue of local government-managed funds fell by 8.2% to 5.264767 trillion yuan. With the addition of 1.179567 trillion yuan in transfer payments from central government-managed funds and 4.4 trillion yuan raised by local governments through special-purpose bonds, total revenue came to 10.844334 trillion yuan. Expenditure of local government-managed funds totaled 10.188941 trillion yuan, an increase of 5.3%.
Revenue of state capital operations nationwide grew by 25.8% to 854.695 billion yuan, representing 135.1% of the budgeted projection. Expenditure dropped by 15.1% to 264.731 billion yuan, representing 93.8% of the budgeted figure.
Revenue of social insurance funds nationwide climbed by 4.9% to 12.603368 trillion yuan, representing 101.3% of the budget target. Expenditure of social insurance funds nationwide increased by 5.4% to 11.14141 trillion yuan.
Now, let’s turn to Li Qiang’s Government Work Report. Li began by talking about what had been accomplished in 2025. He then moved to talk about the agenda for the 15th FYP. Here’s what he said:
“Indicators for the main objectives: To accomplish the main objectives laid out in the Party Central Committee’s Recommendations, the draft Outline has specified 20 main indicators covering several areas.
In the area of economic development, three indicators are proposed concerning growth, structure, and efficiency. In consideration of evolving developments both at home and abroad and other relevant factors, and taking into account both what is needed and what is possible, it is proposed that GDP should keep growing within an appropriate range, with annual growth rates to be determined in light of actual conditions. This will lay a solid foundation for achieving the goal of doubling China’s 2020 per capita GDP by 2035 to reach the level of a moderately developed country. (Note: So this goal should be around $21000 per capita.)
In the area of innovation, three indicators are proposed concerning investment and outcomes. Based on a comprehensive assessment of the R&D spending growth trajectory and enterprise investment capacity, the draft Outline projects an annual average increase of at least 7 percent in nationwide R&D spending, the same as the target in the 14th Five-Year Plan. This will ensure that R&D spending continues to grow at a steady pace.
In the area of public wellbeing, seven indicators are proposed, covering employment, income, education, medical care, health, elderly care, and childcare, with the aim of better addressing pressing difficulties and problems that concern people most.
In the area of green and low-carbon development, five indicators are put forward, covering reductions in carbon emissions and pollution as well as ecological conservation and environmental protection. In accordance with China’s Nationally Determined Contributions, the draft Outline envisages a total reduction of 17 percent in carbon dioxide emissions per unit of GDP to promote the green and low-carbon transition across key sectors.
In the area of security, two indicators related to food and energy production capacity are proposed, with a view to further solidifying the foundations underpinning China’s national security.”
After this, Li outlined four major tasks for the 15th FYP. These are:
Pursuing high-quality development: “New quality productive forces are integral to high-quality development. This is why the draft Outline underscores the leading role of scientific and technological innovation. To firm up the foundations of the real economy, we must modernize the industrial system with advanced manufacturing as its backbone. To achieve greater self-reliance and strength in science and technology, we must deliver advances in original innovation and breakthroughs in core technologies in key fields and achieve further progress in advancing the Digital China Initiative. In this regard, the draft Outline proposes raising the value added of core digital economy industries to 12.5 percent of GDP. To advance the Beautiful China Initiative, we must continue the critical battle against pollution along with our drive to upgrade ecosystems, accelerate the shift to eco-friendly production practices and lifestyles, and ensure that the goal of peaking carbon emissions before 2030 is accomplished as planned.”
Strengthening the domestic economy: Under this, Li said that the “draft Outline highlights the need to improve living standards and increase consumer spending and the need to invest in both physical assets and people, so as to boost consumption, realize a notable increase in household consumption as a share of GDP, and expand effective investment. To fully leverage the strengths of our enormous market, we must further develop a unified national market and eliminate local protectionism and market segmentation.”
Advancing common prosperity for all: Under this, he said that the “draft Outline proposes the following tasks: building a childbirth-friendly society and improving population services; developing education that meets the people’s expectations and raising the average years of schooling among the working-age population to 11.7; moving faster to both advance the Healthy China Initiative and build a country strong in sports and raising life expectancy to 80 years; proactively responding to population aging and increasing the share of nursing beds in elderly care facilities to 73 percent; and promoting high-quality full employment, improving the income distribution system, and refining the social security system. To narrow disparities between urban and rural areas and between regions, we must accelerate the pace of agricultural and rural modernization, continue to consolidate and expand our poverty alleviation gains, improve the distribution of major productive forces, and promote people-centered new urbanization. To ensure a rich cultural life for all, we must promote and practice the core socialist values, boost cultural programs, accelerate the development of cultural industries, and extend the reach and appeal of Chinese civilization.” (Note: Essentially, these are supply-side interventions along with improvements in public utilities and attempts at improving opportunities for upward mobility.)
Ensuring both development and security: “Security is a prerequisite for development, and development provides a guarantee for security. Guided by a holistic approach to national security, the draft Outline proposes various tasks and measures to modernize China’s national security system and capacity. It highlights the need to improve supply capacity for food, energy, and resources, and envisages increases in overall grain production capacity to 725 million metric tons and in overall energy production capacity to the equivalent of 5.8 billion metric tons of standard coal. It emphasizes the need for coordinated, well-sequenced steps to address risks arising from real estate, local government debt, small and medium local financial institutions, and other areas. It also calls for enhancing public safety governance to effectively safeguard social security and stability.”
Li then informed that the 15th FYP proposes a total of 109 major projects in six areas.
“To steer the development of new quality productive forces, 28 projects are focused on enhancing China’s foundational industrial capacity and industrial competitiveness, developing new industries and new arenas of growth, making breakthroughs in frontier science and technology, and bolstering foundational innovation capacity.
To modernize the infrastructure system, 23 projects target the development of a national comprehensive and multidimensional transportation network, a new type of energy system, new types of infrastructure, and platforms for opening up.
To promote integrated urban-rural development,9 projects are focused on new urbanization and agricultural and rural modernization.
To ensure and improve public wellbeing, 25 projects are designed to foster a thriving socialist culture, build a high-quality education system, advance the Healthy China Initiative, and upgrade elderly care, childcare, and social care services.
To promote the green and low-carbon transition,18 projects are proposed with the aim of achieving peak carbon emissions and carbon neutrality, improving the environment, and promoting ecological conservation and restoration.
To ensure security in key areas, 6 projects are centered on food and energy security.”
The main targets for 2026 are:
GDP growth of 4.5–5 percent, while striving for better in practice
Surveyed urban unemployment rate of around 5.5 percent
Over 12 million new urban jobs
CPI increase of around 2 percent
Personal income growth in step with economic growth
A basic equilibrium in the balance of payments
Grain output of around 700 million metric tons
A reduction of around 3.8 percent in carbon dioxide emissions per unit of GDP
On implementing a “more proactive fiscal policy”, Li said that:
The deficit-to-GDP ratio for this year is set at around 4 percent. The government deficit is set at 5.89 trillion yuan, 230 billion yuan more than last year. Expenditure in the general public budget is projected to reach 30 trillion yuan for the first time, an increase of about 1.27 trillion yuan over last year.
A total of 1.3 trillion yuan of ultra-long special treasury bonds will be issued to provide continued support for endeavors such as implementing major national strategies, enhancing security capacity in key areas, and carrying out large-scale equipment upgrades and consumer goods trade-in programs. A total of 300 billion yuan of special treasury bonds will be issued to enable large state-owned commercial banks to replenish their capital.
This year, 4.4 trillion yuan of local government special-purpose bonds will be issued. We will improve negative list-based management of projects funded by these bonds and fine-tune trials to enable the prompt issuance of special-purpose bonds upon provincial-level review and approval. The funds raised will be used mainly to support major projects, replace hidden debts, and settle overdue payments owed by governments.
The central government will increase its fiscal transfer payments to local governments.
On implementing “an appropriately accommodative monetary policy,” Li said:
“We will flexibly and effectively employ a range of policy instruments, including cuts to required reserve ratios and interest rates, and maintain adequate liquidity to ensure that aggregate financing and money supply rise in step with projected economic growth and CPI levels. We will develop new and better structural monetary policy instruments, scale them up as needed, and refine the ways they are used. We will smooth out the channels for monetary policy transmission and leverage the role of intangible assets such as data as a production factor and intellectual property rights. We will adopt more supportive measures, including those for assessment, financing guarantee, and risk compensation to guide financial institutions in boosting support for key priorities such as domestic demand expansion, scientific and technological innovation, and micro, small, and medium enterprises. We will effectively regulate business activities in the credit market and lower intermediary financing charges to bring down overall financing costs. The RMB exchange rate will be kept generally stable at an adaptive, balanced level.”
In terms of the tasks for 2026, Li listed the following:
First, he talked about expanding domestic demand as a priority. The emphasis in this regard was on boosting household consumption. Li said:
“We will formulate and implement an income growth plan for urban and rural residents and roll out a range of practical measures to boost the earnings of low income groups, increase property income, and refine the remuneration and social security systems.”
He added that: “250 billion yuan in ultra long special treasury bonds will be earmarked for consumer goods trade in programs…” In addition: “.
“A special fiscal financial coordination fund of 100 billion yuan will be created to facilitate domestic demand expansion through combined measures such as loan interest subsidies, financing guarantee, and risk compensation. We will broaden the coverage of loan interest subsidies for personal consumers and service entities while also raising ceilings and extend ing terms.”
“A total of 755 billion yuan will be earmarked in this year’s central government budget for investment. We will also allocate 800 billion yuan raised from ultra long special treasury bonds to implement major national strategies and enhance security capacity in key areas.”
“We will issue new types of policy backed financial instruments with a total value of 800 billion yuan to stimulate greater private sector investment.”
Second, fostering new growth drivers. Under this Li said:
200 billion yuan raised from ultra long special treasury bonds will be used to support large scale equipment upgrades.
“We will launch industrial innovation projects encourage central government enterprises and other SOEs to take the lead in making application scenarios more accessible, and foster emerging pillar industries such as integrated circuits, aviation and aerospace, biomedicine, and the low altitude economy. To nurture industries of the future such as future energy, quantum technology, embodied AI, brain computer interfaces, and 6G technology mechanisms will be put in place to increase funding and share risks in these fields.”
On AI, he said: “We will promote faster application of new generation intelligent terminals and AI agents and encourage large scale commercial application of AI in key sectors and fields, so as to foster new forms and models of AI native business. We will support the development of open source AI communities and build a vibrant open source ecosystem. We will launch new infrastructure project s on hyper scale intelligent computing clusters and coordinated development of computing capacity and electricity supply.”
“The development of satellite internet will be expedited, and an upgraded 5G Plus Industrial Internet Initiative will be introduced.”
Third, Li talked about achieving “faster to achieve greater self reliance and strength in science and technology”. Under this, he stressed the importance of key core technologies and increasing R&D spending on basic research. But I did not notice any fundamental shifts from what is anyway been policy or any specific new commitments that I can highlight.
Fourth, he talked about deepening reform. Under this, Li said:
“Regulations will be drawn up on developing a unified national market. We will improve the statistical, fiscal, tax, and evaluation systems, regulate the economic promotion activities of local governments, issue lists of do’s and don’ts for local government investment attraction, and better regulate policies on tax breaks and government subsidies.”
“We will advance reform of institutions and mechanisms for public bidding. We will address monopolies and unfair competition with greater intensity, enhance the binding force of fair competition review, and thoroughly address rat race competition with a full range of approaches, including production regulation, standard based guidance, pricing law enforcement, and quality supervision, so as to cultivate a sound market environment. We will advance comprehensive reform trials for the market based allocation of production factors an d include more eligible localities in the trials. We will also steadily advance pricing reform for public utilities and public services.”
“We will improve local tax systems and expand the sources of tax revenue at the local level. We will optimize the scope and rate of excise tax and move its collection on some items further down the production to consumption chain.”
“We will stay committed to both unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting, and guiding the development of the non public sector. We will formulate and implement plans for further deepening SOE and state capital reform to refine t he layout of the state owned sector and adjust its structure. We will refine supportive regulations and policies for the Private Sector Promotion Law to consolidate the legal and institutional basis for ensuring equal access to production factors a level playing field for market competition, and effective protection of private economic entities lawful rights and interests.”
“We will work to achieve win win outcomes for platform companies, third party merchants, and gig workers. Category specific and targeted assistance will be provided to self employed individuals, and a stronger push will be made to make sure that overdue payments owed to enterprises are settled.”
Fifth, he talked about opening up. Under this, Li said:
“We will expand market access and open up more areas, particularly in the service sector. We will further expand opening up trials for value added telecom services, biotechnology, wholly foreign owned hospitals, and other fields, take well ordered steps to expand opening up in the digital sector, and shorten the negative list for cross border trade in services. We will develop national comprehensive demonstration zones for promoting greater open ness in the service sector.”
“We will advance negotiation s to conclude more regional and bilateral trade and investment agreements and move forward with the process of seeking to join the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans Pacific Partnership. We will continue to be fully engaged in the reform of the World Trade Organization and safeguard and develop the open world economy.”
“We will expand trade in intermediate goods, advance digital trade and green trade, and boost border trade. We will encourage and support service exports, boost imports to promote balanced trade, and further facilitate cross border trade.”
He also talked about needing to attract foreign investment and support BRI.
Sixth, he talked about rural revitalisation. This is followed by new urbanization and coordinated regional development and improving people’s livelihood and well-being. On employment, Li said:
“We will bolster support for employment through various policies and foster an employment friendly growth model. We will continue with current measures such as those on granting unemployment insurance premium refunds, social insurance subsidies, and special loans, and increase funding for work relief programs. We will implement the initiative for creating more stable, better quality job opportunities, support labor intensive sectors and enterprises in keeping payrolls stable, nurture new occupations and jobs to serve emerging industries and industries of the future, and see that the service sector plays a greater role in job creation. We will draw up policies to facilitate employment for college graduates and other young people, increase support to stabilize employment among rural migrant workers, help ex-service members get resettled and find employment, and increase employment assistance for people facing difficulties in finding jobs. Policies will also be adopted to encourage people in flexible employment and new forms of employment to participate in social security programs. We will provide stronger guidance and support for business startups through dedicated policies , including interest subsidies on guaranteed loans. We will take more effective measures to facilitate employment and entrepreneurship through better adaption to the development of AI technologies. We will fully implement the system for ensuring payment of rural migrant workers’ wages and step up efforts to eliminate discrimination in the workplace, so as to firmly protect the legitimate rights and interests of workers. We will continue to roll out large scale training programs for upgrading vocational skills to equip more workers with marketable skills that will help them secure better jobs and higher earnings.”
Li added:
Government subsidies for basic medical insurance for rural and non working urban residents will be raised by 24 yuan per person.
Minimum basic old age benefits for rural and non working urban residents will be raised by 20 yuan per month, and the unified national management system for basic old age insurance funds will be improved and implemented.
On green transition, he said:
“We will improve the policies for promoting green and low carbon development, launch initiatives for upgrading quality, lowering costs, and reducing carbon emissions in key industries, and drive forward the development of zero carbon industrial parks and factories. We will set up a national fund for low carbon transition and foster new growth drivers such as hydrogen power and green fuels. We will exercise tight and effective regulation over energy intensive and high emission projects, accelerate efforts to phase out outdated production capacity, and support innovation and application of green and low carbon technologies and equipment. The systems for total resource consumption control a nd comprehensive resource conservation will be improved, and recycling of recyclable materials will be stepped up.”
“The coverage of the China Carbon Emission Trade Exchange will be expanded. An outline of the plan for strengthening China s energy sector will be formulated.”
Next, on security and risk mitigation, Li said:
“City specific policies will be introduced to control the number of new real estate projects, reduce housing inventory, and improv e supply We will explore various avenues for utilizing commodity housing stock and encourage such stock to be purchased and used mainly as government subsidized housing. Reform of the housing provident fund system will be deepened. We will improve the supply of government subsidized housing and accelerate the renovation of old and dilapidated housing units. We will take well ordered steps to promote the development of quality homes that are safe, comfortable, eco-friendly and smart, and carry out projects to enhance housing quality and initiatives to improve property services. We will better leverage the role of the white list to ensure timely delivery of housing projects and prevent debt default risks. Further efforts will be made to develop the foundational institutions and relevant supportive policies for creating a new development model for the real estate sector.”
“We will support local governments in leveraging all relevant policies to defuse hidden debt risks at a faster pace . Stringent measures will be taken to prevent fraudulent debt resolution. We will enforce the prohibition on incurring new hidden debts in breach of regulations as an ironclad rule. We will increase financial and fiscal support to optimize the ways of conducting debt restructuring and replacement, adopt multiple measures to defuse operational debt risks in local government financing platforms, and take systematic steps to reform and transform these platforms on a per category basis. Indicators for debt monitoring and evaluation will be refined and long term mechanisms will be established to conduct unified government debt management.”
Another key part is this:
“New developments and tasks call for better performance from the government. All of us in government at every level should acquire a deep understanding of the decisive significance of establishing Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and of establishing the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; be more conscious of the need to maintain political integrity, think in big picture terms, follow the leadership core, and keep in alignment with the central Party leadership; stay confident in the path, theory, system, and culture of socialism with Chinese characteristics; uphold Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and uphold the Central Committee’s authority and its centralized, unified leadership; and closely follow the Party Central Committee with Comrade Xi Jinping at its core in thinking, stance, and action. We will resolutely shoulder our political responsibility for ensuring full and rigorous Party self governance, and consolidate and build on what we have gained from the study campaign for fully implementing the central Party leadership’s eight point decision on improving work conduct. We will tighten regulation and oversight over the allocation and exercise of power, make thorough efforts to improve Party conduct, build integrity, and combat corruption in the government, and intensify efforts to address misconduct and corruption directly affecting the public. We will make sure that officials have a correct understanding of what it means to perform well and act accordingly by delivering for the people through hard work and in accordance with objective laws.”
And this:
“Last year saw new achievements in modernizing national defense and the armed forces. This year, we will continue to apply Xi Jinping Thought on Strengthening the Military and implement the military strategy for the new era. We will stay committed to the Party’s absolute leadership over the people’s armed forces, and fully and thoroughly implement the system of ultimate responsibility resting with the chairman of the Central Military Commission. Guided by the principle of ensuring political loyalty in the military, we will continue to improve military political conduct and make major strides toward the centenary goals of the People’s Liberation Army. We will make solid gains in military training and combat readiness and speed up the development of advanced combat capabilities. All these steps will boost our strategic capacity to safeguard China’s sovereignty, security, and development interests.”