Xi Addresses Key Provincial & Ministerial Officials on 15th FYP - Officials Hint at Fiscal Deficit Expansion; Announce New Support for Specific Sectors & Consumption - Chinese National Killed in Kabul
Here are the key reports and articles from the People’s Daily’s edition on Wednesday, January 21, 2026.
Page 1: The main report today covers Xi Jinping’s remarks when opening a study session at the Central Party School (National Academy of Governance) for principal officials at the provincial and ministerial levels. Xi called for solid efforts to secure a good start to the 15th FYP. The report says:
Xi Jinping emphasised that formulating and implementing five-year plans is an important experience of our Party in governing the country, and an important political advantage of the system of socialism with Chinese characteristics. It is conducive to realizing the Party’s leadership, conducive to concentrating strength to accomplish major tasks, conducive to forward-looking grasp of strategic issues, and conducive to maintaining continuity in undertakings. In the long-term practice of formulating and implementing five-year plans, our Party has created and accumulated rich experience, including upholding the centralized and unified leadership of the Party Central Committee, adhering to proceeding from reality, adhering to treating the whole country as one chessboard, adhering to carrying forward democracy and pooling collective wisdom, and adhering to the principle of statutory plans. We must strengthen confidence in the system and continuously, in combination with new realities, carry this advantage forward and give it full play. 习近平指出，制定和实施五年规划是我们党治国理政一条重要经验，是中国特色社会主义制度一个重要政治优势，有利于实现党的领导，有利于集中力量办大事，有利于前瞻性把握战略问题，有利于保持事业连续性。在制定实施五年规划的长期实践中，我们党创造积累了丰富经验，包括坚持党中央集中统一领导，坚持从实际出发，坚持全国一盘棋，坚持发扬民主、集思广益，坚持规划法定原则等。我们要坚定制度自信，不断结合新的实际把这一优势发扬光大.
Xi Jinping emphasised that the Fourth Plenary Session of the 20th Central Committee of the Party has made strategic deployments for economic and social development during the 15th FYP period, which must be comprehensively, deeply, and accurately understood and grasped. Comprehensively means grasping the spirit of the plenary session from an overall perspective, taking all deployments as an organic whole and not attending to one thing while neglecting another. Deeply means knowing not only what it is but also why it is so; to both understand what it is, and understand why it is and how to do it, so as to truly understand it thoroughly. Accurately means to precisely grasp the boundaries and scale of policies, achieving a state where what should be done must be done, what can be done is pursued with effort, and what should not be done is absolutely not done. 习近平强调，党的二十届四中全会对“十五五”时期经济社会发展作出战略部署，要全面深刻准确领会和把握。全面，就是要以全局视野领会全会精神，将各项部署作为一个整体来把握，不能顾此失彼。深刻，就是要知其然又知其所以然，既明白是什么，又明白为什么、怎么做，真正理解透彻。准确，就是要精准把握政策界限和尺度，做到该为的必须为、能为的努力为、不该为的决不为.
Xi Jinping pointed out that China’s development is in a period where strategic opportunities and risks and challenges coexist, and uncertain and unpredictable factors are increasing. When analysing the situation, we must consider all factors comprehensively and be adept at grasping some key factors, such as the new changes in the international situation and the new round of scientific and technological revolution and industrial transformation. We must have a global perspective and a long-term vision, maintain strategic determination, and meticulously plan tactics to continuously enhance the certainty and sustainability of China’s development. 习近平指出，我国发展处于战略机遇和风险挑战并存、不确定难预料因素增多的时期。我们分析形势，既要把各种因素考虑周全，又要善于把握其中一些关键因素如国际形势、新一轮科技革命和产业变革等的新变化。要胸怀全局、登高望远，在战略上保持定力，在战术上精心运筹，不断增强我国发展的确定性和可持续性.
Xi Jinping emphasised that building a modern industrial system and achieving an overall leap in the industrial system are important strategic tasks for the 15th FYP period. All regions and all industries must accurately determine their positioning, adhere to the directions of intelligentization, green development, and integration, give full play to comparative advantages, and form a vivid situation in which upstream and downstream industries are mutually connected, each gives full play to its strengths, and all exert force in the same direction. It is necessary to maintain a reasonable proportion of manufacturing and vigorously develop advanced manufacturing. New quality productive forces should be developed in accordance with local conditions, and the deep integration of scientific and technological innovation and industrial innovation should be promoted. It is necessary to build modern infrastructure. 习近平强调，建设现代化产业体系、实现产业体系整体跃升，是“十五五”时期的重要战略任务。各地区各行业要找准定位，坚持智能化、绿色化、融合化方向，发挥比较优势，形成上下游产业相互衔接、各展其长、同向发力的生动局面。要保持制造业合理比重，大力发展先进制造业。因地制宜发展新质生产力，推动科技创新和产业创新深度融合。要建设现代化基础设施。
Xi Jinping pointed out that China has a large population, a vast market, a complete industrial system, and strong development momentum, and thus has the conditions to accelerate the construction of a new development pattern. It is necessary to adhere to taking the domestic large circulation as the mainstay, correctly handle the relationships between consumption and investment and between demand and supply, persist in closely combining benefiting people’s livelihoods with promoting consumption and investment in things with investment in people, and strive to raise the quality and efficiency of the circulation of the national economy and make domestic demand the primary driving force of economic development. It is necessary to strengthen the domestic large circulation to enhance the autonomy of expanding high-level opening up to the outside world, and expand the international circulation to enhance the vitality of domestic reform and development, striving to realise internal and external connectivity and mutual promotion. 习近平指出，我国人口多、市场大、产业全、发展动能强，有条件加快构建新发展格局。要坚持以国内大循环为主体，正确处理消费和投资、需求和供给的关系，坚持惠民生和促消费、投资于物和投资于人紧密结合，努力提高国民经济循环质量和效率，让内需成为经济发展的主动力。要以做强国内大循环提升扩大高水平对外开放的自主性，以拓展国际循环增强国内改革发展的活力，努力实现内外联通、互促共进.
Xi Jinping emphasised that economic development and social development complement each other and must proceed in coordination. We must take the improvement of people’s livelihood as the focus for promoting social development, steadily improving the quality of life of the people while developing the economy. It is necessary to adhere to Party building as the guiding principle, strengthen legal guarantees, consolidate the foundation at the grassroots level, and effectively improve the level of social governance. Development and security must be coordinated, various risks effectively prevented and resolved, and national security and social stability effectively maintained. 习近平强调，经济发展和社会发展相辅相成，必须协调并进。要把改善民生作为促进社会发展的重点，在发展经济的同时稳步提高人民生活品质。要坚持党建引领，强化法治保障，夯实基层基础，切实提高社会治理水平。要统筹发展和安全，有效防范化解各类风险，切实维护国家安全和社会稳定.
Xi Jinping pointed out that it is necessary to adhere to scientific, democratic, and law-based decision-making, and prepare the national and local 15th FYP outlines and special plans well. Local plans and special plans should be well-aligned with the national overall plan, reflecting the spirit and requirements of the national overall plan, while also adapting to local conditions and circumstances, unifying needs and possibilities, and ensuring that what is decided can be achieved and implemented effectively. 习近平指出，要坚持科学决策、民主决策、依法决策，编制好国家和地方“十五五”规划纲要及专项规划。地方规划和专项规划要与国家整体规划衔接好，体现国家整体规划的精神和要求，同时要因地因事制宜，把需要和可能统一起来，确保定了就做得到、能落地见效.
Xi Jinping emphasised that to successfully complete the goals and tasks of the 15th FYP period, it is necessary to focus on improving the Party’s ability and level of leadership in economic and social development. Cadres at all levels, especially leading cadres, should further strengthen their study, delve into the Party’s innovative theory, improve their professional skills, and enhance their practical abilities. It is necessary to establish and practice a correct view of political achievements, adhere to proceeding from reality and acting in accordance with objective laws, and consciously create achievements for the people and produce achievements through solid work. It is necessary to vigorously carry forward the spirit of struggle, dare to step forward and confront difficulties head-on, and be adept at dealing with risks, meeting challenges, and overcoming obstacles. It is necessary to maintain a high-pressure stance against corruption, without ceasing or retreating, and advance in an integrated manner the mechanisms of not daring to be corrupt, being unable to be corrupt, and not wanting to be corrupt. 习近平强调，顺利完成“十五五”时期目标任务，必须着力提高党领导经济社会发展能力和水平。各级干部特别是领导干部要进一步加强学习，钻研党的创新理论，提高专业素养，增强实干本领。要树立和践行正确政绩观，坚持从实际出发、按规律办事，自觉为人民出政绩、以实干出政绩。要大力弘扬斗争精神，勇于挺身而出、迎难而上，善于战风险、迎挑战、克难关。要保持反腐败高压态势，一步不停歇、半步不退让，一体推进不敢腐、不能腐、不想腐.
Next, there’s a brief report on Xi’s message of condolence to Spanish King Felipe VI over the recent high-speed train collision in Spain. Another brief report tells us that Xi congratulated Faustin-Archange Touadera on his reelection as president of the Central African Republic. Then, there’s a report on the CPC sending a congratulatory message on the convening of the 14th National Congress of the Communist Party of Vietnam. Xinhua’s report says:
“The CPV is the strong leadership core of the Vietnamese people and the cause of socialism in Vietnam. Since the 13th National Congress of the CPV, the Central Committee of the CPV has united and led the Vietnamese people in making remarkable achievements in advancing socialist construction and reform…Amid complex international situations, Vietnam has maintained political and social stability, experienced rapid and sustainable economic development, and seen its international status rise steadily. These accomplishments have demonstrated the advantages of the communist party leadership and the socialist system, and have made positive contributions to peace, stability, development and prosperity in the region and the world…The 14th National Congress of the CPV is being held at a key moment when the CPV and the Vietnamese people proceed toward the goals of the 100th anniversary of the CPV’s founding. The congress will formulate the major policies for the development of the party and the country in five years and beyond, opening a new era for the development of the Vietnamese nation. The event is of profound historical significance…The CPC Central Committee expressed the belief that the congress will be a unifying and victorious one, and that under the strong leadership of the CPV, the Vietnamese people will successfully achieve the goals set for the development and construction of the party and the country. It emphasized that the CPC and the government of China attach great importance to developing the relations between the two parties and countries, and are willing to work together with the Vietnamese side to adhere to the principles of ‘long-term stability, future orientation, good-neighborly friendship and all-round cooperation’, and the spirit of ‘good neighbors, good friends, good comrades, good partners,’ to implement the important consensus reached by the top leaders of the two parties and countries. Following the overarching goals characterized by ‘six mores’, the CPC and the government of China will join Vietnam to promote the continuous development and achieve fruitful results of the China-Vietnam community with a shared future that carries strategic significance, to better benefit both nations and peoples, and jointly contribute to regional stability, development, and the cause of peace and progress for humanity…”
Reuters’ report on the CPV congress offers useful takeaways:
In an address to the Communist Party congress that will decide his political future, Vietnam’s top leader To Lam on Tuesday pledged annual economic growth of more than 10% for the remainder of the decade, despite global headwinds. The weeklong congress, which convenes every five years and kicked off on Monday in Hanoi, will select the party chief, the most powerful position in the single-party country, and set economic goals up to 2030…Lam, a former head of state security, is seeking to retain his role as party chief and possibly take on the state presidency. He has promised greater governmental reforms after he launched the bureaucracy’s most significant overhaul in decades during his brief tenure as party chief. A party document submitted to the congress that was reviewed by Reuters set Vietnam’s annual growth goal at no less than 10% until 2030, above a missed target of 6.5% to 7.0% for the first half of the decade. Lam is widely viewed as a risk-taker who has been praised by foreign investors for his ambitious reforms, though he has stirred criticism as tens of thousands of civil servants have lost their jobs. He has also strengthened state security, giving police more powers to vet laws and control businesses, while ramping up a rivalry with the army, which oversees its own vast economic interests.”
Finally, there’s a report on Wang Huning meeting Sardar Ayaz Sadiq, speaker of the National Assembly of Pakistan. Xinhua reports:
Wang said that “this year marks the 75th anniversary of the establishment of China-Pakistan diplomatic relations. China is willing to work with Pakistan to implement the important consensus reached between the two countries’ leaders, deepen practical cooperation in various fields, promote the in-depth, solid development of the China-Pakistan all-weather strategic cooperative partnership, and accelerate the construction of an even closer China-Pakistan community with a shared future in the new era. The National Committee of the CPPCC is willing to make positive contributions to these ends, Wang said. Sadiq noted that Pakistan adheres firmly to the one-China principle and actively supports the four global initiatives China has proposed. Pakistan is willing to deepen cooperation with China in various fields, including the economy, trade, personnel training, and the joint construction of the Belt and Road Initiative, and to fully ensure the safety of Chinese personnel, projects and institutions in Pakistan.”
Page 2: There’s a report with details from a press conference that was held yesterday, discussing economic development data and goals. Key points:
By 2025, the added value of high-tech manufacturing in China accounted for over 17% of the added value of industries above a designated size.
China has over 5 million STEM graduates annually.
As of 2025, China’s digital economy is valued at 49 trillion yuan, accounting for approximately 35% of GDP.
“This year, the consumer goods trade-in policy will continue to be implemented, and plans for the first tranche of more than 60 billion yuan in funds have already been issued. Special actions to stimulate consumption will also be further advanced, creating a number of new consumption scenarios with broad spillover effects and high visibility.” 今年，消费品以旧换新政策还将继续实施，首批600多亿元资金计划已经下达。提振消费专项行动还将深入实施，打造一批带动面广、显示度高的消费新场景.
“‘Investment in things’ and ‘investment in people’ will be closely integrated. Various categories of government investment funds will be put to good use, the structure of government investment will be optimised, the proportion of government investment in livelihood-related projects will be increased, and demand expansion will be promoted. The issuance and use of new types of policy-oriented financial instruments will continue, driving more private investment and social capital.” “投资于物”和“投资于人”紧密结合。将用好各类政府投资资金，优化政府投资结构，提高民生类项目政府投资比重，促进需求提升。继续发行使用新型政策性金融工具，带动更多民间投资和社会资本。
In 2025, over 360 million people applied for subsidies for replacing old consumer goods with new ones, driving sales of related goods exceeding 2.6 trillion yuan and directly boosting the growth of total retail sales of consumer goods by 0.6 percentage points.
On building a unified national market, we have these data points:
Wang Renfei, director general of the Department of Comprehensive System Reform of the NDRC, said: “from January to November 2025, the proportion of nationwide inter-provincial trade sales in total national sales revenue reached 41.1%, an increase of 0.8 percentage points year on year; the proportion of cross-provincial electricity trading volume in total market-oriented electricity trading nationwide was 24%, an increase of 1 percentage point year on year. In the first three quarters of 2025, the ratio of total social logistics costs to GDP in China was 14%, a year-on-year decrease of 0.1 percentage points.
‘The Central Economic Work Conference incorporated the in-depth promotion of building a unified national market into the general requirements for this year’s economic work, highlighting the importance of this task,’ said Wang Renfei. He indicated that the next step is to exert full force on ‘in-depth promotion’. In terms of institutional construction, we will move forward in depth, summarised as ‘one regulation, two lists, and three systems.’ This includes studying and formulating a regulation on the construction of a unified national market to strengthen legal guarantees; formulating and issuing a list of matters hindering the construction of a unified national market and a list of encouraged and prohibited matters for investment promotion, clarifying what local governments can and cannot do in promoting economic development; and improving statistical, fiscal, and assessment systems conducive to the construction of a unified market, and improving incentive and restraint mechanisms.
We will move forward in depth in terms of empowering high-quality development. Promote unified markets in the fields of electricity, transportation, technology, and data to take the lead in making breakthroughs, and introduce a series of high-impact policy measures. We will move forward in depth in terms of breaking through stubborn ailments and chronic diseases. Focusing on key issues such as low-price and disorderly competition among enterprises, local government procurement and bidding, and investment attraction, we will improve the working mechanisms for problem identification, clue verification, supervision and rectification, and interviews and notifications. We will resolutely remove bottlenecks and obstacles hindering the construction of a unified national market and break down local protectionism and market segmentation. 国家发展改革委体制改革综合司司长王任飞以“两升一降”三组数字说明成效：2025年1至11月，全国省际贸易销售额占全国销售收入的比重达41.1%、同比提高0.8个百分点，跨省区交易电量占全国市场化交易电量的比重为24%、同比提高1个百分点；2025年前三季度，我国社会物流总费用与GDP的比率为14%，同比下降0.1个百分点。“中央经济工作会议把纵深推进全国统一大市场建设纳入今年经济工作的总体要求，凸显这项工作的重要性。”王任飞表示，下一步要在“纵深推进”上全面发力。在制度建设上向纵深推进，概括起来是“一个条例、两张清单和三项制度”。研究制定全国统一大市场建设条例，加强法治保障；制定出台妨碍建设全国统一大市场事项清单、招商引资鼓励和禁止事项清单，明确地方政府在促进经济发展时什么能做，什么不能做；完善有利于统一大市场建设的统计、财税、考核制度，健全激励约束机制。在赋能高质量发展上向纵深推进。推动电力、交通运输、技术、数据领域统一市场率先突破，出台一批含金量高的政策举措。在破除顽瘴痼疾上向纵深推进。聚焦企业低价无序竞争、地方政府采购招标、招商引资等重点问题，健全问题发现、线索核实、督促整改、约谈通报工作机制，坚决破除阻碍全国统一大市场建设的堵点卡点，打破地方保护和市场分割。
Also on the page is a report on broader macroeconomic policies from 2025. This, too, is based on a press briefing. Key points:
In 2025, ultra-long-term special treasury bonds totaling 1.3 trillion yuan were issued, continuing to support the Two Major and Two New initiatives. Of this 300 billion yuan was allocated for consumer goods trade-in programmes, driving related goods sales of more than approximately 2.6 trillion yuan. Policies such as interest subsidies for personal consumption loans and loans to service-sector business entities were introduced and implemented to encourage and expand related consumption. 大力提升消费。发行超长期特别国债1.3万亿元，持续支持“两重”“两新”，其中安排消费品以旧换新资金3000亿元，带动相关商品销售额超过约2.6万亿元。出台实施个人消费贷款和服务业经营主体贷款贴息等政策，鼓励和扩大相关消费.
The fiscal deficit ratio was arranged at around 4%, with newly added government debt totalling 11.86 trillion yuan, far exceeding the average level of previous years. Special treasury bonds of 500 billion yuan were issued to replenish the core tier-one capital of large state-owned commercial banks. A quota of 500 billion yuan from local government debt balance limits was arranged to supplement local governments’ overall fiscal capacity and expand effective investment. 加大财政政策逆周期调节力度。赤字率按4%左右安排，新增政府债务规模11.86万亿元，远超前几年平均水平。发行特别国债5000亿元，用于补充国有大型商业银行核心一级资本。安排5000亿元地方政府债务结存限额，用于补充地方政府综合财力和扩大有效投资.
The central government allocated 66.74 billion yuan in employment subsidy funds. It also allocated 100 billion yuan to provide childcare subsidies for infants and toddlers under three years of age. 中央财政下达就业补助资金667.4亿元，出台扩大社会保险补贴范围、加大失业保险稳岗返还力度等政策，提高居民医保和基本公共卫生服务经费两项财政补助标准，安排1000亿元对3周岁以下婴幼儿发放育儿补贴……民生保障投入持续增加，增强居民消费能力、激发消费意愿.
Continue to arrange a quota of 2 trillion yuan for the replacement of existing hidden debt. Arrange 800 billion yuan in newly issued special-purpose bonds to supplement local government fund revenues and support debt resolution. After the replacements are carried out in various localities, the average interest cost of debt will be reduced by more than 2.5 percentage points, easing the burden on local governments and strengthening development momentum. 坚持防风险与促发展并重。继续安排2万亿元置换存量隐性债务额度。安排8000亿元新增专项债券补充地方政府性基金财力，支持化债。各地置换以后，债务平均利息成本降低超2.5个百分点，降低地方政府负担，增强发展动能。
The report adds:
“In 2026, fiscal authorities will continue to implement a more proactive fiscal policy, which can be summarised as ‘greater overall scale, more optimised structure, better effectiveness, and stronger momentum.’ The fiscal deficit, total debt scale, and total expenditure will be kept at necessary levels, ensuring that overall spending intensity ‘only increases and does not decrease’, and that support for key areas ‘only strengthens and does not weaken’. More fiscal funds will be directed toward boosting consumption, ‘investing in people’, and strengthening livelihood guarantees, while increasing residents’ incomes through multiple channels. Ultra-long-term special treasury bonds will continue to be arranged for two major projects and two new initiatives. Management of the negative list for special-purpose bond projects will be improved to better leverage the effectiveness of bond funds. Reforms in key fiscal and taxation areas will be deepened to stimulate endogenous economic vitality.” 2026年，财政部门将继续实施更加积极的财政政策，概括起来就是“总量增加、结构更优、效益更好、动能更强”。财政赤字、债务总规模和支出总量将保持必要水平，确保总体支出力度“只增不减”、重点领域保障“只强不弱”；将把更多的财政资金用在提振消费、“投资于人”、民生保障等方面，多渠道增加居民收入；继续安排超长期特别国债，用于“两重”建设和“两新”工作；完善专项债券项目负面清单管理，更好发挥债券资金效益；将深化财税重点领域改革，激发经济的内生活力。
On January 20, the Ministry of Finance, the People’s Bank of China, and other departments jointly released several fiscal and financial policies to support stable investment and promote consumption, aiming to stimulate private investment and boost household consumption. The new policies supporting private investment include three measures:
The interest subsidy policy for loans to small, medium, and micro enterprises mainly provides interest subsidies for enterprise loans in relevant fields, focusing in particular on 14 key industrial chains and their upstream and downstream sectors, including new energy vehicles, industrial robots, and medical equipment, as well as producer services such as technology, logistics, information, and software. The subsidy is 1.5 percentage points of the total loan amount, with a maximum subsidy period of two years. The maximum loan amount eligible for the subsidy policy is 50 million yuan per enterprise.
The special guarantee plan for private investment mainly provides guarantees for loans to small, medium, and micro private enterprises. Eligible enterprises can receive support for medium- and long-term loans needed for production and business activities, such as expansion, renovation, upgrading of production scenarios, factory expansion and renovation, and shop refurbishment. The maximum loan amount eligible for guarantee for a single enterprise is 20 million yuan.
The bond risk-sharing mechanism supporting private enterprises involves the central government specially arranging risk-sharing funds, coordinating with existing central bank policies, to provide credit enhancement support for bond issuance by private enterprises and private equity investment institutions, helping enterprises lower financing thresholds.
1月20日，财政部、中国人民银行等部门联合发布多项财税金融支持稳投资、促消费政策，以更大力度来激发民间投资、促进居民消费。支持民间投资的新政策有3项——中小微企业贷款贴息政策主要对相关领域企业贷款予以贴息，重点包括新能源汽车、工业机器人、医疗装备等14个重点产业链及上下游产业，以及科技、物流、信息和软件等生产性服务领域。贴息为贷款总额的1.5个百分点，最长贴息期2年，可享受贴息政策的单户贷款额度上限是5000万元。民间投资专项担保计划主要为中小微民营企业贷款提供担保，符合条件的中小微民营企业，因生产场景的拓展、改造、升级，以及改扩建厂房、店面装修等生产经营活动需要的中长期贷款，均可获得支持。单家企业可享受担保的贷款额度为2000万元。支持民营企业债券风险分担机制，由中央财政专门安排风险分担资金，与央行现有政策协同，为民营企业和私募股权投资机构发行债券提供增信支持，帮助企业降低融资门槛。
The report adds:
There is one policy optimisation to support private investment.
The interest subsidy policy for equipment renewal loans has been expanded in terms of scope of subsidies by including fixed-asset loans related to equipment renewal and science and technology innovation loans. Relevant enterprises can enjoy an interest subsidy of 1.5 percentage points of the total loan amount, for a period not exceeding two years. The scope of beneficiary sectors and handling banks has also been further expanded. 支持民间投资的优化政策有1项——设备更新贷款贴息政策扩大贴息范围，将与设备更新相关的固定资产贷款，以及科技创新类贷款纳入贴息范围。相关企业可以享受贷款总额的1.5个百分点、期限不超过2年的贴息支持。惠及领域、经办银行也进一步扩围.
To promote consumption, the interest subsidy policies for loans to service sector business entities and for personal consumption loans have been further optimised. In this regard, there are four key points:
The subsidy support is greater. The maximum interest subsidy amount that consumers can receive for a single consumption transaction at one bank has been raised from 500 yuan to 3,000 yuan, better meeting residents’ demand for large-scale consumption. For enterprises in the consumer services sector, the loan amount eligible for interest subsidies per enterprise has been significantly increased from 1 million yuan to 10 million yuan, with the subsidy amount correspondingly raised from 10,000 yuan to 100,000 yuan.
The scope of consumption is broader. On the personal consumption side, credit card bill instalment services, covering large populations and a wide range of application scenarios, have been included in the subsidy scope, removing the previous restrictions on consumption fields. On the service consumption side, in addition to the existing 8 fields such as catering, accommodation, health, and elderly care, three key fields, i.e., digital, green, and retail, have been added.
The implementation period is longer. The implementation period of both consumption loan interest subsidy policies has been extended to the end of 2026.
Institutional coverage is broader. Coverage has expanded from more than 20 national-level institutions to over 500 implementing institutions, allowing the policies to benefit a broader range of business entities and the general public. 促进消费，服务业经营主体贷款贴息政策和个人消费贷款贴息政策进一步优化——贴息力度更大。消费者在一家银行单笔消费可获得的贴息额由500元提高到3000元，更好满足居民大宗消费需求。对于消费服务行业的企业，将单户享受贴息的贷款额度从100万元大幅提高到1000万元，贴息金额也从1万元相应提高到10万元。消费领域更广。在个人消费端，将覆盖人群多、应用场景广泛的信用卡账单分期业务纳入贴息范围，取消原有政策中对消费领域的限制。在服务消费端，在现有的餐饮住宿、健康、养老等8个领域的基础上，新增了数字、绿色、零售3个重点领域。实施期限更长。两项消费贷款贴息政策的实施期限都延长到2026年年底。机构覆盖面更宽。从原有的20余家全国性机构扩展到500多家经办机构，让政策惠及更广大的经营主体和人民群众.
The report also says:
Yu Hong, Director of the Department of Finance at the Ministry of Finance, said that fiscal authorities will further give full play to the role of government investment funds, supporting the National Venture Capital Guidance Fund to ‘invest early, invest small, invest for the long term, and invest in hard technology.’ They will continue to promote new-type technological upgrading in the manufacturing sector and digital transformation of small and medium-sized enterprises, thereby accelerating intelligent, green, and integrated development. To strengthen enterprises’ principal position in scientific and technological innovation, structural tax and fee reduction policies will be properly implemented, with a focus on supporting scientific and technological innovation and manufacturing development; the role of policies such as incentives and subsidies for the development of specialised, refined, distinctive, and innovative ‘little giant’ enterprises, and the National SME Development Fund, will continue to be brought into play, helping to cultivate more specialised and innovative enterprises, single-champion enterprises, gazelle enterprises, and unicorn enterprises.” 财政部金融司司长于红表示，财政部门将进一步发挥好政府投资基金作用，支持国家创业投资引导基金“投早、投小、投长期、投硬科技”。持续推动制造业新型技术改造与中小企业数字化转型，从而加快智能化、绿色化、融合化发展。为强化企业科技创新主体地位，将落实好结构性减税降费政策，重点支持科技创新和制造业发展；继续发挥专精特新“小巨人”发展奖补政策、国家中小企业发展基金等政策作用，助力培育更多专精特新企业、单项冠军企业、瞪羚企业和独角兽企业.
On policies related to building a unified national market, the report points to the following agenda:
improving the central-local fiscal relationship with clear responsibilities, coordinated financial resources, and balanced regional development.
standardizing preferential tax policies to lay a solid institutional foundation for the construction of a unified national market.
studying how to create a fair and unified tax environment for online and offline businesses and new and old business models, adapting to the emergence and development of new business forms, industries, and models.
持续深化财税体制改革——完善权责清晰、财力协调、区域均衡的央地财政关系；规范税收优惠政策，为全国统一大市场建设夯实制度基础；适应新业态、新产业、新模式的出现和发展，研究如何营造线上线下、新旧经营模式公平统一的税收环境等问题，逐步推动解决.
Page 3: The Chinese leadership is likely enjoying the chaos that US policy has engendered across the Atlantic. This has been on full display in Davos. I am not going to get into that here. Instead, let’s focus on He Lifeng’s speech at the WEF. He was clearly very critical of the US. I am not going to recount every charge. But some key takeaways from the speech:
“Economic globalization – driven by international specialization, collaboration, complementary strength and the pursuit of win-win – is a prevailing trend of history. It has benefited many countries, including China, and enabled them to achieve fast development. On the contrary, tariff and trade wars have no winners. Beyond driving up costs for production and trade, they fragment the world economy forward and disrupt the global distribution of resources…China advocates a universally beneficial and inclusive economic globalization. We are committed to building bridges, not walls. We will firmly support trade and investment, liberalization and facilitation, and continue to share development opportunities with the world. We will work with all parties to create a bright future of prosperity and development, where every country and every community shares the dividends of development.”
“China is glad to see countries reach trade agreements that are mutually beneficial. But these agreements should comply with WTO rules and not undermine the interests of third parties.”
“China is committed to fostering common prosperity with its trading partners through its own development, and making the pie bigger for the global economy and trade. We never seek trade surplus; on top of being the world’s factory, we hope to be the world’s market too. However, in many cases, when China wants to buy, others don’t want to sell. Trade issues often become security hurdles. On the other hand, services now account for two-thirds of global GDP. China has recorded a large deficit in its services trade over the long term. But it never feels taken advantage of. We will give full play to our super-sized market, step up our efforts to expand imports and strengthen industrial cooperation so that countries can better share in China’s opportunities.”
He said that China and the US had managed to keep “the economic and trade relationship generally stable” through dialogue last year. He added: “To be frank, it’s normal for countries with different social systems, status development, histories and cultures to encounter divergences and frictions as they develop and interact. At times, these are just misunderstandings. The key is to uphold the spirit of equality, respect mutual benefits, build trust through dialogue, and to resolve disputes through consultation. Instead of looking for answers through confrontation or antagonism, we must find a way out through communication and consultation, and explore the path of win-win and all-win. China is a trading partner, not a rival, for other countries. China’s development presents an opportunity, not threat, to the world economy. When it comes to differences and misunderstandings in international economic and trade cooperation, China calls for equal consultation to enhance mutual trust, bridge differences and solve problems.”
“Over the past five years, China has imported more than $15 trillion of goods and services. Its overseas investment has generated over $300 million of tax revenue, created numerous jobs and boosted local economies. The Chinese economy is on solid foundations, demonstrating advantages in many areas, strong resilience and great potential. China’s development has been achieved mainly through reform, opening up and innovation, rather than so-called government subsidy.”
“China has put domestic demand on top of its economic agenda this year, and is working faster on an income-growth goal for both urban and rural residents, to vigorously boost consumption and make itself a consumption powerhouse on top of a manufacturing powerhouse. China will continuously promote investment in both physical assets and in human capital, actively expand investment and consumption in such areas as education, medical services and elderly care, to create more space for consumption. We will continue to host events such as the China International Import Expo, further expand import, and encourage more quality products from across the globe to enter the Chinese market. We encourage business from around the world to seize the opportunities presented by our expanding domestic demand to provide more and better products and services, and further explore China’s consumer market, so as to gain a headstart in the fierce international competition. China will steadfastly expand, open up and share with the world the opportunities from its high-standard opening-up.”
He talked about China being open to foreign investment and then specifically discussed AI.
“And now AI is powering various sectors. China will continue to promote full integration between technological and industrial innovation, strengthen the protection and application of intellectual property rights, and stimulate the mentality of all innovators. Scientific and technology progress cannot be achieved without international cooperation, and innovation brings both opportunities and risks. China is ready to work with all other countries in a spirit of openness and cooperation to advance sci-tech innovation, empower the world economy and address global challenges in such areas as AI governance.”
He also said:
“China will work with all other parties to fully and effectively implement the UNFCCC and Paris Agreement, uphold the multilateral process on climate change, and actively promote global green and low-carbon development. China will work with all parties to foster closer partnerships for green development, address the shortfall in green production capacity, and ensure the free flow of quality green products globally. We invite entreprises from all over the world to embrace the opportunities from the green and low-carbon transition, and work closely with China in such areas as green infrastructure, green energy, green minerals and green finance, and jointly create a green and prosperous future.”
While in Davos, He met with US Treasury Secretary Scott Bessent and British Chancellor of the Exchequer Rachel Reeves.
Page 10: There’s a report informing that Gao Yichen, former deputy director of the Office of the Central Leading Group for Preventing and Handling Cult Issues and former vice-minister of State Security, has been expelled from the Party. He “seriously violated the Party’s political discipline, organisational discipline, integrity discipline, and work discipline.”
Investigations revealed that Gao
Lost his ideals and beliefs, betrayed his original aspirations and mission, and lacked political awareness and discernment; engaged in extensive collusion between government and business; and exchanged favors for personal gain, severely polluting the political environment while resisting organizational scrutiny;
Violated the spirit of the 8-point central regulations by improperly accepting banquets;
Improperly provided assistance to others in job transfers;
Breached the bottom line of integrity by improperly accepting gifts and cash gifts, and by accepting, free of charge, vehicle services provided by private business owners;
Interfered in and intervened in judicial activities;
Amassed wealth through bribery, continued his corrupt practices even after retirement, and used his official position to seek benefits for others in areas such as company listing approvals, land use rights transfers, and handling of execution cases, illegally receiving a huge amount of money and valuables.
经查，高以忱丧失理想信念，背弃初心使命，毫无政治意识和政治鉴别力，大搞政商勾连、利益交换，严重污染政治生态，对抗组织审查；违反中央八项规定精神，违规接受宴请；违规为他人调动工作提供帮助；廉洁底线失守，违规收受礼品礼金，无偿接受私营企业主提供的车辆服务；干预和插手司法活动；大肆收钱敛财，退而不休，利用职务便利为他人在公司上市审批、土地使用权转让、执行案件处理等方面谋利，并非法收受巨额财物。
Page 15: This exchange during the MFA press briefing yesterday has been reproduced. From what I read, 1 Chinese national was killed in the attack.
CCTV: A blast at a Chinese restaurant in Kabul, Afghanistan on the afternoon of January 19 killed and wounded Chinese nationals. Reports say that the Islamic State group claimed responsibility for the attack. What’s China’s comment?
Guo Jiakun: A blast hit a Chinese restaurant in Kabul, Afghanistan yesterday and killed and injured many. One Chinese national was killed and five were wounded. China expresses deep condolences over the lives lost and heartfelt sympathies to the injured. China has made urgent representations with Afghanistan and has urged Afghanistan to make every possible effort to save and treat the injured, do more to keep Chinese nationals, projects and institutions safe, get to the bottom of the attack, and bring the perpetrators to justice as soon as possible. Officials of the Chinese Embassy in Afghanistan have visited the injured in hospital. China strongly condemns and firmly opposes any form of terrorism, and supports Afghanistan and regional countries in jointly fighting all forms of terrorist and violent activities. Given the current security situation in Afghanistan, the Ministry once again advises Chinese nationals not to travel to Afghanistan in the near future and asks Chinese nationals and companies already in Afghanistan to take extra precautions, step up security and depart high-risk regions as soon as possible.”