A Quick Look at the 2026 Government Work Report! Understand the Key Points in One Article

March 5 The Fourth Session of the 14th National People's Congress has opened. Premier Li Qiang delivered the Government Work Report for 2026, clearly outlining this year’s and the “15th Five-Year Plan” period’s development goals, policy arrangements, and key tasks. The report is packed with practical insights, profoundly impacting both the overall development trajectory and the well-being of the people! 

The Government Work Report stated: We will continue to implement a more proactive fiscal policy. This year, the deficit-to-GDP ratio is planned to be around 4%, with the deficit amount set at 5.89 trillion yuan—an increase of 230 billion yuan over last year. For the first time, general public budget expenditures will reach 30 trillion yuan, an increase of approximately 1.27 trillion yuan over the previous year. 

A special ultra-long-term government bond worth 1.3 trillion yuan is planned for issuance. , continuous support “Dual” construction and “Two New” initiatives Wait. Proposed issuance of special government bonds totaling 300 billion yuan. Support large state-owned commercial banks in replenishing their capital. It is proposed to allocate 4.4 trillion yuan in special bonds issued by local governments, refine the management of the negative list for special bond projects, and promote pilot programs featuring self-assessment and self-issuance, with a focus on... Support the construction of major projects, swap implicit debt, and resolve government arrears. Wait. 

This year, fiscal spending will continue to be maintained at a relatively substantial level. We must keep up the momentum in optimizing the expenditure structure, placing greater emphasis on supporting and boosting consumption, investing in people, and safeguarding people’s livelihoods, thereby enhancing the efficiency of fiscal fund utilization. The central government increases the scale of financial transfer payments to local governments. Launch a pilot program for the integrated and coordinated use of transfer payment funds to enhance local governments’ financial autonomy and overall coordination capacity. Firmly enforce the principal responsibility of tiered-level governments in ensuring basic public services—“three guarantees”—and safeguard the bottom line at the grassroots level. All levels of government should better “manage their finances as household heads,” establishing and improving mechanisms for both increasing revenue and reducing expenditures, actively revitalizing and making effective use of existing resources and assets, strictly enforcing financial discipline, strengthening budgetary constraints, rigorously controlling general expenditures, and resolutely implementing the requirement to live frugally. Every penny saved must be directed precisely to critical areas of development and urgent needs of the people. Deeply implement special initiatives aimed at boosting consumption. Combine measures that stimulate residents’ intrinsic consumption drive with policies designed to encourage consumption, thereby fostering sustained growth in consumer spending. Formulate and implement plans to increase incomes for urban and rural residents, introducing a series of pragmatic measures to help low-income groups boost their earnings, expand residents’ property income, and improve salary and social security systems. 

Promote the expansion and upgrading of commodity consumption, arrange... Ultra-long-term special government bonds totaling 250 billion yuan. Support the trade-in program for consumer goods and optimize the implementation mechanisms of relevant policies. Establish a special fund of 100 billion yuan—jointly funded by fiscal and financial resources—to boost domestic demand, employing a combination of measures such as loan interest subsidies, financing guarantees, and risk compensation to support the expansion of domestic consumption. Fully tap into and unleash the potential for effective investment. Focus on... New-quality productive forces, new-type urbanization, and the all-round development of people In key areas, enhance the momentum for effective investment growth driven by market forces and increase the proportion of government investment allocated to projects that improve people’s livelihoods. 

This year, it is planned to arrange... Investment from the central budget totaled 755 billion yuan. , arrange 800 billion yuan in funds from ultra-long-term special government bonds Used for "Double Construction" Categorically raise the central investment subsidy standards. Increase the quota of special local government bonds allocated for project construction on a single-item basis. Continue to tilt resources toward regions that are well-prepared for investment projects and make efficient use of funds. Issue... New policy-based financial instruments totaling 800 billion yuan. This will encourage more social capital to participate in investment. We will coordinate and make good use of various government investment funds, support regions with a solid foundation to explore the preparation of comprehensive government investment plans, strengthen supervision over project funding, and firmly prevent inefficient and ineffective investments. We will implement policies and measures to promote private investment, refine long-term mechanisms for private enterprises’ participation in major project construction, guide private investment toward new growth areas such as high-tech industries and modern service sectors, and effectively unleash the vitality of private investment.