Report on the Review Results of the 14th National People's Congress Financial and Economic Committee on the Implementation of the 2025 National Economic and Social Development Plan and the Draft of the 2026 National Economic and Social Development Plan

Report on the Review Results of the 14th National People's Congress Financial and Economic Committee on the Implementation of the National Economic and Social Development Plan for 2025 and the Draft National Economic and Social Development Plan for 2026 (Approved at the Second Meeting of the Presidium of the Fourth Session of the 14th National People's Congress on March 10, 2026) Presidium of the Fourth Session of the 14th National People's Congress: The Fourth Session of the 14th National People's Congress reviewed the report submitted by the State Council on the "Implementation of the National Economic and Social Development Plan for 2025 and the Draft National Economic and Social Development Plan for 2026" and the draft plan for 2026. Under the leadership of the National People's Congress and its Standing Committee, the Financial and Economic Committee, guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implemented the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions of the 20th Central Committee, earnestly carried out the deployment of the Fourth Plenary Session of the 20th Central Committee and the Central Economic Work Conference, focused on the overall work of the Party and the country, and conducted the plan review work in accordance with the requirements for high-quality work of the National People's Congress in the new era. Based on preliminary reviews, further examinations of the plan report and draft plan were conducted according to the review opinions of various delegations and relevant specialized committees during the congress. The State Council revised the plan report based on the review opinions. The review results are now reported as follows: I. The Implementation of the 2025 Plan is Generally Good 2025 is the final year for achieving the goals and tasks of the "14th Five-Year Plan." Under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, the entire Party and people of all ethnic groups in the country, guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, comprehensively implemented the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions of the 20th Central Committee. China's economy has shown strong resilience and vitality, with overall stable economic operation and steady progress. The construction of a modern industrial system has continued to advance, new steps have been taken in reform and opening up, positive progress has been made in risk resolution in key areas, social welfare has been strengthened, and the overall social situation has remained stable. The Financial and Economic Committee believes that the implementation of the 2025 plan is generally good, and the main goals and tasks of economic and social development have been successfully completed. Most of the 61 planned indicators have been well achieved: GDP growth of 5.0%, actual growth of social R&D expenditure by 9.1%, 12.67 million new urban jobs, per capita disposable income growth in line with economic growth, international balance of payments maintained at a basic equilibrium, continuous improvement in ecological environment quality, decline in energy consumption and major pollutant emissions, and grain production maintained at over 1.4 trillion jin; the overall completion of ten major tasks is satisfactory; major engineering projects are being solidly advanced. At the same time, it must be noted that the implementation of the plan and economic operation still face many difficulties and challenges, mainly: deepening impacts of changes in the external environment, prominent contradictions between strong supply and weak demand domestically, weak market expectations, insufficient momentum for consumption and investment growth, and numerous risk hidden dangers in key areas; some enterprises are facing operational difficulties, the difficulty of employment and income increase for the public has increased, and some local fiscal revenue and expenditure contradictions are prominent, with the real estate market still adjusting; the progress of industrial structure adjustment is uneven, with low industrial product sales rate and industrial capacity utilization rate; and there are some risk challenges in the field of production safety It is necessary to attach great importance to and seriously study these issues, and take effective measures to address them. II. The overall feasibility of the 2026 plan arrangement The plan report and draft plan propose the overall requirements for economic and social development in 2026, the main expected goals, and the main macro policy orientations, as well as ten major tasks. The Finance and Economic Committee believes that the 2026 plan arrangement proposed by the State Council is in line with the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions of the 20th Central Committee, conforms to the deployment of the Central Economic Work Conference, and meets the goals and requirements of the 14th Five-Year Plan. The main goals, key tasks, and major engineering projects are consistent with the conditions for economic and social development, and overall, it is feasible. III. Recommendation to approve the plan report and draft plan The Finance and Economic Committee recommends that the Fourth Session of the 14th National People's Congress approve the report on the implementation of the 2025 National Economic and Social Development Plan and the draft plan for the 2026 National Economic and Social Development Plan proposed by the State Council. IV. Suggestions for effectively implementing the 2026 plan 2026 is the first year of the 14th Five-Year Plan, and it is of great significance to carry out economic and social development work. Under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, we must thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the successive plenary sessions of the 20th Central Committee, earnestly implement the resolutions of the Fourth Session of the 14th National People's Congress, establish and practice a correct view of achievements, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, focus on promoting high-quality development, adhere to the general tone of seeking progress while maintaining stability, better coordinate domestic economic work and international economic and trade struggles, better coordinate development and security, implement more proactive and effective macro policies, continuously expand domestic demand, optimize supply, improve incremental growth, activate stock, develop new quality productive forces according to local conditions, deepen the construction of a unified national market, continuously prevent and resolve risks in key areas, focus on stabilizing employment, enterprises, markets, and expectations, promote qualitative effective improvement and reasonable quantitative growth of the economy, maintain social harmony and stability, and provide strong guarantees for a good start to the 14th Five-Year Plan. To effectively implement the 2026 plan, the Finance and Economic Committee suggests: (I) Increase counter-cyclical and cross-cyclical adjustment efforts to enhance the effectiveness of macroeconomic governance. Leverage the integrated effects of stock and incremental policies, dynamically adjust and enrich the policy toolbox based on changing circumstances. Continue to implement a more proactive fiscal policy, continuously optimize the structure of fiscal expenditure, and strengthen financial support for major national strategic tasks. Consider promoting stable economic growth and reasonable price recovery as important considerations for monetary policy, continue to implement moderately accommodative monetary policy, further smooth the transmission mechanism of monetary policy, reduce funding costs, and promote the flow of funds to the real economy. Enhance the consistency and effectiveness of macro policy orientations, incorporate various economic and non-economic policies, stock and incremental policies into the assessment of macro policy orientation consistency, and adjust and improve in a timely manner. Focus on major issues of high concern to the people, and take pragmatic and effective measures to reduce the execution gap of policies, ensuring that all policies work in the same direction, stabilize expectations, and enhance confidence (2) Adhere to domestic demand as the main driver and build a strong domestic market. Combine improving people's livelihoods and promoting consumption with investment in goods and investment in people. Accelerate the formulation and implementation of income increase plans for urban and rural residents, increase residents' income through multiple channels, and effectively raise the proportion of residents' income in national income and the proportion of labor remuneration in primary distribution. Enhance the equalization of public services such as education, healthcare, and elderly care, reduce residents' expenditure pressure, and create conditions for releasing precautionary savings. Activate consumption potential, optimize the implementation of the "trade-in" policy, and implement paid staggered vacations. Investment should not only have "quantity" but also be "effective," effectively improving the quality and efficiency of investment. Avoid inefficient and ineffective investments and prevent the formation of new hidden government debts. Optimize the implementation of "dual" projects, effectively stimulate the vitality of private investment, and promote investment stabilization. Improve the early arrival rate of budgeted investments at the beginning of the year, ensuring that funds arrive early, are deployed early, and yield early results. Standardize the management of investment fund allocation, establish and improve the management methods for budgeted investments and ultra-long-term special government bond funds, and strengthen the performance evaluation of fund usage. (3) Adhere to innovation-driven development and accelerate the cultivation and growth of new momentum. Firmly grasp the opportunities presented by the new round of technological revolution and industrial transformation, develop new quality productivity according to local conditions, and pay high attention to the significant impact of strategic technological breakthroughs such as artificial intelligence. Timely apply technological innovation achievements to specific industries and industrial chains, transform and upgrade traditional industries, cultivate and grow emerging industries, layout and build future industries, and improve the modern industrial system. Enhance and ensure the status of enterprises as the main body of innovation, improve the intellectual property protection system in emerging fields, promote enterprises to expand innovation investment, increase the proportion of R&D funding in the total GDP, and raise the proportion of basic research funding in R&D funding. Optimize science and technology financial services, encourage and regulate the development of venture capital and patient capital. (4) Adhere to reform and opening up, enhancing the dynamism and vitality of high-quality development. Fully leverage the guiding role of economic system reform, accelerate the implementation of landmark reform measures. Formulate regulations for the construction of a unified national market, deeply rectify "involution" competition, and focus on solving issues such as poor industrial production and sales connection and low capacity utilization rates. Take effective measures to optimize the business environment and make greater efforts to resolve the issue of overdue corporate payments. Formulate and implement further deepening state-owned enterprise reform plans, and improve supporting regulations and policies for promoting the private economy. Steadily advance institutional opening-up and orderly expand autonomous opening in the service sector. Promote the integration of trade and investment, and the integration of domestic and foreign trade development. Optimize the foreign investment environment, enhance the quality of foreign investment utilization, and promote stable scale and optimized structure of foreign trade. Encourage enterprises to "go global" to participate in international competition and cooperation, engage in the reconstruction of global industrial and supply chains, and contribute to building a new development pattern of dual circulation. Promote high-quality co-construction of the "Belt and Road." Reasonably expand imports and create a favorable economic and trade environment. (5) Adhere to prioritizing people's livelihoods and strive to do more practical things for the people. Focus on prominent structural employment contradictions, significant pressure on residents' income growth, and the weak risk resistance capacity of low-income groups, strengthen precise bottom-line support and collaborative empowerment, weave a tight social safety net, and gather confidence for development from the whole society. Rely on technological innovation to cultivate new industries, new business formats, and new models, creating more high-quality employment opportunities. Improve the skill training system to help workers adapt to the demands of industrial upgrading, achieving mutual promotion of innovative development and employment security Focus on the urgent and difficult issues that the public is concerned about, such as effectively addressing rural heating after the replacement of coal with natural gas in the north, and improving the insulation of rural houses, to genuinely respond to the real needs of people's livelihoods. Accelerate the construction of a long-term care insurance system to alleviate the caregiving pressure on families with disabled individuals. Actively respond to population aging, advocate for a positive view on marriage and childbirth, and strive to stabilize the scale of newborn population. Coordinate ecological environment governance and people's well-being, and promote low-carbon green lifestyles. Implement a dual control system for carbon emissions and promote comprehensive green transformation. Continuously consolidate and expand the achievements of poverty alleviation, ensuring that there is no large-scale return to poverty. Effectively carry out work related to production safety, disaster prevention and reduction, and food and drug safety. (6) Adhere to the bottom line and actively and steadily resolve risks in key areas. Strengthen the synergy between risk prevention and development promotion policies, and further enhance development resilience. Accelerate the establishment of a new model for real estate development, and orderly promote the construction of "good houses"; focus on stabilizing the real estate market, implementing city-specific policies to control growth, reduce inventory, and optimize supply, encouraging the acquisition of existing commercial housing for use as affordable housing. Actively and orderly resolve local government debt risks, promote the reform and transformation of financing platforms in a classified manner, accelerate the resolution of existing hidden debts, and prohibit the illegal addition of new hidden debts. Pay attention to solving local financial difficulties and ensure the bottom line for grassroots "three guarantees." Attach great importance to risks in the financial sector, use market-oriented and legal methods to promote the resolution of risks in small and medium-sized financial institutions, and enrich disposal resources and means; effectively respond to external shocks and firmly maintain the bottom line of preventing systemic risks. The above report is submitted for review. Finance and Economic Committee of the 14th National People's Congress March 10, 2026 CCTV News Risk Warning and Disclaimer The market has risks, and investment requires caution. 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