Two Sessions Explainer: Highlights of 2026 Government Work Report

Chinese Premier Li Qiang delivered the government work report at the opening meeting of the fourth session of the 14th National People's Congress on March 5, 2026.

Here are some highlights.

GDP growth of 4.5–5 percent, while striving for better in practice.

Over 12 million new urban jobs.

CPI increase of around 2 percent.

Grain output of around 700 million tonnes.

A reduction of around 3.8 percent in carbon dioxide emissions per unit of GDP.

The deficit-to-GDP ratio for this year is set at around 4 percent, 230 billion yuan ($33.3 billion) more than last year.

Expenditure in the general public budget is projected to reach 30 trillion yuan for the first time.

A total of 1.3 trillion yuan of ultra-long special treasury bonds will be issued.

4.4 trillion yuan of local government special-purpose bonds will be issued.

China 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. 

250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.

A total of 755 billion yuan will be earmarked in this year's central government budget for investment.

China 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.

China will foster emerging pillar industries such as integrated circuits, aviation and aerospace, biomedicine, and the low-altitude economy.

It will also nurture industries of the future such as future energy, quantum technology, embodied AI, brain-computer interfaces, and 6G technology.

China will advance and expand its "AI Plus" initiative, promote faster application of new-generation intelligent terminals and AI agents, and encourage large-scale commercial application of AI in key sectors and fields.

China will further expand opening-up trials for value-added telecom services, biotechnology, wholly foreign-owned hospitals, and other fields.

The country will set up a national fund for low-carbon transition and foster new growth drivers such as hydrogen power and green fuels.

The work tasks for 2026 also include establishing a unified national market, comprehensively revitalizing rural areas, promoting new urbanization, as well as employment, education, healthcare, social security, the real estate sector and more.

For the latest on this year's "two sessions," keep following People's Daily Online.