Promoting a good start to the 15th Five Year Plan - National Development and Reform Commission discusses economic work in 2026
The total economic output of the year has reached a new level of 140 trillion yuan, the added value of manufacturing industry has ranked first in the world for 16 consecutive years, and the urbanization rate of permanent residents at the end of the year has increased by 0.89 percentage points compared to the previous year... In 2025, China will deliver a high-quality development answer sheet.
How to implement the spirit of the Central Economic Work Conference and promote a good start to the 15th Five Year Plan in the new year? The State Council Information Office held a press conference on the 20th, and relevant officials from the National Development and Reform Commission answered questions from reporters.
Fully tap into the potential of the Chinese economy
The main goals of economic and social development have been successfully achieved, the economic operation has made steady progress, the development resilience has been further demonstrated, the livelihood policies have become more warm, and a high-quality answer sheet has been handed over, "said Wang Changlin, Deputy Director of the National Development and Reform Commission, summarizing the achievements of economic development in the past year.
Looking ahead to 2026, we believe that consumption and investment, technology and industry, urban and rural areas, and regions will all unleash enormous development potential, "said Zhou Chen, Director of the National Economic Comprehensive Department of the National Development and Reform Commission.
From a point of view, new technologies, new products, and new scenarios are flourishing. Zhou Chen stated that new economic growth points in China, such as new energy, new materials, and aerospace, are poised to take off. Currently, we are planning to promote a number of landmark and leading high-tech industry projects during the 15th Five Year Plan period, "said Zhou Chen.
From an online perspective, the innovation chain, industry chain, and talent chain are accelerating their integration. Zhou Chen introduced that China has a complete industrial system and a super large market, as well as the world's largest and most comprehensive talent resources, possessing the full chain and scenario advantages of pushing innovative achievements from the "bookshelf" to the "shelf".
On the surface, the innovation leading role of power source regions continues to strengthen. Currently, China has ranked first in the world in terms of the number of global top 100 innovation clusters for three consecutive years. The Central Economic Work Conference in 2025 has deployed the construction of international science and technology innovation centers in Beijing (Beijing Tianjin Hebei), Shanghai (Yangtze River Delta), and the Guangdong Hong Kong Macao Greater Bay Area. The construction of a global hub for technological innovation and an important source of emerging industries is accelerating.
The Chinese economy is a vast ocean. We will adhere to both policy support and reform and innovation, fully tapping into the enormous potential hidden in this ocean, "said Zhou Chen.
Targeted resolution of the contradiction between strong supply and weak demand
The 2025 Central Economic Work Conference pointed out that the contradiction between strong domestic supply and weak demand is prominent. Wang Changlin pointed out that to promote the dynamic balance and virtuous cycle of supply and demand at a higher level, the key is to adhere to the "three principles".
Persist in putting the focus of macroeconomic policies on strengthening the domestic circulation. We will study and formulate an implementation plan for expanding domestic demand from 2026 to 2030, providing strong innovative measures and factor guarantees for leading new supply with new demand and creating new demand with new supply, "said Wang Changlin.
Persist in focusing the development of the economy on the real economy. Wang Changlin stated that we must adhere to the direction of intelligence, greenness, and integration, promote the upgrading of key industries, vigorously cultivate and strengthen emerging and future industries, carry out the "Artificial Intelligence+" action, and accelerate the construction of a modern industrial system.
Persist in placing the regulation point of market operation on the deepening of the construction of a unified national market. The key is to comprehensively rectify the 'involution style' competition, "said Wang Changlin. It is necessary to further refine the boundaries of local investment incentives and prohibitions, strengthen price supervision in key industries, and form a market order of high quality, good price, and healthy competition.
To implement the basic requirements of 'Five Unifications and One Openness', promote breakthroughs in the unified market in the four major fields of electricity, transportation, technology, and data, and introduce a number of high-value policy measures, "said Wang Renfei, Director of the Comprehensive Department of Institutional Reform of the National Development and Reform Commission." We need to make the construction of a unified national market more accessible to enterprises and the public.
Focusing on the "two new" policies, Wang Shancheng, Director of the Resource Conservation and Environmental Protection Department of the National Development and Reform Commission, stated that in terms of equipment updates, the investment threshold for applying for projects will be further lowered, and project conditions and review standards in various fields will be refined and improved; In terms of exchanging old for new consumer goods, efforts will be made to optimize fund allocation, unify subsidy standards, balance the use of funds, and crack down on illegal activities.
Raising consumer income is an important means of expanding domestic demand. Zhou Chen introduced that relevant parties are studying and formulating actions to stabilize employment, expand capacity, and improve quality, as well as plans to increase income for urban and rural residents. To promote the close integration of "investing in goods" and "investing in people", improve investment efficiency, and promote the two-way flow and empowerment of material capital and human capital.
Promote a reasonable rebound in prices
Promoting a reasonable rebound in prices is an important goal of macroeconomic regulation. For some time now, China's national Consumer Price Index (CPI) and Producer Price Index (PPI) have shown a double upward trend.
In this process, we adhere to the structural regulation approach, attach great importance to ensuring the supply and stable prices of important livelihood commodities, and strive to maintain the stability of basic livelihood prices, "said Wang Changlin.
When it comes to the next steps to promote a reasonable rise in prices, Wang Changlin stated that in terms of overall policies, a more proactive fiscal policy and a moderately loose monetary policy should be implemented. Promoting a reasonable rise in prices should be taken as an important consideration of monetary policy, and the integrated effect of stock policies and incremental policies should be leveraged to promote a positive interaction between economic growth and price recovery.
In terms of structural policies, we need to deeply implement the special action to boost consumption, formulate and implement plans to increase the income of urban and rural residents, optimize the implementation of the "two new" policies, solidly promote the "two pronged" construction, and promote a more balanced match between supply and demand.
In terms of reform policies, we need to further streamline price relationships, promote efficient allocation of resources, and ensure safe and stable supply.
At the same time, we must continue to ensure the supply and stable prices of important livelihood commodities, and not slack off in regulating the entire chain of production, supply, storage, and sales of important livelihood commodities, ensuring sufficient quantity and stable prices, and consolidating the basic foundation of livelihood, "said Wang Changlin.