On March 5, Premier Li Qiang delivered the Government Work Report to the Fourth Session of the 14th National People's Congress. The main points are as follows:

I. Review of Work in 2025

GDP grew by 5%

12.67 million new urban jobs were created

Grain output reached 1.43 trillion jin

Annual production of new energy vehicles exceeded 16 million

Over the past five years

Average annual GDP growth was 5.4%

The scale of value added of the manufacturing sector has remained the world's largest for 16 consecutive years

Average annual growth of per capita disposable income of residents was 5.4%

Cumulative new urban employment exceeded 60 million

II. Main Goals and Major Tasks for the 15th Five-Year Plan Period

Maintain GDP growth within a reasonable range

Average annual growth of R&D spending in the whole society above 7%

Cumulative reduction of carbon dioxide emissions per unit of GDP by 17%

Share of value added of core digital economy industries in GDP reaching 12.5%

Average years of education for the working-age population increased to 11.7 years

Average life expectancy increased to 80 years

Comprehensive grain production capacity reaching around 1.45 trillion jin

Comprehensive energy production capacity reaching 5.8 billion tons of standard coal

III. Overall Requirements and Policy Orientation for Economic and Social Development in 2026

Economic growth of 4.5%–5%

Over 12 million new urban jobs

CPI increase of around 2%

Grain output of around 1.4 trillion jin

Reduction of carbon dioxide emissions per unit of GDP by around 3.8%

Deficit-to-GDP ratio planned at around 4%, with the deficit scale increasing by 230 billion yuan compared to the previous year

General public budget expenditure scale will reach 30 trillion yuan for the first time

Planned issuance of ultra-long-term special treasury bonds of 1.3 trillion yuan

Planned allocation of 4.4 trillion yuan in local government special bonds

IV. Some Work Tasks for 2026

Increasing Income: Formulate and implement plans to increase the income of urban and rural residents, and introduce a number of practical measures to promote income growth for low-income groups, increase residents' property income, and improve the salary and social security systems.

Consumption: Allocate 250 billion yuan from ultra-long-term special treasury bonds to support the replacement of old consumer goods with new ones.

Investment: Plan to allocate 755 billion yuan from the central government's budget for investment, and allocate 800 billion yuan from ultra-long-term special treasury bonds for the construction of "Two Major Projects".

New Quality Productive Forces: Foster emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy. Cultivate and develop future industries such as future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G. Deepen and expand "AI+".

National Unified Market: Comprehensively utilize measures such as production capacity regulation, standards leadership, price law enforcement, and quality supervision to thoroughly address "involution-style" competition.

Opening Up: Further expand pilot openings in areas such as value-added telecommunications, biotechnology, and wholly foreign-owned hospitals.

Comprehensive Rural Revitalization: Comprehensively launch pilot programs in entire provinces to extend the second round of land contracts by 30 years upon expiration. Conduct the Fourth National Agricultural Census.

New Urbanization: Scientifically and orderly promote the urbanization of agricultural migrant populations, and appropriately relax conditions for registering for the high school entrance examination in inflow areas based on local conditions.

Employment: Build an employment-friendly development model. Implement actions to stabilize, expand, and improve the quality of jobs.

Education: Improve the policy of free preschool education and increase the supply of places in regular high schools.

Healthcare: Increase the per capita government subsidy standard for resident medical insurance by 24 yuan.

Social Security: Increase the monthly minimum standard for basic pensions for urban and rural residents by another 20 yuan. Strengthen housing security for first-marriage and first-child families, and support housing improvement needs for multi-child families.

Green Development: Establish a National Low-Carbon Transition Fund, and cultivate new growth points such as hydrogen energy and green fuels.

Real Estate: Implement city-specific policies to control new supply, reduce inventory, and optimize supply, and explore multiple channels to revitalize existing commercial housing.