The annual Central Economic Work Conference was held in Beijing, where the Chinese leadership set the main priorities for economic policy for 2026. Xi Jinping delivered a key speech in which he assessed economic developments in 2025, analysed the current situation and outlined the strategy for the coming period.
According to the conference conclusions, 2025 was an exceptionally challenging year, yet China managed to meet its main economic and social development goals. The country's leadership also noted that the 14th Five-Year Plan is coming to an end and that China has successfully weathered external shocks and structural challenges over the past five years, achieving significant new results.
The conference emphasised the need to fully exploit the country's economic potential, combining political support with reforms and innovation, while strengthening market vitality and maintaining effective regulation. Emphasis should be placed on investment in both physical assets and human capital, with responses to external pressures based on strengthening the internal capabilities of the economy.
Although long-standing and new problems persist and risks exist in some areas, the Chinese leadership is confident that these challenges can be overcome. According to the conference, the fundamental conditions and long-term trends supporting stable economic growth remain unchanged.
For 2026, China will consistently implement a new development philosophy, accelerate the construction of a new development paradigm, and focus on promoting high-quality development. The country will continue to uphold the principle of making progress while maintaining stability and better coordinate domestic economic policy with international economic and trade relations to ensure both development and security.
The conference also confirmed the introduction of a more active macroeconomic policy, the expansion of domestic demand, the optimisation of supply and the development of new high-quality production forces in line with local conditions. The strategy also includes building a unified national market, preventing risks in key areas, and stabilising employment, business, and public expectations in order to successfully launch the 15th Five-Year Plan for 2026–2030.
In terms of fiscal policy, China will continue to take an active approach, maintaining the necessary level of budget deficit and expenditure while refining tax incentives and the subsidy system. Monetary policy will remain appropriately loose, with flexible use of tools such as interest rates and reserve requirements to ensure sufficient liquidity. The stability of the RMB exchange rate and strengthening confidence in economic development remain key objectives for the coming period.
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