We will coordinate efforts to boost consumption and expand investment, and fully leverage the strengths of China’s super-large market. We will deepen the implementation of special campaigns to boost consumption, formulate and implement plans to increase the income of urban and rural residents, and continue to raise basic pensions for urban and rural residents. In response to changes in the consumption structure, we will expand the supply of high-quality goods and services. We will improve the implementation of policies supporting new infrastructure and new-type urbanization, granting local authorities greater decision-making power. Unreasonable restrictions on consumption will be lifted to unlock the potential of service consumption in culture and tourism, sports events, catering, elderly care and health services. The system of paid leave and off-peak holidays for employees will be enforced. We will improve the consumption environment for inbound visitors and build the “Shop in China” brand.

To improve people’s wellbeing and sustain growth momentum, we will strive to reverse the decline in investment and put it on a steady upward trajectory. We will appropriately increase the scale of investment from the central government budget, better advance the implementation of major national projects and major regional strategies, and raise central government investment subsidy standards. We will refine the management of the use of local government special bonds, increase and separately list the proportion used for project construction, and continue to leverage the role of new policy-backed financial instruments to effectively drive the growth of investment across all sectors. Exploration will be made in formulating a full-caliber government investment plan to raise the share of investment in areas related to people’s wellbeing. We will pursue intensive urban development, establish a sustainable investment and financing model, and advance urban renewal with high standards. Policies to spur private investment will be implemented to effectively energize the private sector.

2. Sticking to Innovation-Driven Development to Accelerate the Cultivation and Growth of New Growth Drivers

We will continue to guide industrial upgrading through scientific and technological innovation to steadily foster new productive forces. We will formulate an integrated plan for the coordinated development of education, science and technology, and human resources. Long-term and stable support for basic research will be strengthened, with greater efforts to enhance self-reliance in basic scientific and technological conditions and advance the deployment in strategic frontier fields, striving to achieve more original outcomes. We will develop international sci-tech innovation centers in Beijing (Beijing-Tianjin-Hebei region), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area, and build world-class hubs for scientific and technological innovation.

We will strengthen the principal role of enterprises in innovation, support the demonstration and application of new technologies, new products and new scenarios, enhance the development of pilot verification platforms, improve the intellectual property protection system in emerging sectors, and accelerate the commercialization of scientific and technological advances. We will formulate an action plan for capacity expansion and quality improvement in the service sector. A new round of high-quality development initiatives for key industrial chains will be launched to upgrade traditional industries, foster emerging pillar industries including integrated circuits, aerospace and biomedicine, and cultivate future industries such as future energy and embodied intelligence. We will further advance the “AI+” strategy and improve artificial intelligence governance. Financial services for science and technology innovation will be innovated, and we will nurture leading venture capital institutions and sci-tech enterprises.

From February 9 to 10, 2026, Xi Jinping, General Secretary of the the Communist Party of China (CPC) Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, visited grassroots cadres and the people in Beijing. This is the morning of the 9th, Xi Jinping visited the National Information and Innovation Park in Yizhuang, Beijing. Xinhua News Agency reporter Yan Yan/photo

3. Continuing Reform to Boost Momentum and Vitality for High-Quality Development

We will formulate regulations on the development of a unified national market, and issue lists of encouraged and prohibited items for local government investment promotion. We will adopt a full range of measures, including capacity regulation, standard-setting, price supervision, quality control, anti-monopoly and anti-unfair competition law enforcement, to tackle "involutionary" competition and foster a sound market ecosystem. Efforts will be made to actively revitalize idle and inefficient stock resources and assets.

We will develop and implement a new plan for further reform of state-owned assets and state-owned enterprises, improve supporting laws and policies for the Law on the Promotion of the Private Sector, and guide micro, small and medium-sized enterprises toward specialized, refined, distinctive and innovative development. We will vigorously promote entrepreneurship and support the healthy growth of the younger generation of entrepreneurs. Work will be accelerated to clear overdue payments owed to enterprises. We will promote win-win development among platform companies, businesses operating on platforms and workers.

We will expand trials of market-oriented allocation of factors of production, deepen reform of the power system, and steadily advance price reform of public utilities such as water supply, gas supply and heating to support sustainable operations. We will deepen zero-based budgeting reform and raise the proportion of profits collected from state-owned capital. The structure of fiscal transfer payments will be improved, and a local tax system will be refined. We will regulate competition among commercial banks and further reduce the number of small and medium-sized financial institutions while improving their quality. Comprehensive reforms on investment and financing in the capital market will be deepened to raise the share of direct financing and equity financing.

 4. Staying Committed to Opening Up to Achieve Win-Win Cooperation in Multiple Fields

Amid the reshaping of the global economic and trade landscape, we will expand cooperation through opening-up and facilitate the smooth flow of the domestic and international dual circulations. We will steadily advance institutional opening-up, orderly expand autonomous opening-up in the service sector, refine the layout and scale of pilot free trade zones and enhance their capacity to lead innovation-driven development, and make solid progress in the construction of the Hainan Free Trade Port.

We will promote integrated development of trade and investment, as well as domestic and foreign trade, and expand and upgrade the model of cross-border e-commerce plus overseas warehouses. We will encourage and support service exports, and actively develop digital trade and green trade. Reform of the foreign investment promotion system and mechanisms will be deepened to encourage reinvestment of foreign capital in China and expand localized production. We will guide the rational and orderly cross-border layout of industrial and supply chains, and improve the overseas comprehensive service system.

We will seize cooperation opportunities brought by the modernization drive of Global South countries, and promote high-quality development of the Belt and Road Initiative. We will push for the negotiation and signing of more regional and bilateral trade and investment agreements, and implement opening-up measures such as zero-tariff treatment for African countries that have diplomatic relations with China. We will sort out and standardize various development zones, industrial parks, exhibitions and forums in an orderly manner.

5. Pursuing Coordinated Development to Advance Urban-Rural Integration and Regional Linkage

We will coordinate urbanization with county seats as important carriers and the all-round revitalization of rural areas. We will improve the layout of infrastructure and allocation of public resources at the county level, effectively shore up weaknesses in modern living conditions in rural areas, foster and expand distinctive rural industries, and promote high-quality county-level economic development.

We will strictly observe the red line for arable land, improve the quality of arable land, and never relax efforts to ensure grain production. We will coordinate policies on production, storage and imports to keep prices of grain and other major agricultural commodities at a reasonable level and help farmers maintain steady income growth. We will continue to consolidate and expand the achievements of poverty alleviation, integrate regular assistance into the rural revitalization strategy, and firmly guard against large-scale relapse into poverty.

All regions should accurately grasp their positions in the overall national development, strengthen their core functions and leverage their comparative advantages. We will intensify reform, policy support and factor guarantee, and support major economic provinces to shoulder key responsibilities. We will support the Beijing-Tianjin-Hebei region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area in developing into world-class city clusters and continuously enhance their overall competitiveness.

We will advance the construction of the Xiong’an New Area to high standards and quality. We will elevate the development of the Chengdu-Chongqing economic circle. We will accelerate the development of city clusters in the middle reaches of the Yangtze River. We will strengthen coordination and linkage among major city clusters, improve mechanisms for unified planning, industrial cooperation and benefit sharing, implement the national project for industrial relocation and upgrading, and deepen cross-administrative region cooperation. We will strengthen the overall planning of major bays and promote high-quality development of the marine economy.

6. Following the "Dual Carbon" Guidance to Promote All-Round Green Transition

We will coordinate efforts to reduce carbon emissions, curb pollution, expand green development and drive growth, and strengthen the momentum of green development. We will further promote energy conservation and carbon reduction transformation in key industries, and steadily push for the peaking of coal and oil consumption. We will formulate a strategic plan for building a strong energy country, accelerate the development of a new energy system, and ensure that new electricity demand is mainly met by new energy power generation.

We will develop smart grids and microgrids, expand the application of green electricity, and build a number of zero-carbon industrial parks and zero-carbon factories. We will strengthen the national carbon emissions trading market. Research will be conducted on establishing a national low-carbon transition fund, and foster new growth areas such as hydrogen energy and green fuels. We will carry out a comprehensive action on solid waste treatment and enhance the recycling of renewable resources.

We will fight the critical battles to keep our skies blue, waters clear and land pollution-free, and strengthen the control of new pollutants. We will make solid progress in the critical battle of the Three-North Shelterbelt Forest Program, strengthen the treatment of key lakes, and integrate and optimize nature reserves. We will improve the meteorological monitoring, forecasting and early warning system, speed up efforts to shore up weaknesses in flood control, drainage and disaster resistance infrastructure in northern regions, and enhance the capacity to cope with extreme weather events.

From February 9 to 10, 2026, Xi Jinping, General Secretary of the the Communist Party of China (CPC) Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, visited grassroots cadres and the people in Beijing. This is the morning of the 10th, when Xi Jinping visited the New Year Market in Longfusi Block in Dongcheng District, he had cordial exchanges with the people at the scene. Xinhua News Agency reporter Yan Yan/photo

7. Putting People’s Wellbeing First and Striving to Deliver More Practical Benefits to the People

We will strengthen the policy orientation of giving top priority to employment, implement initiatives to stabilize, expand and upgrade employment, and work to ensure stable employment for key groups such as college graduates and migrant workers. We will enhance support and guidance for entrepreneurship and carry out vocational skills training programs.

We will encourage and support workers in flexible employment and new forms of employment to participate in employee insurance schemes. In response to changes in the structure of school-age population, we will adjust the distribution of educational resources, increase the supply of senior high school places and expand undergraduate enrollment in high-quality universities.

We will improve centralized drug procurement, deepen reform of the medical insurance payment system, refine the policy of retaining surplus funds, and strengthen operational support for county and community-level medical institutions. We will launch programs to expand and upgrade rehabilitation and nursing services, and implement the long-term care insurance system.

We will strengthen care and assistance for vulnerable groups including the elderly living alone and those with disabilities or dementia. We will implement support policies such as childcare subsidies, advocate a positive attitude toward marriage and childbearing, and strive to stabilize the number of newborns.

We will make solid efforts to ensure workplace safety, disaster prevention, mitigation and relief, as well as food and drug safety. We will strengthen psychological counseling and advance the investigation and resolution of conflicts at the community level.

8. Safeguarding Bottom Lines and Actively and Prudently Defusing Risks in Key Areas

We will enhance coordination between risk prevention and growth-promotion policies to further strengthen the resilience of development. We will strive to stabilize the real estate market, adopt city-specific policies to control new construction, reduce inventory and optimize supply, and encourage the purchase of existing commercial housing mainly for use as indemnificatory housing.

We will deepen reform of the housing provident fund system and steadily promote the construction of "high-quality housing". We will further leverage the whitelist mechanism for ensuring housing delivery, support the reasonable financing needs of real estate enterprises, and guard against debt default risks. We will accelerate the establishment of a new model for real estate development.

We will actively and prudently defuse local government debt risks and urge localities to take the initiative in reducing debt. We will increase financial and fiscal support, improve debt restructuring and replacement measures, and take multiple steps to defuse operational debt risks of local government financing vehicles.

We will optimize debt monitoring and assessment indicators, and establish a unified long-term mechanism for government debt management. We will prudently defuse risks at small and medium-sized local financial institutions and enrich resources and tools for risk disposal.

※This is part of General Secretary Xi Jinping's speech at the Central Economic Work Conference on December 10, 2025.

Source: Qiushi Journal WeChat public account