The simplified version of the government work report is here! Less than 1,000 words

On March 5th, Premier Li Qiang delivered the government work report to the Fourth Session of the 14th National People’s Congress. Key points are as follows:

1. Review of 2025 Work

• GDP growth of 5%
• 12.67 million new urban jobs
• Grain output reached 143 billion jin
• Annual production of new energy vehicles exceeded 16 million units

Over the past 5 years:

• Average annual GDP growth of 5.4%
• Manufacturing added value has maintained the world’s number one position for 16 consecutive years
• Residents’ per capita disposable income increased by an average of 5.4% annually
• Cumulative urban employment increased by over 60 million

2. Main Goals and Major Tasks for the 14th Five-Year Plan Period

• Maintain GDP growth within a reasonable range
• Increase social R&D investment by over 7% annually
• Reduce CO2 emissions per unit of GDP by a total of 17%
• Core industries of digital economy account for 12.5% of GDP
• Average years of education for the working-age population increased to 11.7 years
• Life expectancy increased to 80 years
• Comprehensive grain production capacity around 145 billion jin
• Energy comprehensive production capacity reaching 580 million tons of standard coal

3. Overall Requirements and Policy Directions for Economic and Social Development in 2026

• Economic growth of 4.5%–5%
• Over 12 million new urban jobs
• Consumer price increase around 2%
• Grain output around 140 billion jin
• Reduce CO2 emissions per unit of GDP by about 3.8%
• Budget deficit planned at around 4%, with a deficit increase of 230 billion yuan over the previous year
• General public budget expenditure to reach 30 trillion yuan for the first time
• Issue 1.3 trillion yuan in ultra-long-term special government bonds
• Arrange 4.4 trillion yuan in local government special bonds

4. Some Key Tasks for 2026

• Income growth: Develop and implement plans to increase income for urban and rural residents, with pragmatic measures to promote income growth for low-income groups, increase residents’ property income, and improve salary and social security systems
• Consumption: Allocate 250 billion yuan in ultra-long-term special bonds to support old-for-new consumer goods
• Investment: Plan to allocate 755 billion yuan in central budget investments and 800 billion yuan in ultra-long-term special bonds for “dual circulation” development
• New productive forces: Build emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy; cultivate future industries like new energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G; deepen the “AI+” expansion
• Unified national market: Use capacity regulation, standards leadership, price law enforcement, and quality supervision to thoroughly address “involution” competition
• Opening-up: Further expand pilot projects in value-added telecommunications, biotechnology, and wholly foreign-owned hospitals
• Rural revitalization: Fully implement the second round of land contract extensions for 30 years across the province; conduct the fourth national agricultural census
• New urbanization: Promote the orderly transfer of agricultural migrant populations to urban areas; relax conditions for participating in middle school entrance exams in inflow areas based on local circumstances
• Employment: Build an employment-friendly development model; implement stability, expansion, and quality improvement actions
• Education: Improve free preschool education policies; increase the supply of general high school places
• Healthcare: Increase per capita fiscal subsidies for residents’ medical insurance by 24 yuan
• Social security: Raise the minimum monthly basic pension for urban and rural residents by another 20 yuan; strengthen housing security for newly married and newly parent families; support multi-child families in improving housing conditions
• Green development: Establish a national low-carbon transition fund; cultivate new growth points such as hydrogen energy and green fuels
• Real estate: Implement city-specific policies to control new supply, reduce inventory, optimize supply, and explore multiple channels to activate existing stock of commercial housing

(Source: People’s Daily Client)