The Chinese Ministry of Finance stated that it will accurately grasp the overall requirements and policy orientation of next year's economic work, make full and good use of various types of government bond funds, and issue ultra-long-term special government bonds.
According to a statement on the website of the Ministry of Finance, Minister Lan Fo'an last Friday (December 12) presided over a meeting of the Party Leadership Group to convey and study the spirit of the Central Economic Work Conference and to discuss the implementation work of fiscal departments.
The meeting held that this Central Economic Work Conference is an important meeting convened by the central leadership after the Fourth Plenary Session of the 20th Central Committee. At the meeting, General Secretary Xi Jinping delivered an important speech, giving a comprehensive summary of the 2025 economic work, deeply analyzing the current domestic and international situation, and systematically planning the work for 2026. The speech was highly strategic, ideological, and instructive. It raised the banner to guide the direction, indicated the starting path for the "15th Five-Year Plan," and mapped out the key priorities for implementation next year. This has pointed the way forward for fiscal work and provided a fundamental guideline.
The meeting stated that, in accordance with the deployment of the Central Economic Work Conference, next year's policy orientation should adhere to the principles of seeking progress while maintaining stability and improving quality and efficiency. The synergy of existing and new policies should be leveraged, the intensity of counter-cyclical and cross-cyclical adjustments should be increased, and the effectiveness of macroeconomic governance should be enhanced. Fiscal departments should accurately grasp the overall requirements and policy orientation of next year's economic work, maintain a necessary scale of fiscal deficits, total debt, and expenditure, and improve the precision and effectiveness of policies.
The meeting stated that, in accordance with the deployment of the Central Economic Work Conference, next year's policy orientation should adhere to the principles of seeking progress while maintaining stability and improving quality and efficiency. The synergy of existing and new policies should be leveraged, the intensity of counter-cyclical and cross-cyclical adjustments should be increased, and the effectiveness of macroeconomic governance should be enhanced. Fiscal departments should accurately grasp the overall requirements and policy orientation of next year's economic work, maintain a necessary scale of fiscal deficits, total debt, and expenditure, and improve the precision and effectiveness of policies.
At the same time, all types of government bond funds should be utilized to the fullest, ultra-long-term special government bonds should be issued, and continuous support should be provided for the "Two Major Tasks" (implementation of major national strategies and building security capabilities in key areas) and the "Two New Tasks" (large-scale equipment upgrades and replacement of old consumer goods with new ones).
Earlier, the two-day Central Economic Work Conference concluded last Thursday (December 11) in Beijing. Xi Jinping presided over the meeting and delivered a speech, analyzing the current economic situation and planning next year's economic work.
Xinhua News Agency reported that, reviewing this year's economic work, the meeting stated that "the main goals of economic and social development will be achieved smoothly," indicating that the economic growth target of around 5% is highly likely to be achieved.
Earlier, the two-day Central Economic Work Conference concluded last Thursday (December 11) in Beijing. Xi Jinping presided over the meeting and delivered a speech, analyzing the current economic situation and planning next year's economic work.
Xinhua News Agency reported that, reviewing this year's economic work, the meeting stated that "the main goals of economic and social development will be achieved smoothly," indicating that the economic growth target of around 5% is highly likely to be achieved.
The meeting proposed that, in terms of policy orientation, efforts should be made to increase the intensity of counter-cyclical and cross-cyclical adjustments; continue to implement a more proactive fiscal policy; maintain a necessary scale of fiscal deficits, total debt, and expenditure; pay attention to solving local fiscal difficulties; continue to adopt a moderately accommodative monetary policy; attach importance to promoting stable economic growth and reasonable recovery of prices as key considerations of monetary policy; flexibly and efficiently use a variety of policy tools, such as reserve requirement ratio and interest rate cuts; and keep the renminbi exchange rate basically stable at a reasonable and balanced level.