The principal leaders of five major economic departments responded to pressing questions about China's economy during a press conference held on the afternoon of March 6 at the Media Center in Beijing. The heads of the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the People's Bank of China, and the China Securities Regulatory Commission addressed a range of issues raised by domestic and international journalists over a two-and-a-half-hour session.
Expressing confidence in achieving this year's economic growth target, the government work report set an expected GDP growth rate of 4.5% to 5% for 2026, with efforts to strive for better outcomes. The National Development and Reform Commission director stated that China's substantial economic scale, innovative vitality, and institutional advantages provide a solid foundation to manage risks and market fluctuations, ensuring the attainment of set goals. To support this objective, efforts will focus on enhancing macroeconomic regulation, strengthening the domestic market, advancing modern industrial systems, and removing economic and social bottlenecks.
The newly unveiled draft outline for the 15th Five-Year Plan features several new initiatives, including 109 major projects spanning areas such as new quality productive forces, modern infrastructure, urban-rural integration, livelihood improvements, green transition, and security. By 2030, emerging pillar industries including intelligent robotics are projected to expand their output value to over 10 trillion yuan. Emphasis will also be placed on supporting elderly and youth care, alongside enhancements in healthcare, education, and employment services.
The Ministry of Finance highlighted the continuation of a more proactive fiscal policy, marked by record-high figures in government expenditure, new bond issuances, and central-to-local transfer payments. Policy coordination will be strengthened across fiscal and monetary measures, reform innovation, and expenditure alignment. A 100 billion yuan fund has been allocated to promote domestic demand through six financial measures targeting private investment and consumer spending. Spending will prioritize science and technology, education, social security, employment, health, and housing.
The Ministry of Commerce outlined measures to boost consumption and stabilize foreign trade. Efforts will focus on replacing old consumer goods, supporting green and smart products, and stimulating rural markets. Despite external challenges, trade diversification has enhanced resilience, with over half of China's trade now involving Belt and Road partner countries. The ministry will advance trade in goods, services, and digital trade while encouraging balanced import-export growth and supporting enterprises in overseas exhibitions.
The People's Bank of China reaffirmed its commitment to an appropriately accommodative monetary policy, utilizing tools such as reserve requirement ratio cuts and interest rate adjustments to maintain ample liquidity. Structural monetary measures will prioritize domestic demand, technological innovation, and support for small and medium-sized enterprises. The central bank also emphasized exchange rate flexibility and stability, noting that yuan appreciation reflects economic fundamentals rather than competitive devaluation. Risk prevention remains a key focus, with significant progress reported in reducing local government debt and high-risk financial institutions.
The China Securities Regulatory Commission highlighted reforms to enhance capital market support for industrial transformation. New measures include refining ChiNext listing standards and optimizing refinancing mechanisms to better serve innovative companies. Priorities for the year include risk prevention, intensified supervision, and investor protection. With A-share market capitalization exceeding 110 trillion yuan and growing international interest in Chinese assets, the commission will advance two-way opening-up and facilitate cross-border investment.
Looking ahead, capital market development will focus on improving stability mechanisms, encouraging higher corporate governance and shareholder returns, and activating mergers and acquisitions.