Chinese Ministries Outline 2026 Policy Tasks: Consumption, Investment, and Risk Mitigation

Several Chinese ministries, including the National Development and Reform Commission (NDRC), the Ministry of Finance, the Ministry of Commerce, and the People's Bank of China, have issued their 2026 task lists following the Central Economic Work Conference.

Consumption policies. Authorities plan to accelerate policies to boost consumption in debut economy, sports event economy, ecommerce, and “AI + consumption.” Silver economy and ice & snow economy are also named as priorities. Service consumption restrictions will be further relaxed.

Investment. Central budget investment will be moderately increased, with eligible major projects from the 15th FiveYear Plan (2026–2030) moved forward. Per capita infrastructure capital stock in China remains only 20–30% of developed countries, leaving room for expansion.

New growth drivers. An “AI+” initiative will be fully implemented. The lowaltitude economy (drones, air mobility) ecosystem will be improved. A new round of highquality development actions for key industrial chains is planned, along with continued support for advanced manufacturing clusters.

Risk mitigation. Local government debt resolution will continue, with a ban on any new implicit debt. Authorities warned against “fake” or “digital” debt reductions. For small and medium financial institutions, risk resolution and quality improvement will proceed. The central bank will strengthen monitoring, assessment, and early warning systems, and establish mechanism for providing liquidity to nonbank financial institutions under specific scenarios.

Employment and income. Policies to stabilise employment and raise urban and rural incomes are planned, including income growth plans for residents. Social safety nets for vulnerable groups will be reinforced.

Supply stability. Measures will ensure stable supply and prices of energy, resources, and food. A newtype energy system will be accelerated. Stable development of the property market remains a goal.

No binding targets or specific fiscal figures were disclosed.