各位代表：

Fellow Deputies,

受国务院委托，现将2025年中央和地方预算执行情况与2026年中央和地方预算草案提请十四届全国人大四次会议审查，并请全国政协各位委员提出意见。

The Ministry of Finance has been entrusted by the State Council to submit this report on the execution of the central and local budgets for 2025 and on the draft central and local budgets for 2026 to the present Fourth Session of the 14th National People's Congress (NPC) for your deliberation and for comments from members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

一、2025年中央和地方预算执行情况

I. Execution of the 2025 Central and Local Budgets

2025年是很不平凡的一年。面对国内外形势深刻复杂的变化，在以习近平同志为核心的党中央坚强领导下，各地区各部门坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，认真落实四中全会部署，按照党中央和国务院决策部署，坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大局，严格执行十四届全国人大三次会议审查批准的预算，实施更加积极有为的宏观政策，我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放全面深化，重点领域风险化解取得积极进展，民生保障更加有力，社会大局保持稳定，全年经济社会发展主要目标任务顺利完成，“十四五”圆满收官，中国式现代化迈出新的坚实步伐。中央和地方预算执行情况总体较好。

The year 2025 stood out as truly remarkable. Amidst profound and complex developments both at home and abroad, all local authorities and government departments, working under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, firmly followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly applied the guiding principles from the Party's 20th National Congress and the plenary sessions of the 20th CPC Central Committee, and earnestly implemented the arrangements made at the fourth plenary session of the 20th CPC Central Committee. Acting on the decisions and plans of the Party Central Committee and the State Council, we remained steadfast in applying the new development philosophy and advancing high-quality development, balanced domestic and international imperatives, and rigorously executed the budgets reviewed and approved at the third session of the 14th NPC. We implemented more proactive and effective macro policies. As a result, China's economy gained ground in spite of headwinds and moved toward innovative and high-quality development. The modernization of the industrial system was steadily advanced, reform and opening up were deepened comprehensively, and positive headway was made in defusing risks in key sectors. Public wellbeing supports were strengthened, and overall social stability was maintained. Thanks to these efforts, the main objectives and tasks for economic and social development in 2025 were accomplished. This ensured a successful conclusion to the 14th Five-Year Plan (2021–2025) and solid new strides in advancing Chinese modernization. On the whole, the execution of both the central and local budgets was satisfactory.

（一）2025年一般公共预算收支情况。

1. Revenue and expenditure in the general public budget in 2025

1. 全国一般公共预算。受国际经贸环境急剧变化、物价低位运行、房地产市场仍在调整等因素影响，财政收入增长面临较大压力。各地区各有关部门积极采取措施，依法依规组织收入、应收尽收，加强财政支出管理、能省则省，基本完成年初预算。

1) National general public budget

Due to various factors, including drastic changes in the international economic and trade environment, low price levels, and ongoing adjustments in the real estate market, considerable pressure weighed on fiscal revenue growth. In response, all local authorities and relevant government departments adopted proactive measures to ensure the collection of all due revenue in accordance with laws and regulations and intensified fiscal expenditure management to cut back wherever possible. These moves basically ensured the implementation of the budgets approved at the beginning of 2025.

全国一般公共预算收入216044.88亿元，为预算的98.3%，比2024年下降1.7%。其中，税收收入176363.23亿元，增长0.8%；非税收入39681.65亿元，下降11.3%，主要是上年一次性安排中央单位上缴专项收益抬高基数。加上从预算稳定调节基金、政府性基金预算、国有资本经营预算调入资金及使用结转结余15753.78亿元，收入总量为231798.66亿元。全国一般公共预算支出287395.42亿元，完成预算的96.8%，增长1%，主要是落实党政机关过紧日子要求，压减非刚性非重点支出，以及部分据实结算支出低于年初预计等。加上补充中央预算稳定调节基金1003.24亿元，支出总量为288398.66亿元。收支总量相抵，赤字56600亿元，与预算持平。

Revenue in the national general public budget decreased by 1.7% over 2024 to 21.604488 trillion yuan, representing 98.3% of the budgeted figure. Breaking this down, tax receipts rose by 0.8% to 17.636323 trillion yuan, while non-tax revenue fell by 11.3% to 3.968165 trillion yuan, a decrease mainly due to the higher base figure for 2025 on account of a one-time arrangement for relevant central departments to turn in special proceeds in 2024. With the addition of 1.575378 trillion yuan, comprising transfers from budget stabilization funds and from the budgets of government-managed funds and state capital operations as well as utilized carryover and surplus funds, total revenue came to 23.179866 trillion yuan. Expenditure in the national general public budget rose by 1% to 28.739542 trillion yuan, representing 96.8% of the budgeted figure. This was primarily due to the following factors: fulfilling the requirement for Party and government bodies to keep their belts tightened, cutting non-obligatory and non-critical expenditures, and the fact that actual expenditures on some items were lower than the budgeted figures at the beginning of 2025. With the addition of 100.324 billion yuan used to replenish the Central Budget Stabilization Fund, total expenditure came to 28.839866 trillion yuan. Total expenditure exceeded total revenue, leaving a deficit of 5.66 trillion yuan, which is consistent with the figure projected.

2. 中央一般公共预算。中央一般公共预算收入93962.62亿元，为预算的96.9%，下降6.5%。加上从中央预算稳定调节基金调入1000亿元，从中央国有资本经营预算调入2400亿元，收入总量为97362.62亿元。中央一般公共预算支出144959.38亿元，完成预算的98.3%，增长2.8%，其中，本级支出43034.24亿元，完成预算的98.8%，增长5.7%；对地方转移支付101925.14亿元，完成预算的98.6%，增长1.6%。加上补充中央预算稳定调节基金1003.24亿元，支出总量为145962.62亿元。收支总量相抵，中央财政赤字48600亿元，与预算持平。

2) Central general public budget

Revenue in the central general public budget fell by 6.5% to 9.396262 trillion yuan, representing 96.9% of the budgeted figure. With the addition of 100 billion yuan from the Central Budget Stabilization Fund and 240 billion yuan from the budget of central government state capital operations, total revenue came to 9.736262 trillion yuan. Expenditure in the central general public budget increased by 2.8% to 14.495938 trillion yuan, equating to 98.3% of the budgeted amount. Breaking this down, central government expenditures grew by 5.7% to 4.303424 trillion yuan, representing 98.8% of the budgeted figure; transfer payments to local governments, meanwhile, rose by 1.6% to 10.192514 trillion yuan, representing 98.6% of the budgeted figure. With the addition of 100.324 billion yuan contributed to the Central Budget Stabilization Fund, total expenditure reached 14.596262 trillion yuan. Total expenditure exceeded total revenue to create a deficit of 4.86 trillion yuan, which is consistent with the figure projected.

中央一般公共预算主要收入项目具体情况是：国内增值税34336.2亿元，为预算的99.4%，增长3.3%。国内消费税16857.47亿元，为预算的99.5%，增长2%。企业所得税26287.53亿元，为预算的97.1%，下降0.6%。个人所得税9712.17亿元，为预算的108%，增长11.5%，除工资薪金所得增加外，主要是股票市场交易活跃带动股权转让、股息红利所得增加较多。证券交易印花税2035.35亿元，为预算的154.2%，增长57.8%。关税2369.14亿元，为预算的95.7%，下降3.1%；进口货物增值税、消费税18263.45亿元，为预算的93.1%，下降4.8%，主要是大宗商品价格下行和一般贸易进口下降。

The main revenue items were as follows: 

■ 3.43362 trillion yuan from domestic value-added tax (VAT), a 3.3% increase, 99.4% of the budgeted figure; 

■ 1.685747 trillion yuan from domestic excise tax, a 2% increase, 99.5% of the budgeted figure; 

■ 2.628753 trillion yuan from corporate income tax, a 0.6% decrease, 97.1% of the budgeted figure; 

■ 971.217 billion yuan from individual income tax, an 11.5% increase, 108% of the budgeted figure (driven in part by a rise in earnings, but more prominently by a sizeable increase in revenues from equity transfer and dividends due to brisk trading activity in the stock market); 

■ 203.535 billion yuan from stamp duty on securities transactions, a 57.8% increase, 154.2% of the budgeted figure;

■ 236.914 billion yuan from customs duties, a 3.1% decrease, 95.7% of the budgeted figure;

■ 1.826345 trillion yuan from VAT and excise tax on imports, a 4.8% decrease, 93.1% of the budgeted figure (largely caused by a fall in commodity prices and general trade import volumes).

中央一般公共预算本级支出43034.24亿元，占全国一般公共预算支出的15%，主要支出项目具体情况是：外交支出649.56亿元，完成预算的100.7%。国防支出17846.65亿元，完成预算的100%。公共安全支出2438.48亿元，完成预算的100.4%。教育支出1833.14亿元，完成预算的105.1%。科学技术支出3877.05亿元，完成预算的97.4%。粮油物资储备支出1023.59亿元，完成预算的77.7%，主要是清理收回结余资金，抵减当年支出。债务付息支出8193.61亿元，完成预算的98.2%。

Central government expenditures reached 4.303424 trillion yuan, accounting for 15% of expenditure in the national general public budget. The main expenditures were as follows: 

■ 64.956 billion yuan on diplomatic endeavors, 100.7% of the budgeted figure; 

■ 1.784665 trillion yuan on national defense, 100% of the budgeted figure; 

■ 243.848 billion yuan on public security, 100.4% of the budgeted figure; 

■ 183.314 billion yuan on education, 105.1% of the budgeted figure; 

■ 387.705 billion yuan on science and technology, 97.4% of the budgeted figure; 

■ 102.359 billion yuan on the stockpiling of grain, edible oils, and other materials, 77.7% of the budgeted figure (primarily due to the practice of reviewing and taking back surplus funds to offset some expenditures of 2025); 

■ 819.361 billion yuan on debt interest payments, 98.2% of the budgeted figure.

中央对地方转移支付具体情况是：一般性转移支付92475.98亿元，完成预算的98.3%，主要是部分据实结算支出减少。专项转移支付9449.16亿元，完成预算的101.6%，主要是部分中央预算内投资由中央本级转列对地方转移支付。

Central government transfer payments to local governments were as follows. General transfer payments totaled 9.247598 trillion yuan, representing 98.3% of the budgeted figure, primarily due to a drop in certain actual expenditures. Special transfer payments came to 944.916 billion yuan, representing 101.6% of the budgeted figure. This was mainly due to the re-categorization of some central government expenditures from central government budgetary investments to transfer payments to local governments.

2025年中央一般公共预算支出结余2500.62亿元（含中央预备费500亿元，未安排使用，转入当年支出结余），扣除用于平衡预算收支的1497.38亿元后，1003.24亿元用于补充中央预算稳定调节基金。加上中央政府性基金结转结余资金补充74.31亿元后，2025年年末中央预算稳定调节基金余额2904.56亿元。

In 2025, the central general public budget registered 250.062 billion yuan of unspent funds, including 50 billion yuan of unused central government reserve funds that was classified as unspent funds in 2025. After deducting the 149.738 billion yuan used to balance the budget, the remaining sum of 100.324 billion yuan was used to replenish the Central Budget Stabilization Fund. With the addition of 7.431 billion yuan of carryover and surplus funds from central government-managed funds, the balance of the Central Budget Stabilization Fund stood at 290.456 billion yuan at the end of 2025.

3. 地方一般公共预算。地方一般公共预算收入224007.4亿元，其中，本级收入122082.26亿元，增长2.4%；中央对地方转移支付收入101925.14亿元。加上从地方预算稳定调节基金、政府性基金预算、国有资本经营预算调入资金及使用结转结余12353.78亿元，收入总量为236361.18亿元。地方一般公共预算支出244361.18亿元，增长0.2%，占全国一般公共预算支出的85%，增幅较低主要是由于2023年增发国债资金大部分在2024年使用，抬高了2024年支出基数。收支总量相抵，地方财政赤字8000亿元，与预算持平。

3) Local general public budget

Revenue in the local general public budget was 22.40074 trillion yuan. This figure includes 12.208226 trillion yuan in local government revenue, an increase of 2.4%, and 10.192514 trillion yuan in transfer payments from the central government. Total revenue reached 23.636118 trillion yuan with the addition of 1.235378 trillion yuan of transfers from local budget stabilization funds, the budget of local government-managed funds, and the budget of local government state capital operations, as well as utilized carryover and surplus funds. Expenditures in the local general public budget totaled 24.436118 trillion yuan, representing a 0.2% increase and accounting for 85% of expenditure in the national general public budget. The relatively small increase in expenditure was mainly due to the higher base figure for 2024 when the majority of funds raised through additional treasury bonds issued in 2023 were used. Total expenditure exceeded total revenue, creating a local government deficit of 800 billion yuan, which is consistent with the figure projected.

（二）2025年政府性基金预算收支情况。

2. Revenue and expenditure of government-managed funds in 2025

全国政府性基金预算收入57703.55亿元，为预算的92.3%，下降7%，主要是地方国有土地使用权出让收入下降。加上2024年结转收入385.07亿元、超长期特别国债收入13000亿元、中央金融机构注资特别国债收入5000亿元、地方政府发行专项债券筹集收入44000亿元，收入总量为120088.62亿元。全国政府性基金预算支出112873.54亿元，完成预算的90.4%，增长11.3%。

Revenue of government-managed funds nationwide in 2025 fell by 7% to 5.770355 trillion yuan, representing 92.3% of the budgeted figure. This decrease was mainly due to a drop in proceeds from local government sales of state-owned land-use rights. With the addition of 38.507 billion yuan carried over from 2024, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, 500 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, and 4.4 trillion yuan raised by local governments through special-purpose bonds, total revenue came to 12.008862 trillion yuan. Expenditure of government-managed funds nationwide increased by 11.3% to 11.287354 trillion yuan, representing 90.4% of the budget projection.

中央政府性基金预算收入5055.88亿元，为预算的99.5%，增长6.8%。加上2024年结转收入385.07亿元、超长期特别国债收入13000亿元、中央金融机构注资特别国债收入5000亿元，收入总量为23440.95亿元。中央政府性基金预算支出22779.8亿元，完成预算的97.1%，其中，本级支出10984.13亿元（包括超长期特别国债支出2306.95亿元），对地方转移支付11795.67亿元（包括超长期特别国债支出10693.05亿元）。中央政府性基金预算收大于支661.15亿元，其中，结转下年继续使用586.84亿元，按规定补充中央预算稳定调节基金74.31亿元。

Revenue of central government-managed funds grew by 6.8% to 505.588 billion yuan, representing 99.5% of the budgeted figure. With the addition of 38.507 billion yuan carried over from 2024, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, and 500 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, total revenue amounted to 2.344095 trillion yuan. Expenditure of central government-managed funds came to 2.27798 trillion yuan, representing 97.1% of the budgeted figure. Broken down, this figure comprises 1.098413 trillion yuan of central government spending (including 230.695 billion yuan funded through ultra-long special treasury bonds) and 1.179567 trillion yuan of transfer payments to local governments (including 1.069305 trillion yuan funded through ultra-long special treasury bonds). Revenue of central government-managed funds exceeded expenditure by 66.115 billion yuan. Of this sum, 58.684 billion yuan was carried forward to 2026, while 7.431 billion yuan was used to replenish the Central Budget Stabilization Fund in accordance with regulations.

地方政府性基金预算本级收入52647.67亿元，下降8.2%。加上中央政府性基金预算对地方转移支付收入11795.67亿元、地方政府发行专项债券筹集收入44000亿元，收入总量为108443.34亿元。地方政府性基金预算支出101889.41亿元，增长5.3%。

Revenue of local government-managed funds fell by 8.2% to 5.264767 trillion yuan. With the addition of 1.179567 trillion yuan in transfer payments from central government-managed funds and 4.4 trillion yuan raised by local governments through special-purpose bonds, total revenue came to 10.844334 trillion yuan. Expenditure of local government-managed funds totaled 10.188941 trillion yuan, an increase of 5.3%.

（三）2025年国有资本经营预算收支情况。

3. Revenue and expenditure of state capital operations in 2025

按照国有资本经营预算管理规定，国有资本经营预算收入主要根据国有企业上年实现净利润的一定比例收取，同时按照收支平衡原则安排相关支出。

Under the management regulations for state capital operation budgets, revenue is primarily from the collection of a certain proportion of net profits that state-owned enterprises (SOEs) earned in the previous year, while expenditure is planned according to the principle of maintaining a budgetary balance. 

全国国有资本经营预算收入8546.95亿元，为预算的135.1%，增长25.8%。全国国有资本经营预算支出2647.31亿元，完成预算的93.8%，下降15.1%。

Revenue of state capital operations nationwide grew by 25.8% to 854.695 billion yuan, representing 135.1% of the budgeted projection. Expenditure dropped by 15.1% to 264.731 billion yuan, representing 93.8% of the budgeted figure.

中央国有资本经营预算收入3902.74亿元，为预算的173.4%，增长73.3%，主要是经报国务院批准，2025年执行中提高了中央企业国有资本收益收取比例，相应增加了收入。加上2024年结转收入54.22亿元，收入总量为3956.96亿元。中央国有资本经营预算支出1297.05亿元，完成预算的92.4%，下降16.6%，主要是执行中收回部分政府投资基金本金，相应冲减支出。其中，本级支出1263.19亿元，对地方转移支付33.86亿元。调入中央一般公共预算2400亿元。结转下年支出259.91亿元。

Revenue of central government state capital operations increased by 73.3% to 390.274 billion yuan, representing 173.4% of the budget target. This growth resulted from the increased share of operational profits collected from central government enterprises by the central government during the execution of budgets last year, as approved by the State Council. With the addition of 5.422 billion yuan carried over from 2024, total revenue amounted to 395.696 billion yuan. Expenditure of central government state capital operations fell by 16.6% to 129.705 billion yuan, representing 92.4% of the budgeted figure. This drop resulted primarily from the redemption of a portion of government investment fund capital during budget execution, which occasioned a corresponding reduction in expenditure. The expenditure figure includes 126.319 billion yuan of central government spending and 3.386 billion yuan of transfer payments to local governments. Funds allocated from the budget of the central government state capital operations to the central general public budget amounted to 240 billion yuan. The remaining 25.991 billion yuan in revenue from these operations has been carried over to 2026.

地方国有资本经营预算本级收入4644.21亿元，增长2.3%。加上中央国有资本经营预算对地方转移支付收入33.86亿元、2024年结转收入47.26亿元，收入总量为4725.33亿元。地方国有资本经营预算支出1384.12亿元，下降13.7%，主要是解决历史遗留问题等支出减少。调入地方一般公共预算3341.21亿元。

Revenue of local government state capital operations reached 464.421 billion yuan, an increase of 2.3%. With the addition of 3.386 billion yuan in transfer payments from the central government state capital operations budget and 4.726 billion yuan carried over from 2024, total revenue came to 472.533 billion yuan. Expenditure of local government state capital operations fell by 13.7% to 138.412 billion yuan. This was mainly due to a decrease in expenditures on the resolution of longstanding issues and other matters. Funds allocated from the local government state capital operations budget to the local general public budget amounted to 334.121 billion yuan.

（四）2025年社会保险基金预算收支情况。

4. Revenue and expenditure of social insurance funds in 2025

全国社会保险基金预算收入126033.68亿元，为预算的101.3%，增长4.9%。其中，保险费收入91198.4亿元，增长3.3%；财政补贴收入29115.23亿元，增长10.8%，主要是各级财政对基本养老保险和城乡居民基本医疗保险的补助增加。全国社会保险基金预算支出111414.1亿元，完成预算的98.3%，增长5.4%。当年收支结余14619.58亿元，年末滚存结余159562.53亿元。

Revenue of social insurance funds nationwide climbed by 4.9% to 12.603368 trillion yuan, representing 101.3% of the budget target. This figure includes 9.11984 trillion yuan in insurance premiums, an increase of 3.3%, and 2.911523 trillion yuan in government subsidies, a growth of 10.8%. This growth arose mainly from an increase in government subsidies across all levels for basic old-age insurance and basic medical insurance for rural and non-working urban residents. Expenditure of social insurance funds nationwide increased by 5.4% to 11.14141 trillion yuan, representing 98.3% of the budget target. The fund surplus for 2025 was 1.461958 trillion yuan, which was rolled over to create a year-end balance of 15.956253 trillion yuan.

中央社会保险基金预算收入380.8亿元，为预算的107.2%；支出375.72亿元，完成预算的97.6%。中央社会保险基金预算当年收支结余5.08亿元，年末滚存结余83.74亿元。实施企业职工基本养老保险全国统筹制度，地方上缴2545.74亿元，当年产生利息收入0.73亿元，中央拨付2546.44亿元。全国统筹调剂资金当年收支结余0.03亿元，年末滚存结余0.73亿元。

Revenue of the central government social insurance fund was 38.08 billion yuan, representing 107.2% of the budgeted figure. Expenditure of the fund was 37.572 billion yuan, representing 97.6% of the budgeted figure. The year-end balance stood at 8.374 billion yuan after the rollover of the 2025 fund surplus of 0.508 billion yuan. Under the unified national management system for enterprise employees' basic old-age insurance funds, local governments turned in 254.574 billion yuan for central regulation, with such funds generating an interest income of 73 million yuan in 2025. The central government, meanwhile, reallocated 254.644 billion yuan. The centrally-regulated fund surplus for 2025 was 3 million yuan, which was rolled over to make a year-end balance of 73 million yuan.

地方社会保险基金预算收入125652.15亿元，支出111038.38亿元。考虑全国统筹调剂资金因素后，当年收支结余14614.47亿元，年末滚存结余159478.06亿元。

Revenue and expenditure of local government social insurance funds totaled 12.565215 trillion yuan and 11.103838 trillion yuan, respectively. With the inclusion of centrally-regulated funds, the year-end balance stood at 15.947806 trillion yuan following the rollover of the 2025 surplus of 1.461447 trillion yuan.

2025年年末，国债余额412317.68亿元，控制在全国人大批准的国债限额418608.35亿元以内；地方政府债务余额548230.82亿元（含用于置换存量隐性债务的地方政府债务），包括一般债务余额175120.36亿元、专项债务余额373110.46亿元，控制在全国人大批准的地方政府债务限额以内。

以上预算执行的具体情况及相关说明见《中华人民共和国2025年全国预算执行情况2026年全国预算（草案）》。

At the year-end, outstanding central government debt totaled 41.231768 trillion yuan, within the NPC-approved budget limit of 41.860835 trillion yuan. Outstanding local government debts (including those raised to replace hidden debts) stood at 54.823082 trillion yuan, comprising general debt of 17.512036 trillion yuan and special debt of 37.311046 trillion yuan, also within the NPC-approved budget limit. 

（五）2025年主要财税政策落实和重点财政工作情况。

5. Implementation of the main fiscal and tax policies and other major fiscal work in 2025

2025年，财政部门深入贯彻党中央和国务院决策部署，认真落实预算法和人大预算审查监督有关要求，严格执行全国人大批准的预算，财政政策持续用力、更加给力，加强国家重大战略任务和基本民生财力保障，以深化改革破难题、以强化管理增效能，为完成全年经济社会发展主要目标任务提供有力支撑。

In 2025, all finance departments fully implemented the decisions and plans of the Party Central Committee and the State Council, adhered to the Budget Law and the requirements arising from NPC budgetary examination and oversight, and rigorously executed the budgets approved by the NPC. We implemented more sustainable, robust, and effective fiscal policies, and boosted financial support for major national strategic tasks and basic public wellbeing. We overcame difficulties through deeper reforms and delivered better performance through stronger management. All this provided strong support for accomplishing the year's main objectives and tasks for economic and social development. 

实施更加积极的财政政策。加强财政资源统筹，保持支出强度，全年一般公共预算支出达到28.7万亿元。顺利发行超长期特别国债1.3万亿元，其中，8000亿元用于更大力度支持“两重”建设，推动1400多个重大项目尽快形成实物工作量；5000亿元用于加力扩围实施“两新”政策，带动汽车、家电、手机等数码产品、家装、电动自行车等销售额超过2.6万亿元，设备购置投资增长11.8%。新增地方政府专项债券额度4.4万亿元，全年支持项目超过4.8万个、用作项目资本金超过3000亿元；开展“自审自发”试点，下放项目审核权限。盘活5000亿元地方政府债务结存限额，补充地方综合财力，支持经济大省扩大有效投资。发行5000亿元特别国债支持国有大型商业银行补充核心一级资本，有力增强信贷投放能力。推动实施提振消费专项行动，出台实施个人消费贷款和服务业经营主体贷款贴息政策，开展消费新业态新模式新场景试点和国际化消费环境建设试点，从供需两端激发消费潜力。调整优化免税店和离境退税政策，增加免税店数量，鼓励和扩大入境消费。出台实施境外投资者以分配利润直接投资税收抵免政策，加大对出口重点省份的支持，持续加力稳外贸稳外资。统筹安排一定规模专项债券额度，加力推进清理拖欠企业账款工作。

We implemented a more proactive fiscal policy.

We better coordinated fiscal resources to sustain an appropriate level of spending. Expenditure in the general public budget rose to 28.7 trillion yuan. Ultra-long special treasury bonds of 1.3 trillion yuan were successfully issued. Of this amount, 800 billion yuan was channeled toward the implementation of major national strategies and security capacity-building in key areas, facilitating tangible progress in over 1,400 major projects. A further 500 billion yuan was used to ramp up and expand large-scale equipment upgrades and consumer goods trade-in programs, resulting in over 2.6 trillion yuan in sales of automobiles, home appliances, cellphones and other digital products, home furnishings, and electric bicycles, as well as an 11.8% growth in equipment investment. An additional 4.4 trillion yuan of local government special-purpose bonds was approved in 2025 to support over 48,000 projects, with over 300 billion yuan utilized as project capital. Trials were carried out in some areas on proceeding with the issuance of special-purpose bonds as soon as provincial-level review and approval is complete, while steps were also taken to delegate project review and approval authority. 

An unused quota for local government debt of 500 billion yuan from the previous year was used to replenish local government financial resources and support major provincial economies in expanding effective investment. A total of 500 billion yuan in special treasury bonds was issued in 2025 to support large state-owned commercial banks in replenishing their core tier 1 capital, thereby bolstering their capacity to supply credit. 

We took steps to unlock consumption potential on both the supply and demand sides, facilitating special initiatives to boost spending, introducing interest subsidy policies for personal consumer loans and loans of market entities in the service sector, launching trials for new forms, models, and scenarios of consumer spending, and working to foster an internationalized consumption environment. We encouraged and expanded inbound consumption by refining policies on duty-free stores and departure tax refunds, while also increasing the total number of duty-free stores. To stabilize foreign trade and investment with greater efforts, we introduced tax relief policies for overseas investors reinvesting their profits and strengthened support for major export provinces. Based on coordinated arrangements, a portion of local government special-purpose bonds issued in 2025 was used to intensify the push to settle overdue payments owed to enterprises. 

扎实推动高质量发展。落实科技强国建设战略部署，进一步增加投入、优化结构，中央本级科技投入比2024年增长7.1%，其中用于基础研究的投入增长9.6%。完善中央财政科技经费分配和管理使用机制，提高科技投入效能。统筹国家战略科技力量建设，全力保障国家科技重大专项和关键核心技术攻关，支持超前布局一批重大科技项目。强化央地协调联动，推进国际和区域科技创新中心建设。引导企业加大科技创新和产业化投入，对新一批1200多家专精特新“小巨人”企业给予奖补，带动更多中小企业专精特新发展。新增26个城市开展制造业新型技术改造城市试点、35个城市开展中小企业数字化转型城市试点，推进制造业高端化、智能化、绿色化发展。统筹建立粮食产销区省际横向利益补偿机制，继续对产粮大县予以支持，落实耕地地力保护补贴等政策，在40个县启动实施粮食流通提质增效项目，保护和调动农民种粮和地方抓粮积极性。农业保险扩面增效，为1.25亿户次农户提供风险保障超5万亿元。保持中央财政衔接推进乡村振兴补助资金投入力度不减，推动完成巩固拓展脱贫攻坚成果同乡村振兴有效衔接过渡期收官任务。支持新建50个现代农业产业园、40个优势特色产业集群、198个农业产业强镇，引导培育现代乡村产业。深入推进以人为本的新型城镇化，中央财政下达奖励资金420亿元，引导地方加快农业转移人口市民化。新增支持20个重点城市实施城市更新行动。出台关于进一步健全横向生态保护补偿机制的意见、关于深入推进大江大河干流横向生态保护补偿机制建设的实施方案，调动全流域生态保护积极性。加强大气、水、土壤污染防治，支持实施山水林田湖草沙一体化保护和修复、“三北”工程建设等，持续改善生态环境质量。优化海南离岛旅客免税购物政策，制定发布海南自由贸易港封关货物税收政策，保障全岛如期启动封关运作。

We made solid progress in promoting high-quality development. 

Based on the strategic arrangements for boosting China's strength in science and technology, we ramped up investment and structurally refined spending in this sphere. Science and technology expenditures in the central budget rose by 7.1% over 2024, with a 9.6% increase in basic research spending. We boosted investment efficiency by improving the mechanisms for allocating, managing, and utilizing central government research funds. To deliver coordinated advances in building China's strength in strategic science and technology, we spared no effort in supporting major national science and technology programs, as well as research to secure breakthroughs in core technologies in key fields, while also backing forward-looking planning for a number of major science and technology projects. We promoted stronger coordination and interconnection between the central and local levels and the development of regional and international centers for science and technology innovation. To guide enterprises in increasing investment in science and technology innovation and application, we granted rewards and subsidies to a new group of over 1,200 "little giants" that use specialized and sophisticated technologies to produce unique and novel products, so as to encourage more small and medium-sized enterprises (SMEs) to follow suit. Pilot programs kicked off in 26 more cities to upgrade manufacturing through the application of new technologies and in a further 35 cities to promote digital transformation in SMEs. Such initiatives are helping make our manufacturing higher-end, smarter, and greener. 

We coordinated efforts to establish an inter-provincial mechanism for major grain-purchasing areas to compensate major grain-producing areas. We continued to support major grain-producing counties, implementing a number of policies including subsidies for farmland fertility protection and carrying out programs to promote more efficient grain distribution in 40 counties. All these efforts ensured that motivation remained high among farmers to grow grains and among local governments to prioritize grain production. Agricultural insurance schemes worked more effectively and their coverage was expanded, with rural households benefiting from over 5 trillion yuan worth of risk protection through 125 million agricultural insurance policies. The central government follow-up rural revitalization assistance fund continued to provide support at a considerable scale, ensuring a successful conclusion to the transition period to align our efforts to consolidate and expand poverty alleviation achievements with the promotion of rural revitalization. To guide and nurture modern agro-industries, we supported the establishment of 50 modern agro-industrial parks, 40 leading agro-industrial clusters with unique advantages, and 198 towns with distinctive agro-industrial strengths. To drive further headway in people-centered new urbanization, the central government allocated 42 billion yuan in award funds to encourage faster progress among local governments in granting permanent urban residency to eligible people who have moved to cities from rural areas. We also provided support for urban renewal projects in 20 more major cities. 

To incentivize basin-wide ecological conservation, we introduced guidelines on further improving relevant trans-regional compensation mechanisms along with an implementation plan for advancing trans-regional compensation mechanisms for the primary waterways of major rivers. We stepped up efforts to prevent and control air, water, and soil pollution. We also supported the integrated conservation and restoration of mountain, water, forest, farmland, grassland, and desert ecosystems, the national shelterbelt program in northwest, north, and northeast China, and other projects. All this helped deliver environmental improvements in the areas concerned. To ensure the smooth introduction of island-wide special customs operations, we refined the duty-free shopping policy for departing passengers and formulated and issued tax policies for goods under such operations in the Hainan Free Trade Port.

切实保障和改善民生。民生投入继续增加，社会保障水平持续提高。深入实施就业优先政策，出台扩大社会保险补贴范围、加大失业保险稳岗返还力度等增量政策，延续实施降低失业、工伤保险费率等阶段性政策，开展大规模职业技能提升培训，促进高校毕业生等重点群体就业，全年城镇新增就业1267万人。加大教育投入，全国一般公共预算教育支出4.34万亿元、增长3.2%。逐步推进免费学前教育，免除公办幼儿园学前一年在园儿童保育教育费，对在教育部门批准设立的民办幼儿园就读的适龄儿童给予相应减免，惠及1400万人。巩固完善城乡统一、重在农村的义务教育经费保障机制，将义务教育阶段特殊教育学校公用经费补助标准由年生均6000元提高至7000元。提高高中阶段国家助学金等资助标准，延续实施国家助学贷款免息及本金延期偿还政策。有序实施公立医院改革与高质量发展示范项目，城乡居民基本医疗保险和基本公共卫生服务经费财政补助标准分别提高至每人每年700元、99元。加强重大公共卫生服务，将人乳头瘤病毒（HPV）疫苗新增纳入国家免疫规划。全面实施育儿补贴制度，全国财政安排约1000亿元，对3周岁以下婴幼儿按每孩每年3600元的国家基础标准发放育儿补贴，并对补贴免征个人所得税，惠及3000多万婴幼儿。按照2%的总体水平调整退休人员基本养老金，城乡居民基础养老金月最低标准提高20元。开展向中度以上失能老年人发放养老服务消费补贴项目试点，对购买居家、社区、机构养老服务给予相应补贴。继续提高优抚对象抚恤和生活补助标准，惠及约811万人。及时启动救灾资金快速核拨机制，支持应急抢险救援和受灾群众救助。健全公共文化服务体系，推动博物馆等约5万个公共文化设施向社会免费开放。

We effectively ensured and improved public wellbeing. 

Spending on public wellbeing continued to rise, and social security was steadily improved. In line with our employment-first policy, we introduced new measures such as expanding the coverage of social insurance subsidies and increasing support for unemployment insurance premium refunds, continued with current policies on reducing premiums for unemployment insurance and workers' compensation, launched large-scale plans for upgrading vocational skills, and promoted employment for college graduates and other key groups. A total of 12.67 million urban jobs were added over the course of the year. 

We increased spending on education by 3.2%, bringing educational expenditure in the national general public budget to 4.34 trillion yuan. We pressed ahead with the phased introduction of free preschool education, waiving childcare and education fees for children in their final preschool year at public kindergartens, while introducing corresponding fee cuts for eligible children at private kindergartens established with the approval of education departments. Around 14 million children benefited from this policy last year. As part of the push to consolidate and improve the unified urban-rural funding mechanism for compulsory education, which is weighted toward rural areas, we raised per-student subsidies in special needs education schools in the compulsory stage from 6,000 yuan to 7,000 yuan per year. We also boosted financial assistance including government grants for senior secondary school students and continued government-subsidized student loan policies on waiving interest payments and granting principal repayment extensions. 

We took orderly steps to implement demonstration projects for the reform and high-quality development of public hospitals. Basic medical insurance subsidies for rural and non-working urban residents and basic public health service subsidies were raised to 700 yuan and 99 yuan per person per year, respectively. We also improved major public health services by adding the human papillomavirus (HPV) vaccine into the national immunization program. 

To fully implement the childcare subsidy system, we allocated about 100 billion yuan of national government funds for subsidies for children under three at a basic national rate of 3,600 yuan per child per year. These subsidies, which are exempt from individual income tax, have so far benefited more than 30 million children. Basic pension benefits for retirees, meanwhile, were generally increased by 2%, while minimum basic old-age benefits for rural and non-working urban residents were raised by 20 yuan per person per month. Furthermore, a pilot program was launched to subsidize seniors with moderate or more severe functional impairment for the consumption of elderly care services, including home-, community-, and institution-based ones. Further increases to subsidies and living allowances for entitled groups have benefited around 8.11 million people. 

We acted promptly to launch a mechanism for the rapid approval and allocation of disaster relief funds in order to support emergency rescue and assistance efforts. The public cultural services system was improved with the introduction of free admission in around 50,000 public cultural facilities including museums. 

防范化解重点领域风险。加强政府债务管理，将国债和地方债、内债和外债、发行和管理统管起来，构建政府债务管理新格局。推动化解存量隐性债务，2025年用于置换存量隐性债务的2万亿元地方政府债券全部发行完毕，各地置换后债务平均利息成本降低2.5个百分点以上，指导督促地方对置换债券资金实行专户管理、专账核算、封闭运行。坚决遏制新增隐性债务，对违规举债和虚假化债严查快处，公开曝光12起隐性债务问责典型案例。指导地方加强隐性债务置换与地方政府融资平台改革转型的衔接，加快化解融资平台隐性债务。规范政府和社会资本合作存量项目建设和运营，促进提升项目运行质量和水平。中央对地方转移支付超过10万亿元，推动地方下沉财力、健全机制，强化基层“三保”保障。严格动用公共资源处置地方金融风险的条件、标准和程序，按照市场化、法治化原则推进中小金融机构改革化险。发行一定规模专项债券，支持土地储备和收购存量商品房用作保障性住房。

We guarded against and defused risks in key areas. 

We strengthened government debt management with the introduction of a new architecture to unify management of central and local government debts, domestic and foreign debts, and debt issuance and management. Further progress was made in defusing existing hidden debts. With the issuance of all the 2 trillion yuan of local government bonds last year to replace existing hidden debts, the average cost of debt interest payments fell by over 2.5 percentage points. Through guidance and oversight, we ensured that local governments manage debt replacement funds in a closed-loop manner through dedicated accounts and bookkeeping systems. The incurrence of further hidden debts was firmly checked. Cases of borrowing against regulations and fraudulent debt resolution were investigated rigorously and strict penalties imposed, and 12 typical cases in which those responsible were held to account were disclosed. We also guided local governments in achieving alignment between hidden debt replacement and efforts to reform and transform local government financing platforms, thus facilitating faster progress in defusing the hidden debts incurred by these platforms.

We regulated the construction and operation of existing public-private partnership projects, promoting improvements to the quality of their operations. With central government transfer payments to local governments exceeding 10 trillion yuan, we took steps to improve the mechanisms for channeling more financial resources to lower-level governments to create stronger safeguards for guaranteeing the three priorities of basic public wellbeing, salary payments, and normal government functioning at the primary level. We put in place more rigorous conditions, standards, and procedures for using public resources to ensure better handling of local financial risks and adopted a market-oriented, law-based approach in advancing reforms designed to defuse risks in small and medium financial institutions. A portion of special-purpose bonds was issued to support land reserve projects and the purchase of commodity housing stock for use as government-subsidized housing.

深化财政管理改革。认真落实党的二十届三中、四中全会部署要求，稳步推进各项改革任务。围绕重大财税改革和财政管理重点工作，组织在12个省份开展试点，因地制宜探索财政科学管理新路子。提高中央企业国有资本收益收取比例，将增加的收益调入一般公共预算统筹使用。深化零基预算改革，中央层面选取16家部门开展试点，支出项目数量大幅减少，支出重点更加突出。出台增值税法实施条例，完善增值税留抵退税政策，取消国债等债券利息免征增值税等政策。调整优化超豪华小汽车、新能源汽车税收政策，推动将挥发性有机物全部纳入环境保护税征收范围。贯彻《党政机关厉行节约反对浪费条例》，落实党政机关习惯过紧日子要求，从加强因公出国（境）、公务接待、会议培训等经费管理方面，提出更严要求和更可操作举措。深入推进预算执行常态化监督，强化过程管控，严肃预算执行。加强预算绩效管理，聚焦科技、教育、应急救灾等领域实施重点绩效评价，强化绩效评价结果运用，提高预算安排科学性和资金使用有效性。出台关于促进政府投资基金高质量发展的指导意见，明确定位、优化布局、规范管理。完善政府采购制度，制定政府采购本国产品标准及相关政策。扎实做好国有资产报告工作，探索编制全国政府综合财务报告，推动会计法律法规和国家统一的会计制度贯彻实施。加大监督检查力度，针对财经领域多发、高发、易发问题，开展财会监督专项行动，规范市场经济秩序。

We deepened fiscal management reform. 

We earnestly implemented the requirements of the third and fourth plenary sessions of the 20th CPC Central Committee and steadily advanced all reform tasks set at the sessions. With a focus on major fiscal and tax reform tasks as well as fiscal priorities, we launched trials in 12 provinces to explore new, well-conceived solutions to fiscal management in light of local conditions. A larger proportion of state capital gains was collected from central government enterprises, with the increased amount being transferred into the general public budget for coordinated allocation. Trials kicked off in 16 central departments to advance zero-based budgeting reforms, resulting in a remarkable reduction in the number of expenditure items and more targeted spending. 

We formulated regulations for implementing the Value Added Tax Law, refined the VAT credit refund policy, and abolished VAT exemption policies for interest on treasury and other bonds. We adjusted and refined tax policies for ultra-luxury cars and new-energy vehicles and worked toward making all volatile organic compounds subject to environmental protection tax. 

In line with the Regulations on Practicing Frugality and Opposing Waste in Party and Government Bodies and the requirement for belt-tightening in Party and government bodies, we introduced more rigorous and workable measures to better regulate spending on overseas official visits, official hospitality, meetings, and training programs. We strengthened routine oversight over budget execution to better regulate this process and ensure more rigorous execution. We tightened performance-based budget management with a focus on performance assessments in areas such as science and technology, education, and emergency and disaster response. Assessment results were better leveraged to refine budgetary arrangements and ensure more effective use of funds. 

We introduced guidelines on promoting the high-quality development of government investment funds to clarify their roles, improve overall planning, and enhance well-regulated management. We refined the system of government procurement with the formulation of standards and policies on the procurement of domestic products. We took concrete measures to ensure the proper preparation for annual reports on state-owned asset management, explored avenues for compiling comprehensive national government financial reports, and advanced the implementation of accounting laws and regulations and a unified national accounting system. We strengthened oversight and review, and carried out a dedicated campaign on accounting oversight with a focus on frequent and recurrent problems in the financial and economic sectors, thus ensuring market order.

2025年是“十四五”收官之年。过去5年，以习近平同志为核心的党中央团结带领全党全国各族人民迎难而上、砥砺前行，经受住世纪疫情严重冲击，有效应对一系列重大风险挑战，推动党和国家事业取得新的重大成就，第二个百年奋斗目标新征程实现良好开局。财政作为国家治理的基础和重要支柱，改革发展各项工作取得新的进展，为党和国家事业发展作出应有贡献。一是财政实力进一步增强。“十四五”时期，全国一般公共预算收入总量接近106万亿元，比上一个五年增加约17万亿元、增长约19%；全国一般公共预算支出总量达到135万亿元，比上一个五年增加约25万亿元、增长约23%，财政在中国式现代化建设中的支撑和保障作用越来越强。二是财政宏观调控更加科学有效。面对这些年的形势变化，适应高质量发展需要，财政政策取向从积极到更加积极，及时出手、靠前发力，丰富政策工具，强化逆周期和跨周期调节，推动经济运行总体平稳、稳中有进。三是财政保障更加精准有力。大力优化支出结构，强化对国防、科技、教育、民生等重点领域保障，集中财力支持办成一批大事要事。五年间，全国财政科技支出5.4万亿元、年均增长5.7%，国家财政性教育经费支出占国内生产总值比例保持在4%以上，基本养老、基本医疗、城乡低保等保障水平稳步提高。四是财税体制改革接续推进。预算制度改革全面深化，财政资源统筹能力持续增强。税制结构不断优化，有利于高质量发展、社会公平、市场统一的税收制度加快健全。中央和地方财政关系进一步理顺，转移支付体系更加完善，政府间财政事权和支出责任划分更加清晰。五是财政发展和安全基础不断夯实。出台实施一揽子化债方案，推动地方政府债务风险有效缓释，政府债务管理制度体系持续完善，管理更加规范透明，财政可持续性增强。六是财政科学管理取得新进展。财政管理向资金使用全链条、预算单位全覆盖拓展，业务流程持续优化，支出标准体系更加健全，财税法律制度体系进一步完善，财政管理系统化、精细化、标准化、法治化水平不断提升，财政治理能力明显增强。

The year 2025 marked the final year of the 14th Five-Year Plan. Over the past five years, the Party Central Committee with Comrade Xi Jinping at its core united the entire Party and the Chinese people of all ethnic groups and led them in meeting difficulties head-on and forging ahead with determination. This has allowed us to withstand the severe shocks from the once-in-a-century Covid-19 pandemic, respond effectively to a raft of major risks and challenges, secure significant new achievements in the cause of the Party and the country, and get off to a good start on the new journey toward the Second Centenary Goal. Finance is a key cornerstone of national governance. During this period, we have made new progress in the reform and development of this sector, making our due contribution to the cause of the Party and the country.

First, our fiscal strength was enhanced. Total revenue in the national general public budget grew to nearly 106 trillion yuan in this period, representing an increase of around 19% or 17 trillion yuan from the 13th Five-Year Plan period. Total expenditure in the national general public budget climbed to 135 trillion yuan, representing an increase of around 23% or 25 trillion yuan from the 13th Five-Year Plan period. Our fiscal resources have thus played an increasingly important role in supporting and guaranteeing the advancement of Chinese modernization.

Second, fiscal macro-regulation was better-conceived and more effective. New developments in recent years and the need for high-quality development saw us adopting more proactive fiscal policies. We deployed measures swiftly and at the earliest possible opportunity, developed a rich range of policy tools, and bolstered counter- and cross-cyclical adjustments, thus ensuring overall stable performance and steady growth of the economy.

Third, fiscal support was more targeted and robust. We worked harder to improve the spending structure, boosting support for key areas such as national defense, science and technology, education, and public wellbeing, and pooling fiscal resources to support major and crucial undertakings. During this period, national expenditure on science and technology reached 5.4 trillion yuan, registering an average annual increase of 5.7%, while government spending on education remained above 4% of GDP. We steadily strengthened support for the basic old-age insurance, basic medical insurance, and urban-rural subsistence allowance schemes.

Fourth, fiscal and tax system reform was advanced. As budget system reforms were deepened across the board, our ability to coordinate fiscal resources was further enhanced. The structure of the tax system was steadily optimized, and faster progress was made in developing a tax system conducive to high-quality development, social fairness, and a unified market. The fiscal relationship between the central and local governments was streamlined further, the transfer payment system was improved, and the division of fiscal powers and spending responsibilities between different levels of governments was clarified. 

Fifth, the foundations for fiscal development and security were reinforced. We implemented a package of measures to effectively defuse local government debt risks and continued to refine the systems for government debt management. As a result, government debt management became more standardized and transparent, and we enjoy greater fiscal sustainability.

Sixth, new progress was made in exercising sound fiscal management. We extended fiscal management to cover the entire fund use chain and all budgetary institutions. Moreover, we optimized fiscal management procedures, refined expenditure standards, and improved the system of fiscal and taxation laws. By adopting a more systematic, rigorous, standardized, and law-based approach to fiscal management, we markedly enhanced our fiscal governance capacity.

这些成绩的取得，根本在于以习近平同志为核心的党中央领航掌舵，在于习近平新时代中国特色社会主义思想科学指引，是全国人大加强审查监督、全国政协加强民主监督的结果，是各地区各部门和全国各族人民共同努力的结果。

We owe these achievements to the CPC Central Committee with Comrade Xi Jinping at its core, which has been at the helm charting the course, and to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, which has provided us with sound guidance. They are also attributable to more rigorous review and oversight by the NPC and more effective democratic oversight by the CPPCC National Committee. They are also the result of the concerted efforts of all local authorities, all government departments, and the people of all our nation's ethnic groups.

同时，预算执行和财政工作中还存在一些困难和不足，主要是：受多重因素影响，一般公共预算收入下滑，土地出让收入继续回落，财政收支平衡压力加大，一些地方财政困难。有的地方和部门落实党政机关过紧日子要求不够到位，铺张浪费问题在部分领域依然存在，财政支出僵化固化问题仍然突出，财政资源配置和资金使用效率还有提升空间。有的政府投资项目管理和资金使用不尽规范，个别地方新增隐债、虚假化债等情况仍有发生。一些地方违规招商引税返税和发放财政补贴等问题屡禁不止，影响全国统一大市场建设。违反财经纪律的行为禁而不绝，财会监督工作还需加强。人大预算决算审查监督、审计监督等也指出了相关问题。我们高度重视这些问题，将积极采取措施解决。

At the same time, there are still some difficulties and shortcomings in budget execution and public finance work. The main issues are as follows: Owing to multiple factors, revenue in the general public budget has declined, and proceeds from the sale of land-use rights have continued to fall. As a result, the pressure to balance budgets has mounted, and some local governments are experiencing financial difficulties. Some local governments and government departments have not fully enforced belt-tightening requirements, leading to continued waste and extravagance in certain fields. The rigidity of fiscal expenditure remains a pronounced problem, and further efforts are needed to improve the efficiency of fiscal resource allocation and fund use. There are irregularities in the management and the use of funds of some government-invested projects, while cases of new hidden debts and fraudulent debt resolution are still occurring in certain regions. Despite repeated prohibitions, some local governments continue to offer unauthorized tax incentives and refunds as well as irregular fiscal subsidies to attract investment, which hinder the development of a unified national market. Violations of financial and economic discipline persist despite repeated warnings, highlighting the need for intensified accounting oversight. These issues have also been raised by the NPC during examination and audit-based oversight of budgets and final accounts. We must take these issues very seriously and adopt proactive measures to resolve them.

二、2026年中央和地方预算草案

II. Draft Central and Local Budgets for 2026

2026年是“十五五”开局之年，做好预算编制和财政工作意义重大。要按照党中央和国务院决策部署，坚持稳中求进、提质增效，实施更加积极有为的宏观政策，加强财政与金融、就业、产业等政策协同，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，推动经济运行和市场预期持续向好，奋力实现全年经济社会发展目标任务。

As the year 2026 marks the start of the 15th Five-Year Plan (2026–2030), this year's budget compilation and public finance work take on particular importance. In accordance with the decisions and plans of the CPC Central Committee and the State Council, we will continue to pursue progress while ensuring stability and dedicate ourselves to improving both quality and efficiency. We will implement more proactive and effective macroeconomic policies, strengthen the coordination of fiscal policy with financial, employment, industrial, and other policies, and leverage synergy between policies already adopted and new ones. We will intensify counter- and cross-cyclical adjustments and drive continuous improvements in economic performance and market expectations to accomplish the objectives and tasks for economic and social development this year.

（一）2026年财政收支形势分析。

1. Analysis of the prospects for fiscal revenue and expenditure in 2026

我国经济长期向好的支撑条件和基本趋势没有改变，具备强大韧性和活力。同时，经济发展中的老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出，重点领域风险隐患较多，一些企业经营困难，对财政的影响持续加深。从财政收入看，宏观组合政策落地见效，高质量发展扎实推进，为财政收入增长提供支撑。同时，价格总水平低位运行，对以现价计算的财政收入产生较大影响；传统行业税收增速放缓，新兴行业税收总体规模较小；全球贸易增长动力不足，涉及的相关税收承压，这些都影响财政收入增长。从财政支出看，“十五五”时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，开局之年各领域对财政支出的需求较大，科技创新、乡村振兴、产业转型升级等重点支出刚性增长；养老、教育、医疗卫生等基本民生需要继续加强保障；政府债务利息支出继续增长；支持解决地方财政困难，推进基本公共服务均等化，转移支付需保持一定力度。总的看，2026年财政收支平衡压力加大，必须坚定信心、用好优势、应对挑战，科学合理编制预算，强化政策执行落地和预研储备，不断巩固拓展经济稳中向好势头。

The conditions for and underlying trend of China's long-term economic growth have not changed, demonstrating remarkable economic resilience and dynamism. At the same time, many long-standing problems and emerging challenges confront us in economic development. The impact of changes in the international environment has increased, while domestically, the imbalance between strong supply and weak demand is acute, risks and hidden dangers persist in key areas, and some enterprises are experiencing operational difficulties. All of this will exert a growing impact on public finance. 

From a fiscal revenue perspective, the effective implementation of a suite of macro policies and solid progress in promoting high-quality development will provide support for fiscal revenue growth. However, low overall price levels will continue to weigh on fiscal revenue as calculated at current prices. In addition, tax revenue growth is slowing in traditional industries; the overall scale of tax revenue is limited in emerging industries; and sluggish global trade growth places downward pressure on relevant taxes. Taken together, these factors will dampen growth in fiscal revenue. 

From a fiscal expenditure perspective, the period covered by the 15th Five-Year Plan will be crucial for reinforcing the foundations and pushing ahead on all fronts toward basically realizing socialist modernization by 2035. In 2026, the opening year of this period, we will need to meet significant fiscal expenditure demands on all fronts. We will see increasing obligatory spending on key areas, such as technological innovation, rural revitalization, and industrial transformation and upgrading; we must continue to bolster support for basic public wellbeing priorities, such as elderly care, education, and medical and healthcare; expenditures on government debt interest payments will continue to rise; and transfer payments will remain considerable given the need to support local governments in addressing financial difficulties and ensure more equitable access to basic public services. 

On the whole, we will face mounting pressure in maintaining the balance between fiscal revenue and expenditure in 2026. We must therefore remain firm in our confidence and make best use of our strengths to address the challenges we face. We must formulate sound and rational budgets, strengthen policy implementation and preparatory research on policy options, and make every effort to consolidate and expand the momentum for steady economic growth.

（二）2026年预算编制和财政工作的总体要求。

2. Overall requirements for the preparation of the 2026 budgets and public finance work

做好2026年预算编制和财政工作，要在以习近平同志为核心的党中央坚强领导下，以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次全会精神，认真落实党的二十届四中全会和中央经济工作会议部署，完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展，坚持稳中求进工作总基调，统筹国内国际两个大局，更好统筹发展和安全，实施更加积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力扩内需、优结构、增动能、惠民生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防风险、增效益，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，为实现“十五五”良好开局提供有力保障。

To ensure effective preparation of the 2026 budgets and public finance work, we must, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, do the following:

■ follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era

■ thoroughly implement the guiding principles from the Party's 20th National Congress and the plenary sessions of the 20th CPC Central Committee

■ earnestly act on the guidelines of the fourth plenary session of the 20th CPC Central Committee and the Central Economic Work Conference

■ fully and faithfully apply the new development philosophy on all fronts, move faster to foster a new pattern of development, promote high-quality development, and adhere to the general principle of pursuing progress while ensuring stability

■ keep in mind both domestic and international imperatives and ensure both development and security

■ implement a more proactive fiscal policy with greater precision and effectiveness and optimize the allocation of new resources while making best use of existing ones

■ expand domestic demand, make structural improvements, boost growth drivers, and improve public wellbeing

■ keep employment, enterprise operations, markets, and expectations stable

■ advance reform, strengthen management, guard against risks, and enhance performance

■ promote higher-quality economic growth while achieving an appropriate increase in economic output and ensure social harmony and stability 

These efforts will lay a solid foundation for making a good start to the 15th Five-Year Plan.

2026年继续实施更加积极的财政政策。“更加积极”既体现在扩大资金规模上，更体现在提高资金使用效益上。主要包括五个方面：一是扩大财政支出盘子，确保必要支出力度。全国一般公共预算支出规模达到300100亿元，比上年增长4.4%。赤字率按照4%左右安排，全国财政赤字规模58900亿元、比上年增加2300亿元，其中中央财政赤字50900亿元、地方财政赤字8000亿元，赤字增量全部列在中央。全国政府性基金预算支出118663亿元，比上年增长5.1%。二是优化政府债券工具组合，更好发挥债券效益。保持相当规模的新增政府债务，并适当调整结构。新增地方政府专项债务限额44000亿元，支持建设重大项目、置换隐性债务、消化政府拖欠账款等。继续发行超长期特别国债13000亿元，持续支持“两重”建设、“两新”工作等。发行特别国债3000亿元，支持国有大型商业银行补充核心一级资本。三是提高转移支付资金效能，增强地方自主可用财力。中央对地方转移支付安排104150亿元、增长2.2%，其中，均衡性转移支付安排28340亿元、增长3.7%，县级基本财力保障机制奖补资金安排4895亿元、增长2.1%。继续安排促进高质量发展激励资金500亿元，鼓励地方主动发展经济、做大收入“蛋糕”。同时，压减部分专项转移支付等，增加地方财力性转移支付；选择部分省份探索开展整合统筹使用转移支付资金试点，增强地方统筹能力。四是持续用力优化支出结构，强化重点领域保障。坚持有保有压、突出重点，建立健全增收节支机制，积极运用零基预算理念打破支出固化格局，大力压减低效无效支出，强化国家重大战略任务财力保障，把更多资金用在提振消费、投资于人、民生保障等方面，增强经济发展后劲和人民群众获得感。五是加强财政金融协同，放大政策效能。设立1000亿元财政金融协同促内需专项资金，组合运用贷款贴息、融资担保、风险补偿等方式，发挥政、银、担、企各方力量，财政和金融资源同向发力，更大力度激发民间投资、促进居民消费。

In 2026, we will continue to pursue a more proactive fiscal policy. This proactive stance will be reflected in increases not only in spending scale but more importantly, in spending efficiency. To this end, our efforts will be focused on the following five areas.

First, we will increase the scale and maintain the necessary level of government spending. Expenditure in the national general public budget will reach 30.01 trillion yuan, an increase of 4.4% over last year. The deficit-to-GDP ratio will be set at around 4%, and the government deficit is projected to be 5.89 trillion yuan, an increase of 230 billion yuan compared with the figure projected at the beginning of last year. This year's deficit will consist of a central government deficit of 5.09 trillion yuan and a local government deficit of 800 billion yuan. All of this increase will be listed under central government accounts. Budgetary expenditure of government-managed funds nationwide is projected to rise by 5.1% to 11.8663 trillion yuan.

Second, we will optimize the mix of government bonds to better harness their effects. New government debt will be kept at a considerable scale while appropriate adjustments will be made to its structure. This year, a ceiling of 4.4 trillion yuan will be set on new local government special-purpose debts, which will be used to support the construction of major projects, replace hidden debts, and settle overdue payments owed by governments. We will issue another 1.3 trillion yuan of ultra-long special treasury bonds to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs. A total of 300 billion yuan in special treasury bonds will be issued to support large state-owned commercial banks in replenishing their core tier 1 capital.

Third, we will improve the efficiency of transfer payments and place more fiscal resources at the disposal of local governments. Transfer payments from the central government to local governments will be set at 10.415 trillion yuan, up 2.2%. Of this amount, payments for ensuring equal access to basic public services will total 2.834 trillion yuan, an increase of 3.7%, while rewards and subsidies transferred under the mechanism for ensuring basic funding for county-level governments will total 489.5 billion yuan, up 2.1%. Another 50 billion yuan of incentive funds for high-quality development will be transferred this year to encourage local governments to take the initiative in developing the economy and increasing incomes. In addition, while cuts will be made to certain special-purpose transfer payments, fiscal transfer payments to local governments will be increased. We will also conduct trials in certain provinces on the integrated and coordinated use of transfer payments with the aim of enhancing the capacity for coordination among local governments.

Fourth, we will make persistent efforts to optimize the spending structure and better guarantee funding for key areas. Based on the principle of guaranteeing key expenditures, cutting general expenditures, and prioritizing key areas, we will develop sound mechanisms for increasing revenue and decreasing expenditures, actively adopt a zero-based budgeting approach to make government spending more flexible, and make every effort to eliminate inefficient and ineffective expenditures. We will reinforce funding guarantees for major national strategic tasks and channel more funds toward efforts to boost consumption, invest in human capital, and ensure public wellbeing, so as to build momentum for economic growth and enhance people's sense of fulfillment.

Fifth, we will better coordinate fiscal and financial policies to amplify their impact. We will set up a special fund of 100 billion yuan for coordinating fiscal and financial policies to boost domestic demand. We will make use of a combination of measures, including loan interest subsidies, financing guarantee, and risk compensation, leverage the roles of the government, banks, guarantee institutions, and enterprises, and see that fiscal and financial resources work in tandem to provide greater support for boosting private investment and consumer spending.

财政政策实施过程中，把握时度效，强化执行力，以扎实有效的工作推动高质量、可持续发展。一是注重靠前发力，尽早谋划政策，加快落地执行，不拘常规节奏，以尽早行动争取工作主动。二是注重精打细算，坚持党政机关过紧日子，严格把控各类财政支出，强化财政承受能力评估，坚决防止大手大脚花钱、“寅吃卯粮”，把更多资金用于发展急需和民生所盼。三是注重防范风险，时刻警惕可能冲击财政平稳运行的苗头性、倾向性问题，及时采取措施有效应对，预防在先、防患未然，实现防风险和促发展的协同。四是注重政策评估，加强对政策落地的跟踪问效，多听企业和群众对政策的意见建议，及时调整完善，积极回应市场关切，提升政策效果。五是注重监督问责，依法依规开展监督，对违反财经纪律的行为严肃问责，确保财政资金不乱用、政策执行不走偏。

When implementing fiscal policies, we need to calibrate their timing, intensity, and effect and enhance our capacity for execution to ensure we deliver the concrete and effective efforts needed to drive high-quality, sustainable development. We should pay particular attention to the following points.

First, we should front-load policies. Policies need to be worked out as early as possible, and their implementation should be fast-tracked in order to seize the initiative through early action.

Second, we should run on lean budgets. Party and government bodies must keep their belts tightened. Fiscal expenditure of all types must be strictly controlled, assessments of fiscal capacity intensified, and resolute efforts made to guard against wasteful and excessive spending and spending on deficit. This will allow us to free up more funds to support development and meet people's expectations for a better life.

Third, we should guard against risks. We must stay alert to emerging problems and tendencies that could undermine fiscal stability and take timely measures to respond effectively. Adopting a prevention-first approach, we should take well-coordinated, precautionary steps to prevent risks while promoting development.

Fourth, we should carry out policy assessments. We should strengthen follow-up assessments on policy implementation. We should solicit opinions and suggestions from enterprises and the public and make timely adjustments and refinements in response to market concerns to achieve better policy outcomes.

Fifth, we should intensify oversight and accountability. We should conduct oversight in accordance with laws and regulations and rigorously pursue accountability for violations of fiscal discipline to guard against arbitrary use of fiscal funds and deviations in policy implementation.

（三）2026年主要财政政策。

3. Main fiscal policies for 2026

1. 支持建设强大国内市场。坚持惠民生和促消费、投资于物和投资于人紧密结合，积极发挥财政在促消费扩投资中的作用，增强国内大循环内生动力和可靠性。

1) Supporting the development of a robust domestic market

With a commitment to improving living standards while increasing consumer spending and coordinating investments in physical assets and human capital, we will leverage fiscal policies to boost consumption and investment and enhance the dynamism and reliability of the domestic economy.

出台实施财政金融协同促内需一揽子政策。统筹安排1000亿元专项资金，从降低企业融资成本、增强居民消费能力、扩大优质服务供给入手，强化财政政策与金融政策协同配合，引导更多社会资源流向实体经济。优化实施个人消费贷款和服务业经营主体贷款贴息政策，扩大支持范围，提高贴息上限，延长实施期限。实施中小微企业贷款贴息政策，设立民间投资专项担保计划，建立支持民营企业债券风险分担机制，优化实施设备更新贷款贴息政策，进一步降低企业融资门槛和成本，激发民间投资活力。

We will roll out a package of coordinated fiscal and financial policies to boost domestic demand.

To lower enterprise financing costs, boost consumer spending power, and increase the supply of high-quality services, we will arrange a total of 100 billion yuan for better coordinating fiscal and financial policies. By doing so, we will steer more private-sector resources toward the real economy. We will refine interest subsidy policies for personal consumer loans and loans of market entities in the service sector by expanding coverage, extending the terms, and raising the ceilings of interest subsidies. Interest subsidy policies will also be implemented for loans to micro, small, and medium enterprises (MSMEs). We will introduce a special guarantee scheme for private investment, establish risk-sharing mechanisms for private enterprise debt financing, improve interest subsidy policies for equipment upgrade loans, and do more to provide enterprises with easier access to cheaper financing. All these efforts will help to stimulate private investment. 

更大力度提振消费。深入实施提振消费专项行动。多渠道增加居民收入，加强税收、社会保障、转移支付等再分配调节，提升消费能力。安排超长期特别国债2500亿元支持消费品以旧换新，调整优化补贴范围和标准，继续支持汽车报废和置换更新、家电以旧换新、数码和智能产品购新，促进扩大商品消费。推进实施服务消费提质惠民行动，支持发展消费新业态新模式新场景。选择部分城市开展有奖发票试点，激发零售、餐饮、住宿、文娱旅游等领域消费潜力。在具备条件的城市口岸开设免税店，支持更多优质商户成为离境退税商店，大力发展入境消费。

We will make greater efforts to boost consumption. 

Special initiatives will be advanced to boost consumption. To boost spending power, we will leverage multiple channels to increase incomes and promote further redistribution by means of taxation, social security, and transfer payments. To stimulate goods consumption, ultra-long special treasury bonds totaling 250 billion yuan will be issued to support consumer goods trade-in programs. We will also refine these programs in terms of their scope and subsidy standards. We will continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products. We will implement initiatives to upgrade services that directly benefit consumers and support the development of new forms, models, and scenarios of consumer spending. We will carry out trials of receipt lotteries in selected cities to boost consumption in sectors such as retail, catering, hospitality, culture, entertainment, and tourism. To drive inbound consumption, we will open more duty-free stores in port cities with necessary conditions and support more stores with strong sales in becoming tax refund stores. 

着力扩大有效投资。统筹用好超长期特别国债、专项债券、中央预算内投资等资金，聚焦新质生产力、新型城镇化、人的全面发展等重点领域，提高投资质量和效益。安排8000亿元超长期特别国债资金用于“两重”建设，坚持自上而下、注重软硬结合，分类适当提高中央投资补助标准，更好体现国家战略意图。完善专项债券投向领域“负面清单”，适当调整专项债券项目“自审自发”试点范围，在分配使用中更加注重省级统筹，单列并提高用于项目建设的专项债券额度，继续向项目准备充分、资金使用得好的地方倾斜。中央预算内投资安排7550亿元、增加200亿元。加强政府投资资金分配、下达、使用等全流程监管，推动做好项目储备和前期准备，提高项目成熟度和可执行性，避免资金闲置沉淀、挤占挪用。

We will expand effective investment.

We will coordinate the use of ultra-long special treasury bonds, special-purpose bonds, investment from the central government budget, and other government funds. With a focus on the development of new quality productive forces, new urbanization, and the promotion of well-rounded personal development, we will boost the quality and returns of these investments. Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas. We will continue to adopt a top-down approach in this regard, focus on the integration of investments in hard and soft infrastructure, and appropriately raise the standards of central government investment subsidies across various categories to better serve national strategic priorities. We will improve negative list management for areas funded by government special-purpose bonds, adjust as appropriate the scope of trials on proceeding with the issuance of such bonds as soon as provincial-level review and approval is complete, and promote greater provincial-level coordination over the allocation and use of bonds. Special-purpose bonds for project funding will be put under separate management and increased, and funds raised from the issuance of such bonds will continue to be tilted toward localities where projects are well prepared and funds are effectively used. The central government budget will include 755 billion yuan for investment, an increase of 20 billion yuan over last year. We will enhance monitoring over government investment funds, covering the whole process from allocation to release and use. We will also establish sufficient project reserves and make adequate preparations to ensure projects are mature and ready to get under way. This will prevent funds from lying idle or being diverted to other uses. 

纵深推进全国统一大市场建设。规范税收优惠政策，坚持税收法定原则，严禁地方超越法律法规授权自行制定税收优惠政策。对阶段性税收优惠政策到期后逐项评估，该调整的调整，该取消的取消。规范财政补贴政策，建立地方财政补贴负面清单管理机制，坚决杜绝违规补贴增量，开展存量补贴自查自纠，加大监督检查力度。深入开展政府采购领域违法违规行为专项整治，加强电子卖场监管，规范政府采购市场秩序。推动深入整治“内卷式”竞争，营造良好市场生态。

We will advance the development of a unified national market.

We will regulate tax break policies and uphold the principle of legality of taxation. No local government is allowed to formulate its own tax break policies in breach of laws or regulations. All tax break policies currently in place will be assessed on a case-by-case basis upon expiration to determine whether they need to be adjusted or abolished. We will also place government subsidy policies under proper regulation and establish a negative list management system for local government subsidies, strictly prohibiting any new subsidies granted in breach of regulations. We will strengthen monitoring and inspection to ensure effective examination and rectification of existing subsidies. Dedicated efforts will also be made to rectify government procurement activities in violation of laws or regulations, strengthen the regulation of online selling platforms, and improve market order for government procurement activities. We will promote efforts in thoroughly addressing rat race competition to cultivate a sound market environment.

2. 支持加紧培育壮大新动能。加强财税政策供给，推动因地制宜发展新质生产力，建设现代化产业体系，巩固壮大实体经济根基。

2) Supporting faster development of new drivers of growth

We will introduce more fiscal and tax policies to provide stronger support for the efforts to develop new quality productive forces in line with local conditions, build a modernized industrial system, and reinforce the foundations of the real economy. 

推动产业转型升级。安排超长期特别国债2000亿元用于支持大规模设备更新，降低项目投资额门槛，加大对中小企业设备更新支持力度。滚动实施制造业重点产业链高质量发展行动，强化产业基础再造和重大技术装备攻关，提升产业链自主可控水平。组织实施第三批制造业新型技术改造城市试点，加快数智技术、绿色技术大规模应用。支持打造集成电路、航空航天、生物医药等新兴支柱产业，培育发展未来能源、量子科技、具身智能、第六代移动通信（6G）等未来产业。推动深化拓展“人工智能+”，打造智能经济新形态。

We will facilitate industrial transformation and upgrading.

Ultra-long special treasury bonds totaling 200 billion yuan will be allocated to support large-scale equipment upgrades. We will lower the access requirements for investment amounts to better support the equipment upgrading needs of SMEs. We will carry out rolling implementation of initiatives to promote high-quality development of key industrial chains in the manufacturing sector and advance industrial foundation reengineering and research on major technologies and equipment to ensure that China's industrial chains become more self-supporting and risk-resilient. Pilot programs for upgrading manufacturing through the application of new technologies will be extended to a third group of cities, in a bid to expedite the large-scale application of digital, intelligent, and green technologies. We will support the development of integrated circuits, aviation and aerospace, biomedicine, and other emerging pillar industries and foster future industries like future energy, quantum technology, embodied artificial intelligence, and 6G mobile communications. We will help advance and expand the AI Plus Initiative to create new forms of smart economy.

促进服务业优质高效发展。支持实施服务业扩能提质行动，推进生产性服务业向专业化和价值链高端延伸，促进生活性服务业高品质、多样化、便利化发展。推进中试平台等公共服务平台和重大应用场景建设，促进新技术新产品规模化商业化应用。实施新一轮国家综合货运枢纽补链强链提升行动，继续组织开展公路水路交通基础设施数字化转型升级示范，深入推进现代商贸流通体系试点城市建设，加快形成联通高效的物流和商贸体系。

We will promote the high-quality, efficient development of the service sector.

We will support the launch of capacity-expanding and quality-upgrading initiatives in the service sector with the aim of steering producer services toward greater specialization and the higher end of the value chain while supporting the development of higher-quality, more diverse, and more accessible consumer services. We will advance the development of public service platforms, such as pilot-scale testing platforms and major application scenarios, in a bid to facilitate the large-scale and commercial application of new technologies and products. We will launch a new round of initiatives to support national comprehensive freight hubs as part of our efforts to shore up the industrial and supply chains, continue with demonstrations on the digital transformation and upgrading of highway and waterway infrastructure, and move ahead with programs on the development of a modern goods distribution system in pilot cities to secure faster progress in establishing a well-connected, efficient system for logistics and goods distribution.

大力支持企业创新发展。强化企业科技创新主体地位。综合运用税收、专项资金、政府投资基金、融资担保等工具，支持高新技术企业和科技型中小企业发展。研究建立企业研发准备金制度，鼓励企业牵头组建创新联合体，承担更多国家科技攻关任务。继续实施专精特新中小企业财政奖补政策，引导企业加大研发投入力度。深入开展中小企业数字化转型城市试点，促进实体经济与数字经济深度融合。实施好首台（套）重大技术装备、首批次新材料保险补偿以及加大政府采购自主创新产品力度等政策，加快科技成果转化和应用推广。支持发展创业投资、天使投资，加快推进国家创业投资引导基金等投资运营，推动更多初创企业成长为科技领军企业。

We will provide strong backing for the innovation-driven development of enterprises.

The principal role of enterprises in technological innovation should be reinforced. We will therefore leverage various instruments, including taxation policies, special funds, government investment funds, and financing guarantee, to support the development of new- and high-tech firms and sci-tech SMEs.

We will look into establishing a reserve fund system for corporate R&D and encourage enterprises to spearhead the creation of innovation consortia and to take on more major national science and technology programs. We will continue with the government reward and subsidy policy for SMEs that use specialized and sophisticated technologies to produce unique and novel products to encourage greater investment in R&D. We will also advance city-based pilot programs for the digital transformation of SMEs to drive forward full integration between the real and digital economies.

To accelerate the application and promotion of scientific and technological advances, we will fully implement policies on compensation for insuring the initial application of newly-developed major technological equipment and new materials, increasing government procurement of homegrown innovative products, and other matters. We will support the development of venture capital and angel investment, and work faster to promote the investment and operation of funds such as the national venture capital guide fund, to help more startups grow into leading technology companies.

3. 加快高水平科技自立自强。牢牢把握新一轮科技革命和产业变革加速突破的趋势，加强资金和政策保障，加快建设科技强国，抢占科技发展制高点。

3) Achieving greater self-reliance and strength in science and technology

Firmly seizing on the trend of accelerated breakthroughs in the new round of technological revolution and industrial transformation, we will ramp up funding and policy support in a bid to secure faster progress in building China's strength in science and technology and take a leading position in scientific and technological development.

强化科技创新投入保障。坚持把科技作为财政投入重点领域，中央本级科学技术支出安排4264亿元、增长10%。健全多元化科技创新投入机制，发挥财政资金引导作用，撬动更多社会资本、金融资源投入科技创新。处理好“松绑”、“激励”与“监管”的关系，优化财政科技经费管理，提高科技投入效能。完善区域创新体系，支持北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创新中心建设，打造世界级科技创新策源地；引导地方结合国家战略需求和地方产业发展需要，打造各具特色的区域创新高地。支持加强科学技术普及，提高全民科学素养。

We will guarantee investments in scientific and technological innovation. 

Science and technology will remain a fiscal spending priority, with expenditures in the central budget rising by 10% to 426.4 billion yuan.

The mechanisms for diversifying the investment channels for innovation will be improved, and the guiding role of government funds will be leveraged to steer more private capital and financial resources toward innovation. To boost the efficiency of science and technology investments, we will strike the right balance between reducing constraints, enhancing incentives, and improving regulation, and optimize the management of government research funds.

We will improve the regional innovation systems. To this end, we will support the development of Beijing (the Beijing-Tianjin-Hebei region), Shanghai (the Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area into international technological innovation centers and turn them into world-class innovation engines. We will guide local governments in building regional innovation hubs with distinctive features in light of national strategic imperatives and local industrial development needs. We will support efforts in enhancing the popularization of science and technology to improve the scientific literacy of the general public.

加强原始创新和关键核心技术攻关。统筹推进目标导向和自由探索的基础研究，加大投入力度，完善竞争性支持和稳定支持相结合的投入机制，中央本级安排基础研究支出增长16.3%。充分发挥新型举国体制优势，突出国家战略需求，全力保障关键核心技术攻关需要，支持超前布局重大科技项目，推动国家科技重大专项加快组织实施，产出更多原创性成果。积极支持国家实验室、全国重点实验室发展，深化科研院所改革，提升体系化创新能力。

We will promote advances in original innovation and breakthroughs in core technologies in key fields. 

To advance both goal-oriented and unrestricted exploratory basic research, we will scale up investment and refine investment mechanisms to provide both competition-based support and stable funding. Basic research expenditures in the central budget will increase by 16.3%. We will leverage the new system for mobilizing resources nationwide with a keen focus on our country's strategic needs. We will spare no effort to promote breakthroughs in core technologies in key fields, support forward-looking planning for major science and technology projects, and accelerate major national science and technology programs, all with the aim of delivering a larger number of original advances. We will also give our full backing to the development of both national laboratories and key laboratories nationwide and push forward with the reform of research institutes to enhance our capacity for pursuing systematic innovation.

一体推进教育科技人才发展。建立健全一体推进协调机制，加强政策协同和资源统筹，促进科技自主创新和人才自主培养良性互动。支持分类推进高校改革，加快建设中国特色、世界一流的大学和优势学科，加力实施基础学科和交叉学科突破计划，强化科研院所、创新平台等人才集聚培养功能，培育拔尖创新人才。深入实施各类科技人才计划，全方位培养、引进、用好科技创新人才，加强一流科技领军人才和青年人才引育，推进卓越工程师、大国工匠、高技能人才培养，加快建设国家战略人才力量。

We will pursue integrated development of education, science and technology, and human resources. 

Sound mechanisms will be instituted to advance integration on this front. We will strengthen coordination across policies and resources and foster positive interplay between the advancement of independent innovation and the training of homegrown talent.

We will support the reform of higher education institutions across various categories and work to accelerate the development of world-class universities and strong disciplines with Chinese features. We will redouble efforts to implement plans for making breakthroughs in basic disciplines and interdisciplinary subjects, while better leveraging the role of research institutes and innovation platforms in pooling and nurturing talent. These endeavors will ensure we cultivate top-tier innovators. We will move forward with a range of programs for nurturing scientists and engineers and promote the training, recruitment, and effective use of innovative talent in all fields of science and technology. We will strengthen efforts to attract and cultivate first-rate scientists and young talent, and advance initiatives to train outstanding engineers, master craftspeople, and highly-skilled workers. In doing so, we will facilitate faster progress in fostering talent with expertise of strategic importance to our country.

4. 加大保障和改善民生力度。进一步强化保基本、兜底线，尽力而为、量力而行办好民生实事。

4) Ensuring and improving public wellbeing

We will work harder to meet people's basic needs and provide a cushion for those most in need, and do everything within our means to deliver benefits to people.

深入实施就业优先战略。中央财政安排就业补助资金667亿元，完善就业支持和公共服务体系，稳定和扩大高校毕业生等重点群体就业，加强对农村转移劳动力、就业困难群体的帮扶。延续实施稳岗返还等阶段性措施，推进稳岗扩容提质行动，扩大就业规模、提高就业质量。实施好创业担保贷款贴息政策，加强创业支持引导。深入开展大规模职业技能提升培训，培养更多技能人才。鼓励支持灵活就业人员、新就业形态人员参加职工社会保险，建立健全职业伤害保障制度。

We will follow through on the employment-first strategy. 

The central government will allocate 66.7 billion yuan for employment subsidies. We will refine the employment support and public services system, stabilize and expand employment among college graduates and other key groups, and step up assistance for rural migrant workers and people facing difficulties in finding jobs. 

To expand employment and raise its quality, we will continue with current measures such as unemployment insurance premium refunds and press ahead with initiatives aimed at creating greater numbers of stable, better-quality job opportunities. We will provide stronger guidance and support for business startups through dedicated policies, including interest subsidies on guaranteed loans. Large-scale plans for upgrading vocational skills will be advanced to cultivate a larger number of highly-skilled personnel. We will also encourage and support people in flexible employment and new forms of employment in participating in social security programs for urban employees, and build sound systems for occupational injury insurance.

推动教育公平与质量提升。进一步加大财政教育投入，落实确保财政一般公共预算教育支出逐年只增不减、确保按在校学生人数平均的一般公共预算教育支出逐年只增不减、保证国家财政性教育经费支出占国内生产总值比例高于4%的要求。中央一般公共预算本级教育支出安排1925亿元、增长5%。研究建立适应学龄人口变化的教育经费分配新机制，推动教育资源布局结构调整。完善免费学前教育政策，推动义务教育优质均衡发展、学前教育优质普惠发展，支持增加普通高中学位供给和提升职业学校办学能力，扩大优质高校本科教育招生规模，办好特殊教育、专门教育，进一步增强人民群众的教育获得感。落实学生资助政策，对家庭经济困难学生应助尽助。

We will improve the fairness and quality of education.

We will further increase government spending on education based on the requirements that overall spending and average expenditure per student in the general public budget should only be increased and not cut and that government spending on education must be higher than 4% of GDP. This year, outlays on education in the central general public budget are projected to increase by 5% to 192.5 billion yuan.

We will look into establishing a new mechanism for allocating educational funding based on school-age demographic changes in an effort to further adjust the distribution and structure of educational resources. We will refine the policy on free preschool education and work for well-balanced, quality development in compulsory education as well as inclusive, quality development in preschool education. We will support efforts to increase the supply of regular senior secondary school places, enhance the training capacity of vocational schools, boost enrollment in quality undergraduate programs, and improve special needs education and specialized education, all with the aim of ensuring a stronger sense of fulfillment in education for our people. We will carry out the student financial aid policy to ensure assistance for all students from financially disadvantaged families.

提高医疗卫生服务能力和保障水平。深入实施健康优先发展战略，加强健康中国建设。推动健全医疗、医保、医药协同发展和治理机制。支持健全公共卫生服务体系，优化基本公共卫生服务项目，加强疾控体系建设。深化以公益性为导向的公立医院改革，支持实施医疗卫生强基工程，加强县区薄弱专科和基层特色科室建设。推进卫生健康人才队伍建设，实施医学高层次人才计划。支持中医药传承创新发展，促进中西医结合。城乡居民基本医疗保险人均财政补助标准再提高24元，达到每人每年724元。强化基本医保、大病保险、医疗救助三重制度综合保障，健全多层次医疗保障体系。深化医保支付方式改革，加强医保基金监管。

We will enhance our medical and healthcare service capacity and medical security.

We will implement the health-first strategy and step up efforts to advance the Healthy China Initiative. We will promote improvement of the mechanisms for promoting coordinated development and governance of medical services, medical insurance, and pharmaceuticals. We will support the improvement of the public health service system, refine basic public health service programs, and strengthen the disease prevention and control system. We will push ahead with the reform of public hospitals to ensure that they better serve the public interest, support initiatives to strengthen community-level medical and healthcare services, and assist county and district hospitals in shoring up weaker medical specialties and developing special departments. We will continue to support efforts to build up the ranks of healthcare personnel and launch a plan to cultivate high-caliber talent in the medical sector. We will also promote the preservation and innovative development of traditional Chinese medicine (TCM) as well as integrated application of TCM and Western medicine. 

Basic medical insurance subsidies for rural and non-working urban residents will be increased by 24 yuan per person, bringing the total amount to 724 yuan per person per year. We will continue to improve the basic medical insurance, major disease insurance, and medical assistance schemes in a bid to refine the multi-tiered medical security system. We will further reform the medical insurance payment models and tighten oversight over medical insurance funds.

健全社会保障体系。加强多层次、多支柱养老保险体系建设。中央财政安排基本养老金转移支付1.25万亿元，确保各类群体养老金按时足额发放。深入实施企业职工基本养老保险全国统筹制度，健全城乡居民基本养老保险筹资和待遇调整机制，城乡居民基础养老金月最低标准再提高20元。加快建立长期护理保险制度，稳步推进向中度以上失能老年人发放养老服务消费补贴项目，促进普惠性养老机构发展，健全县域养老服务体系。实施好育儿补贴制度，深入开展托育服务补助示范试点。推动完善生育保险制度。推进分层分类社会救助体系建设，加大低收入人口救助帮扶力度。支持残疾人事业发展。支持防灾减灾能力建设，提升自然灾害综合防治能力，强化应急救灾保障。

We will refine the social security system.

We will further develop the multi-tiered, multi-pillar old-age insurance system. This year, the central government will allocate 1.25 trillion yuan in transfer payments for basic pension schemes to ensure that all pension benefits are paid on time and in full.

We will continue working to bring basic old-age insurance funds for enterprise employees under unified national management. We will refine the financing and adjustment mechanisms for basic old-age insurance for rural and non-working urban residents. This year, the minimum basic old-age benefits for these groups will be increased once again by 20 yuan per person per month. We will move faster to establish long-term care insurance schemes, steadily push ahead with granting elderly care service consumption subsidies for seniors with moderate or more severe functional impairment, promote the development of public-interest elderly care institutions, and improve the elderly care service system at the county level. We will continue to implement the childcare subsidy system, expand demonstrations and trials for subsidized childcare services. We will promote the refinement of the maternity insurance system. We will improve the multi-tiered and categorized social assistance system, provide greater assistance for low-income groups, and support the development of programs for people with disabilities. We will support capacity-building for disaster prevention and mitigation, enhance the capability to comprehensively prevent and control natural disasters, and provide stronger backing for emergency and disaster response.

支持文化体育发展。健全公共文化服务体系，开展全民阅读、公益电影放映等基本公共服务。深入实施中华优秀传统文化传承发展工程，加强文化遗产系统性保护。支持提高旅游公共服务质量，推进文旅深度融合。创新文艺创作生产支持方式，加大对优秀内容创作的扶持和引导。推动深化主流媒体系统性变革和全媒体传播，提升国际传播效能。支持加强网络生态治理，加快建设网络强国。强化国家队经费保障，支持开展群众体育活动，促进赛事经济发展。

We will support cultural and sports programs.

To continue refining the public cultural services system, we will implement a range of initiatives including programs to foster a love of reading among the public and free film showings. We will advance the project to pass on and develop fine traditional Chinese culture and promote systematic protection of cultural heritage. We will support improvements to tourism services and promote closer integration between culture and tourism. We will adopt new methods for supporting literary and artistic creation and do more to guide and support high-quality content creation. We will push forward with the systemic transformation of mainstream media and all-media communication and make our international communication more effective. We will support improvements to cyberspace governance and move faster to build China's strength in cyberspace. We will strengthen funding safeguards for Team China, support recreational sports programs, and promote the sports event economy.

5. 推进乡村全面振兴。坚持把“三农”工作作为重中之重，完善财政强农惠农富农政策，推动加快农业农村现代化。

5) Promoting all-around rural revitalization

We will continue to give top priority to issues related to agriculture, rural areas, and rural residents, improve financial policies aimed at strengthening agriculture, benefiting farmers, and enriching rural areas, and increase the pace of agricultural and rural modernization.

提升农业综合生产能力和质量效益。加强对黑土地等耕地保护、种业振兴、农业科技、农机装备等支持，分区分类高质量推进高标准农田建设，加力实施新一轮千亿斤粮食产能提升行动，推动粮油作物大面积单产提升，全方位夯实国家粮食安全根基。强化价格、补贴、保险等政策支持和协同，制定出台加快农业保险高质量发展的实施方案，促进粮食等重要农产品价格保持在合理水平，保障农民种粮收益。加大粮食主产区利益补偿力度，落实好产销区省际横向利益补偿政策，深入推进粮食流通提质增效项目，调动主产区种粮积极性。

We will enhance the overall production capacity, quality, and performance of agriculture.

We will provide greater support for protection of black soil and other arable land, initiatives to invigorate the seed industry, and agricultural science and technology, machinery, and equipment. We will take region- and category-specific measures to advance high-quality development of high-standard cropland, ramp up the latest round of initiatives for increasing grain production capacity by 50 million metric tons, and promote the drive to increase per-unit yields of grain and oil crops on large tracts of land. All these efforts will help reinforce the foundation for our country's food security across the board.

We will provide stronger price, subsidy, and insurance policy support in a more coordinated way, formulate the implementation plan for accelerating the high-quality development of agricultural insurance, and see that the prices of grain and other major agricultural products remain at reasonable levels to guarantee the earnings of grain growers. This year, compensation for major grain-producing areas will be increased, and the policy of the inter-provincial compensation of major grain-producing areas by major grain-purchasing areas will be implemented more effectively. Support for programs to promote more efficient grain distribution will continue, and efforts will be made to keep major grain-producing areas motivated.

支持实施常态化精准帮扶。将中央财政衔接推进乡村振兴补助资金调整为常态化帮扶资金，保持规模总体稳定，2026年安排1770亿元，重点支持产业、就业等帮扶。区分防止返贫致贫对象不同情况，落实相应的兜底式保障和开发式帮扶措施，守牢不发生规模性返贫致贫底线，增强造血能力和内生动力。加强对乡村振兴重点帮扶县等欠发达地区的倾斜支持，发展壮大县域经济，改善生产生活条件，持续巩固拓展脱贫攻坚成果。

We will back regular targeted assistance initiatives.

We will re-categorize central government follow-up rural revitalization subsidies as regular assistance funds to ensure overall assistance levels remain stable. A total of 177 billion yuan will be allocated for assistance in 2026, which will be mainly used to support industrial development and employment.

According to the specific cases of people at risk of returning to or falling into poverty, we will adopt appropriate assistance measures to meet their basic needs or support their development. By doing so, we will guard against any large-scale lapse or relapse into poverty while also enhancing people's capacity to sustain themselves and generate internal development impetus. To continue consolidating and expanding our poverty alleviation gains, we will channel more support to key counties receiving rural revitalization assistance and other underdeveloped regions, develop county economies, and further improve working and living conditions.

推进宜居宜业和美乡村建设。深入学习运用“千万工程”经验，健全财政优先保障、金融重点倾斜、社会积极参与的多元投入格局，分类有序、片区化推进乡村振兴。加快补齐农村现代生活条件短板，逐步提高乡村基础设施完备度、公共服务便利度、人居环境舒适度。推动农村一二三产业深度融合，健全联农带农机制，促进农民就业增收。支持发展新型农村集体经济，加强村级组织运转经费保障，提升乡村治理水平。

We will build a beautiful and harmonious countryside for people to live and work in.

Continuing to draw on best practices from Zhejiang's Green Rural Revival Program, we will improve the diversified investment framework featuring priority fiscal support, preferential financial backing, and broad participation by non-governmental entities, and adopt a zonal, category-based, and systematic approach to rural revitalization.

We will work faster to address shortcomings in the provision of modern amenities in rural areas and work steadily to put in place more complete infrastructure systems, make public services more accessible, and improve the living environment in rural areas. We will promote greater integration of primary, secondary, and tertiary sectors in rural areas and refine the mechanisms for involving more rural residents in the development of rural industries to help sustain their income growth. We will support the development of new rural collective economies, ensure that village-level organizations have adequate funding to maintain normal functions, and improve rural governance.

6. 推动新型城镇化和区域协调发展。加大差异化政策支持力度，发挥区域重大战略、新型城镇化战略等的叠加效应，推动优化区域经济布局。

6) Advancing new urbanization and coordinated regional development

We will provide more tailored policy support to strengthen synergy between major regional strategies, the new urbanization strategy, and other relevant strategies, and thus optimize the regional economic layout.

推进以人为本的新型城镇化。健全财政转移支付分配机制，推动相关公共服务随人走、可携带，促进基本公共服务均等化。中央财政安排农业转移人口市民化奖励资金420亿元，支持由常住地提供基本公共服务，解决好农业转移人口子女教育、社会保险、基本医疗等问题。统筹现有资金渠道，稳步推进城市更新，推动建立可持续的投融资模式，建设现代化人民城市。落实好专项债券支持收购存量商品房用作保障性住房等政策，支持因城施策控增量、去库存、优供给，健全多层次住房保障体系，推动满足城镇工薪群体和各类困难家庭基本住房需求。

We will advance people-centered new urbanization. 

We will refine the transfer payment distribution mechanism so that public services can be transferred in line with population movements, thereby ensuring more equitable access to basic public services. The central government will allocate 42 billion yuan for an award fund to support local governments in implementing policies on granting permanent urban residency to people who have moved to cities from rural areas. We will also support urban governments in providing basic public services for such new residents, addressing their issues in accessing services such as education for children, social insurance, and basic medical care. 

We will make coordinated use of all existing funding channels to steadily advance urban renewal projects and continue working to create sustainable investment and financing models to facilitate the development of modern cities for people. We will fully implement policies such as issuing special-purpose bonds to support purchasing commodity housing stock for use as government-subsidized housing. Moreover, we will support city-specific housing policies designed to control new supply, reduce excess inventory, and improve supply quality. The multi-tiered housing support system will also be further refined to meet the basic housing needs of urban salaried workers and families with difficulties.

增强区域发展协调性。落实和完善区域财税政策，推进实施京津冀协同发展、长江经济带发展、粤港澳大湾区建设、长三角一体化发展、黄河流域生态保护和高质量发展等区域重大战略，高标准高质量建设雄安新区。支持成渝地区双城经济圈发展。中央财政安排补助资金2022亿元，支持革命老区、民族地区、边疆地区等振兴发展，加大对资源枯竭城市支持力度。实施好海南自由贸易港封关运作货物税收政策，出台岛内居民消费的进境商品“零关税”试点政策，打造对外开放新高地。激励地方发挥优势、各展所长，支持经济大省挑大梁。

We will promote more coordinated regional development. 

We will implement improved regional fiscal and tax policies to promote major regional strategies such as the coordinated development of the Beijing-Tianjin-Hebei region, the development of the Yangtze Economic Belt, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, the integrated development of the Yangtze River Delta, and ecological conservation and high-quality development in the Yellow River basin. We will also promote high-standard, high-quality development of Xiong'an New Area and support the development of the Chengdu-Chongqing economic zone. The central government will allocate 202.2 billion yuan in subsidies to bolster the revitalization and development in old revolutionary base areas, areas with large ethnic minority populations, and border areas and increase support for areas affected by resource depletion. 

To see Hainan becoming a new pacesetter for opening up, we will effectively implement goods tax policies designed for island-wide special customs operations in the Hainan Free Trade Port and trial a zero-tariff policy for imported goods consumed by island residents. We will encourage all regions to leverage their distinctive advantages and strengths, while supporting major provincial economies in assuming greater responsibility.

7. 加快推动全面绿色转型。践行绿水青山就是金山银山的理念，健全财政资源环境政策体系，协同推进降碳、减污、扩绿、增长。

7) Accelerating the green transition across all sectors

Acting on the principle that lucid waters and lush mountains are invaluable assets, we will improve fiscal policies concerning resources and the environment to drive coordinated progress in cutting carbon emissions, reducing pollution, pursuing green development, and boosting economic growth.

加强生态环境综合治理。中央财政安排重点生态功能区转移支付1229亿元、增长2%，提高生态功能重要地区基本公共服务水平。聚焦重点区域、重点领域打好蓝天、碧水、净土保卫战，中央财政大气、水、土壤污染防治专项资金分别安排323亿元、254亿元、42亿元，持续支持做好北方地区冬季清洁取暖、美丽河湖保护与建设、重金属污染风险防控等工作。支持废弃电器电子产品回收处理，促进资源综合利用和循环发展。深入推进长江、黄河等重要流域横向生态保护补偿机制建设，积极探索其他重点生态要素横向补偿模式。完善多元化生态补偿机制。坚持山水林田湖草沙一体化保护和系统治理，继续实施“山水工程”，开展海洋、森林、草原等生态保护修复和历史遗留废弃矿山生态修复。推进以国家公园为主体的自然保护地体系建设，支持科学开展大规模国土绿化行动，打好“三北”工程攻坚战。

We will step up comprehensive efforts to improve the environment. 

The central government will make transfer payments of 122.9 billion yuan to key ecosystem service zones, an increase of 2%, with the aim of enhancing basic public services in these areas. Focusing on key regions and fields, we will make solid progress in keeping our skies blue, waters clear, and lands clean. As part of this, the central government will allocate 32.3 billion yuan, 25.4 billion yuan, and 4.2 billion yuan for the prevention and control of air, water, and soil pollution, respectively. Continued support will be provided to promote clean winter heating in northern China, protect and improve our rivers and lakes, and prevent and control pollution risks related to heavy metals. Efforts will be made to support the recycling of waste electrical and electronic equipment and promote comprehensive utilization and circular development of resources.

We will continue to develop trans-regional compensation mechanisms for ecological conservation along major rivers, including the Yangtze and Yellow river basins, while exploring the feasibility of trans-regional compensation mechanisms for other key ecological factors. We will refine the mechanisms for diversifying the forms of ecological compensation. We will follow a holistic and systematic approach to the conservation and improvement of mountain, water, forest, farmland, grassland, and desert ecosystems, continue with the Shan-Shui Initiative, and carry out protection and restoration of marine, forest, grassland, and other ecosystems and ecological restoration in abandoned mining areas. We will develop the national park-based system of protected areas, support the implementation of large-scale greening programs in a well-planned way, and deliver new achievements in this crucial stage of the national shelterbelt program in northwest, north, and northeast China.

积极稳妥推进碳达峰碳中和。综合运用财政资金引导、政府绿色采购等多种政策措施，推动工业、城乡建设、交通运输等重点领域绿色低碳转型。完善绿色税制，试点征收挥发性有机物环境保护税。优化政府绿色采购政策，加大对节能环保产品采购力度。发挥国家绿色发展基金作用，加快设立黄河流域生态保护和高质量发展基金、国家低碳转型基金，引导社会资本持续加大对环境保护、清洁能源、绿色交通等重点领域投入。大力支持可再生能源发展，加快建设新型能源体系。启动氢能综合应用试点，推动规模化应用。新实施一批县域充换电设施补短板试点，加强农村地区公共充换电设施建设，鼓励新能源汽车消费。继续发行绿色主权债券，吸引国际资金支持国内绿色低碳发展。

We will actively and prudently work toward peaking carbon emissions and achieving carbon neutrality. 

We will use a full range of policies and measures including leveraging the guiding role of government funds and green government procurement to drive forward green and low-carbon transitions in industry, urban and rural development, transportation, and other key sectors. We will refine the green taxation system and trial an environmental protection tax on volatile organic compounds. We will optimize policies on green government procurement to scale up purchases of energy-efficient and environmentally friendly products. 

We will give play to the role of the national green development fund, expedite the establishment of funds for ecological conservation and high-quality development in the Yellow River basin and a national fund for low-carbon transition, and encourage greater private investment in key priorities such as environmental protection, clean energy, and green transportation. We will also provide strong backing for development of the renewable energy sector and work faster to foster a new type of energy system. Trials for the comprehensive utilization of hydrogen power will be launched with the aim of promoting large-scale application in the future. A new batch of pilot projects will be rolled out to address gaps in battery charging and swapping facilities at the county level, and intensified efforts will be made to develop such facilities in rural areas, so as to further encourage the purchase of new-energy vehicles. We will also continue to issue sovereign green bonds to attract international capital to support our domestic green, low-carbon development. 

8. 做好国防、外交、政法等领域财政保障。深入贯彻习近平强军思想，支持加快先进战斗力建设，巩固提高一体化国家战略体系和能力，高质量推进国防和军队现代化。支持做好退役军人安置、就业等工作，落实好优抚对象抚恤和生活补助政策。加强国际财经交流合作，深入落实四大全球倡议，积极参与全球经济金融治理改革，支持扩大高水平对外开放，高质量共建“一带一路”，推动构建人类命运共同体。贯彻总体国家安全观，支持加强重点领域国家安全能力建设，完善社会治理体系，推进现代公共法律服务体系建设，做好政法工作经费保障，推动建设更高水平的平安中国法治中国。

8) Ensuring necessary funding support for national defense, diplomacy, and judicial and law enforcement work

Acting on Xi Jinping Thought on Strengthening the Military, we will support faster development of advanced combat capabilities, consolidate and improve integrated national strategies and strategic capabilities, and promote high-quality modernization of national defense and the armed forces. We will support ex-service members in getting resettled and securing employment and effectively carry out policies on subsidies and living allowances for entitled groups. 

We will step up international financial and economic exchanges and cooperation, act on the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative, and the Global Governance Initiative, and actively engage in global governance reform in the economic and financial sphere. We will support the expansion of high-standard opening up, pursue high-quality Belt and Road cooperation, and work for the building of a community with a shared future for humanity. 

Applying a holistic approach to national security, we will build up national security capacity in key sectors, improve the social governance system, advance the development of the modern public legal services system, and guarantee funding for judicial and law enforcement work. All this will see us moving to a higher level in advancing the Peaceful China Initiative as well as the rule of law in China.

（四）2026年一般公共预算收入预计和支出安排。

4. General public budgetary revenue and expenditure for 2026

1. 中央一般公共预算。中央一般公共预算收入95670亿元，比2025年执行数增长1.8%。加上从中央预算稳定调节基金调入1000亿元、从中央国有资本经营预算调入2500亿元，收入总量为99170亿元。中央一般公共预算支出150070亿元，增长3.5%。收支总量相抵，中央财政赤字50900亿元，比2025年增加2300亿元，通过发行国债弥补。

1) Central general public budget

Revenue in the central general public budget is projected to be 9.567 trillion yuan, an increase of 1.8% over the actual figure in 2025. Adding in 100 billion yuan from the Central Budget Stabilization Fund and 250 billion yuan from the budget of central government state capital operations, total revenue is expected to reach 9.917 trillion yuan. Expenditures in the central general public budget are projected to increase by 3.5% to 15.007 trillion yuan. Total expenditure will exceed total revenue, leaving a deficit of 5.09 trillion yuan, 230 billion yuan higher than in 2025, which will be supplemented through the issuance of treasury bonds.

2026年中央一般公共预算支出分中央本级支出、对地方转移支付、中央预备费反映。

Expenditures in the 2026 central general public budget comprise central government expenditures, transfer payments to local governments, and payments to central government reserve funds.

（1）中央本级支出45420亿元，增长5.5%。坚持有保有压，严格落实党政机关习惯过紧日子要求，严控一般性支出，重点保障外交国防支出、科技教育支出、中央储备支出、国债付息支出。主要支出项目具体情况是：外交支出709.75亿元，增长9.3%；国防支出19095.61亿元，增长7%；公共安全支出2582.69亿元，增长5.9%；教育支出1924.76亿元，增长5%；科学技术支出4264.2亿元，增长10%；粮油物资储备支出1106.84亿元，增长8.1%；债务付息支出8739.9亿元，增长6.7%。

(1) Central government expenditures are expected to increase by 5.5% to 4.542 trillion yuan. In line with the principle of guaranteeing key expenditures while cutting general expenditures and the requirement for belt-tightening in Party and government bodies, we will keep general expenditures under strict control while giving priority to spending on diplomatic endeavors, national defense, science and technology, education, national reserves, and interest payments for treasury bonds. 

The main expenditure items will be as follows: 

■ diplomatic endeavors, 70.975 billion yuan, up 9.3%; 

■ national defense, 1.909561 trillion yuan, up 7%; 

■ public security, 258.269 billion yuan, up 5.9%; 

■ education, 192.476 billion yuan, up 5%; 

■ science and technology, 426.42 billion yuan, up 10%; 

■ stockpiling of grain, edible oils, and other materials, 110.684 billion yuan, up 8.1%; 

■ debt interest payments, 873.99 billion yuan, up 6.7%. 

（2）对地方转移支付104150亿元，增长2.2%。

(2) A total of 10.415 trillion yuan will be transferred to local governments, up 2.2%. 

（3）中央预备费500亿元，与2025年持平。执行中根据实际用途分别计入中央本级支出和对地方转移支付。

(3) A total of 50 billion yuan will be allocated to central government reserve funds, the same as 2025. Reserve funds will be counted as either central government expenditures or local government transfer payments according to their use in practice.

2. 地方一般公共预算。地方一般公共预算本级收入125030亿元，增长2.4%。加上中央对地方转移支付收入104150亿元、地方财政调入资金及使用结转结余17000亿元，收入总量为246180亿元。地方一般公共预算支出254180亿元，增长4%。地方财政赤字8000亿元，与2025年持平，通过发行地方政府一般债券弥补。

2) Local general public budget

Revenue in the local general public budget is projected to rise by 2.4% to 12.503 trillion yuan. Adding in 10.415 trillion yuan in transfer payments from the central government and 1.7 trillion yuan in funds from other local sources and utilized carryover and surplus funds, total revenue is expected to be 24.618 trillion yuan. Expenditure in the local general public budget is projected to increase by 4% to 25.418 trillion yuan. This will create a deficit of 800 billion yuan at the local level, which is consistent with the figure for 2025 and will be supplemented through the issuance of general-purpose local government bonds.

3. 全国一般公共预算。汇总中央和地方预算，全国一般公共预算收入220700亿元，增长2.2%，其中税收收入181520亿元，增长2.9%；非税收入39180亿元，下降1.3%，主要是一次性收入减少。加上调入资金及使用结转结余20500亿元，收入总量为241200亿元。全国一般公共预算支出300100亿元（含中央预备费500亿元），增长4.4%。赤字58900亿元，比2025年增加2300亿元。

3) National general public budget

Revenue in the national general public budget, which combines the general public budgets of both the central and local governments, is projected to rise by 2.2% to 22.07 trillion yuan. Revenue includes tax receipts of 18.152 trillion yuan, an increase of 2.9%, and non-tax revenue of 3.918 trillion yuan, a decrease of 1.3%, primarily due to a fall in one-time revenue. With the addition of 2.05 trillion yuan in funds from other sources and utilized carryover and surplus funds, revenue will total 24.12 trillion yuan. Expenditure in the national general public budget is expected to increase by 4.4% to 30.01 trillion yuan (including 50 billion yuan for central government reserve funds). The budgetary deficit is projected at 5.89 trillion yuan, an increase of 230 billion yuan over 2025.

（五）2026年政府性基金预算收入预计和支出安排。

5. Budgetary revenue and expenditure of government-managed funds for 2026

中央政府性基金预算收入5431.69亿元，增长7.4%。加上上年结转收入586.84亿元、超长期特别国债收入13000亿元、中央金融机构注资特别国债收入3000亿元，收入总量为22018.53亿元。中央政府性基金预算支出22018.53亿元，其中，本级支出10145.58亿元，对地方转移支付11872.95亿元。

Budgetary revenue of central government-managed funds is expected to rise by 7.4% to 543.169 billion yuan. Adding in 58.684 billion yuan carried over from last year, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, and 300 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, total revenue is calculated at 2.201853 trillion yuan. Budgetary expenditure of central government-managed funds is expected to be 2.201853 trillion yuan. This figure consists of 1.014558 trillion yuan of central government spending and 1.187295 trillion yuan in transfer payments to local governments.

地方政府性基金预算本级收入52644.32亿元，与上年基本持平。加上中央政府性基金预算对地方转移支付收入11872.95亿元、地方政府专项债务收入44000亿元，收入总量为108517.27亿元。地方政府性基金预算支出108517.27亿元，增长6.5%。

Budgetary revenue of local government-managed funds is projected at 5.264432 trillion yuan, largely the same as last year. Adding in 1.187295 trillion yuan in transfer payments from the budget of central government-managed funds and 4.4 trillion yuan from the issuance of local government special-purpose bonds, total revenue is expected to be 10.851727 trillion yuan. Budgetary expenditure of local government-managed funds is projected to increase by 6.5% to 10.851727 trillion yuan.

汇总中央和地方预算，全国政府性基金预算收入58076.01亿元，增长0.6%。加上上年结转收入586.84亿元、超长期特别国债收入13000亿元、中央金融机构注资特别国债收入3000亿元、地方政府专项债务收入44000亿元，收入总量为118662.85亿元。全国政府性基金预算支出118662.85亿元，增长5.1%。

Budgetary revenue of government-managed funds nationwide, which combines both the central and local government-managed funds, is projected to rise by 0.6% to 5.807601 trillion yuan. Adding in 58.684 billion yuan carried over from the year before, 1.3 trillion yuan from the issuance of ultra-long special treasury bonds, 300 billion yuan from the issuance of special treasury bonds for capital injection into central financial institutions, and 4.4 trillion yuan from the issuance of local government special-purpose bonds, total revenue is calculated at 11.866285 trillion yuan. Budgetary expenditure of government-managed funds nationwide is projected to rise by 5.1% to 11.866285 trillion yuan.

（六）2026年国有资本经营预算收入预计和支出安排。

6. Budgetary revenue and expenditure of state capital operations for 2026

中央国有资本经营预算收入3716.32亿元，下降4.8%，主要是2025年部分中央企业利润下降。加上上年结转收入259.91亿元，收入总量为3976.23亿元。中央国有资本经营预算支出1476.23亿元，增长13.8%，主要是上年结转收入增加，相应增加支出重点用于加大中央企业注资支持。其中，本级支出1442.45亿元，对地方转移支付33.78亿元。调入中央一般公共预算2500亿元。

Budgetary revenue of central government state capital operations is projected to drop by 4.8% to 371.632 billion yuan, mainly due to a fall in the profits of some central government enterprises in 2025. Adding in 25.991 billion yuan carried over from last year, total revenue is calculated at 397.623 billion yuan. Budgetary expenditure of central government state capital operations is expected to rise by 13.8% to 147.623 billion yuan. This is mainly due to an increase in revenue carried over from last year, which drives a corresponding increase in capital injection into central government enterprises. This figure consists of 144.245 billion yuan of central government spending and 3.378 billion yuan in transfer payments to local governments. A projected 250 billion yuan will be transferred into the central general public budget.

地方国有资本经营预算本级收入4249.82亿元，下降8.5%，主要是2025年地方国有企业利润下降。加上中央国有资本经营预算对地方转移支付收入33.78亿元，收入总量为4283.6亿元。地方国有资本经营预算支出1478.72亿元，增长6.8%。调入地方一般公共预算2804.88亿元。

Budgetary revenue of local government state capital operations is projected to fall by 8.5% to 424.982 billion yuan. This decrease is primarily due to a fall in the profits of local SOEs in 2025. Adding in 3.378 billion yuan in transfer payments from the central government state capital operations budget, total revenue is calculated at 428.36 billion yuan. Budgetary expenditure of local government state capital operations is projected to increase by 6.8% to 147.872 billion yuan. A projected 280.488 billion yuan will be transferred into the local general public budget.

汇总中央和地方预算，全国国有资本经营预算收入7966.14亿元，下降6.8%。加上上年结转收入259.91亿元，收入总量为8226.05亿元。全国国有资本经营预算支出2921.17亿元，增长10.3%。调入一般公共预算5304.88亿元。

Revenue in the state capital operations budgets of both the central and local governments is projected to decrease by 6.8% to 796.614 billion yuan. Adding in 25.991 billion yuan carried over from last year, the total budgetary revenue of state capital operations nationwide is calculated at 822.605 billion yuan. Budgetary expenditure of state capital operations nationwide is predicted to increase by 10.3% to 292.117 billion yuan. A projected 530.488 billion yuan will be transferred into the general public budget.

（七）2026年社会保险基金预算收入预计和支出安排。

7. Budgetary revenue and expenditure of social insurance funds for 2026

中央社会保险基金预算收入338.95亿元，下降11%，主要是综合考虑基金滚存结余等情况，2026年对基金的财政补助相应减少；支出392.48亿元，增长4.5%。中央社会保险基金预算本年支大于收53.53亿元，年末滚存结余30.21亿元。

Budgetary revenue of the central government social insurance fund is expected to fall by 11% to 33.895 billion yuan. This drop is primarily due to a reduction in government subsidies being paid into the fund in 2026 on account of the scale of the rolled-over fund surplus and other factors. Expenditure from the fund is projected to rise by 4.5% to 39.248 billion yuan. The budgetary deficit of the central government social insurance fund will be 5.353 billion yuan this year, with a year-end balance of 3.021 billion yuan after the balance from 2025 has been rolled over.

地方社会保险基金预算收入130550.74亿元，增长3.9%；支出117751.73亿元，增长6%。考虑全国统筹调剂资金因素后，本年收支结余12799.74亿元，年末滚存结余173305.27亿元。

Budgetary revenue of local government social insurance funds is projected to rise by 3.9% to 13.055074 trillion yuan. Expenditure, meanwhile, is predicted to increase by 6% to 11.775173 trillion yuan. Taking into account funds under unified national management and regulation, the budgetary surplus of local government social insurance funds will be 1.279974 trillion yuan this year, with a year-end balance of 17.330527 trillion yuan after the balance from 2025 has been rolled over. 

汇总中央和地方预算，考虑全国统筹调剂资金因素后，全国社会保险基金预算收入130890.39亿元，增长3.9%，其中，保险费收入93901.72亿元，财政补贴收入31128.06亿元。全国社会保险基金预算支出118144.21亿元，增长6%。本年收支结余12746.18亿元，年末滚存结余173336.18亿元。

Combining the central and local government budgets and taking into account funds under unified national management and regulation, revenue of social insurance funds nationwide is calculated at 13.089039 trillion yuan, an increase of 3.9%. This includes 9.390172 trillion yuan in insurance premiums and 3.112806 trillion yuan in government subsidies. Budgetary expenditure of social insurance funds nationwide is expected to increase by 6% to 11.814421 trillion yuan. With a projected surplus of 1.274618 trillion yuan, the year-end balance will be 17.333618 trillion yuan after the balance from 2025 has been rolled over. 

2026年，国债限额485508.35亿元；地方政府一般债务限额188689.22亿元、专项债务限额443185.08亿元。

We have set the debt ceilings for 2026 as follows: 

■ treasury debt, 48.550835 trillion yuan; 

■ local government general debt, 18.868922 trillion yuan; 

■ local government special debt, 44.318508 trillion yuan. 

预算具体安排及相关说明见《中华人民共和国2025年全国预算执行情况2026年全国预算（草案）》。需要说明的是，地方预算由地方各级人民政府编制，报本级人民代表大会批准，目前尚在汇总中，本报告中地方收入预计数和支出安排数均为中央财政代编数。

It should be noted that local budgets are formulated by local governments and submitted for approval to the people's congresses at their respective levels. As such, the relevant data for these accounts is still being compiled. All projected figures for local revenue and expenditure in this report are based on the preliminary calculations of the central finance authorities. 

根据预算法规定，预算年度开始后，在全国人民代表大会批准本预算草案前，可安排下列支出：上一年度结转的支出；参照上一年同期的预算支出数额安排必须支付的本年度部门基本支出、项目支出，以及对下级政府的转移性支出；法律规定必须履行支付义务的支出，以及用于自然灾害等突发事件处理的支出。根据上述规定，结合中央部门和地方实际支出需要，中央财政安排了部分本级支出及对地方转移支付。2026年1月中央一般公共预算支出19774亿元，其中，中央本级支出2793亿元，对地方转移支付16981亿元。

In accordance with the Budget Law, in the period after the start of a new budget year and before the NPC has approved that year's draft budgets, arrangements may be made for the following expenditures: carryover expenditures from the previous fiscal year; basic and project government department expenditures that are obligatory and transfer payments to lower-level governments for the current year (all of which are allocated according to budgetary expenditure amounts for the same period in the previous year); expenditures mandated by law; and natural disaster and other emergency response expenditures. In accordance with these stipulations and based on the actual needs of central departments and local governments, the central government has made arrangements for some central-level spending and local-government transfer payments. In January 2026, expenditures in the central general public budget totaled 1.9774 trillion yuan, comprising 279.3 billion yuan in expenditures at the central level and 1.6981 trillion yuan in transfer payments to local governments. 

三、扎实做好2026年财政改革发展工作

III. Fiscal Reform and Development in 2026

（一）实施好更加积极的财政政策。

1. Implementing a more proactive fiscal policy

坚持稳中求进、提质增效，加紧推出已确定的财政增量政策，接续推动存量政策落实，更好发挥政策集成效应。压实地方和部门预算执行主体责任，推动资金尽快到位、政策尽快落实、项目尽快落地。强化预算执行常态化监督，进一步加大日常线上监控和线下核查力度，促进资金规范安全高效使用。坚持政策支持和改革创新并举，推动深化相关重点领域改革，激发创新创造活力。加强部门协作和政策协同，增强宏观政策取向一致性和有效性，打好政策“组合拳”，形成宏观调控合力。密切跟踪财政经济运行态势，加强政策预研储备，根据形势变化适时推出。健全财政预期管理机制，做好政策宣传解读和预期引导，提振社会信心。

Following the principles of pursuing progress while ensuring stability and enhancing both quality and efficiency, we must move faster to launch new fiscal policies already decided on, continue to advance those already in place, and strive to better leverage policy synergy. Local governments and departments must shoulder primary responsibility for budget execution, ensuring that funds are in place, policies are implemented, and projects are launched as soon as possible. 

We will strengthen routine oversight over budget execution. This includes regulation and control online and verification offline, so as to ensure the use of funds is well-regulated, safe, and efficient. Placing equal emphasis on providing policy support and pursuing reform and innovation, we will promote deeper reforms in key areas to unlock vitality for innovation and creation. We will strengthen inter-departmental collaboration and policy coordination, and make macro policies more effective and more consistent in orientations, so as to generate greater policy synergy in macro regulation. 

It is imperative that we keep close track of fiscal and economic developments, and strengthen preparatory research and build up policy reserves, in order to roll out policies as conditions change. The mechanisms for managing fiscal expectations will be improved, policies will be effectively communicated to the public, and expectations will be better guided to boost confidence.

（二）坚持党政机关过紧日子。

2. Ensuring Party and government bodies keep their belts tightened

深入贯彻落实中央八项规定精神和《党政机关厉行节约反对浪费条例》，党政机关带头过紧日子，勤俭办一切事业。严格预算编制管理，对重点支出强化保障，对非刚性、非重点支出从紧安排，严控一般性支出。坚持严的基调和标准，加强因公出国（境）、国内考察交流、公务接待、国内差旅、公务用车、会议培训等管理，精简规范各类节庆展会论坛等活动，严格限制楼堂馆所新建和装修。严禁搞劳民伤财的“形象工程”、“政绩工程”，防止重大决策失误造成严重浪费。加强政府采购和政府购买服务管理，合理确定需求、节约成本。推进行政事业单位国有资产调剂利用，持续盘活闲置低效资产。健全党政机关过紧日子评估评价机制，推动形成精打细算、勤俭办事的良好氛围。

We will fully implement the central Party leadership's eight-point decision on improving work conduct and the Regulations on Practicing Frugality and Opposing Waste in Party and Government Bodies. It is up to all of us in Party and government bodies to take the lead in belt-tightening and practice frugality in all matters. 

We will strictly manage budget preparation. Support will be increased for expenditures in key areas, while non-obligatory and non-critical spending should be kept firmly in check, and general expenditures strictly controlled. Applying rigorous principles and standards, we will intensify management of overseas official visits, domestic inspection tours, official hospitality, domestic official trips, official vehicle use, meetings, and training programs, properly regulate and streamline festival celebrations, expositions, exhibitions, forums, and other similar activities, and enforce tight restrictions on the construction, renovation, and remodeling of Party and government office buildings. We will prohibit vanity and political showcase projects that squander resources and manpower, while also taking steps to guard against major errors in decision-making that lead to severe waste. 

We will better manage government procurement of goods and services, ensuring demands are reasonably defined and working to reduce procurement costs. We will press ahead with reallocation of state-owned assets across administrative departments and public institutions, as part of our ongoing efforts to put idle and inefficient assets to good use. We will improve mechanisms for assessing the performance of Party and government bodies in keeping their belts tightened. In this regard, it should be our aim to cultivate an environment that encourages both fiscal prudence and frugal practice. 

（三）提高财政资金使用效益。

3. Making more effective use of government funds

深入推进财政科学管理试点，加快构建横向到边、纵向到底的管理体系，贯穿从中央到地方、从预算安排源头到资金使用末端、从财政部门到各预算单位的全流程各方面，以科学管理推动挖潜增效。健全全过程预算绩效管理机制。加强新出台重大政策、项目事前绩效评估，将评估结果作为预算申报和安排的重要依据。健全支出政策定期评估和动态调整机制，加强绩效评价，及时清理低效无效支出，避免支出政策长期固化。加强预算执行、政府债券发行、国库现金管理、库款管理等统筹协调，保障支付需求，提升支付效率。优化预算管理一体化系统功能，提高预算管理信息化水平。

In pressing forward with trials for exercising sound fiscal management, we will move faster to establish a management system that covers all governments from the central to local levels, facilitates management at all stages from budgetary arrangements to the use of funds, and involves every aspect of work across financial and budgetary departments. Through sound management, we will unlock the full potential of government funds and ensure they are used more efficiently. We will improve the whole-process performance-based budget management mechanism.

We will strengthen ex-ante evaluations of major policies and projects and use their results as an important reference for budgetary application and arrangement. We will improve the mechanisms for regular evaluation and timely refinement of spending policies, in order to better assess their performance. This will allow us to cancel inefficient and ineffectual expenditures without delay, thus preventing spending policies from becoming ossified over time. 

We will strengthen overall planning and coordination for budget execution, government bond issuance, treasury cash management, and treasury balance management to guarantee funding for essential expenditures and increase payment efficiency. We will also refine the functions of the integrated budget management system and make such management more IT-based. 

（四）深化财税体制改革。

4. Deepening reform of the fiscal and tax systems

总结预算制度改革做法成效，加快制定出台关于健全预算制度的意见。加大财政资源和预算统筹力度，将政府所有收支全部列入预算并执行统一的预算管理制度。提高国有资本收益收取比例。进一步扩大中央部门零基预算改革试点范围，指导地方深化探索，推动建立有保有压、可增可减、动态调整的预算分配机制。加快支出标准体系建设，增强预算分配的科学性、规范性。健全地方税体系，拓展地方税源，推动地方附加税改革，调整优化消费税征税范围、税率并推进部分品目征收环节后移。进一步研究完善综合和分类相结合的个人所得税制度，更好发挥再分配调节作用。优化转移支付结构，完善转移支付管理，加强资金整合统筹，更好满足地方实际需要。加快推进省以下财政体制改革，提升市县财力同事权相匹配程度。扎实编好政府综合财务报告。支持深化国有金融企业改革，强化国有金融资本出资人监督。做好消费税法、政府采购法、注册会计师法、税收征管法等立法相关工作，研究修订资源税法。

We will conduct a review of the methods and results of budgetary system reforms, with a view to quickly formulating guidelines on improving this system. We will better coordinate fiscal resources and budgets, include all government revenues and expenditures in the budget, and implement a unified budget management system. We will increase the proportion of state capital gains collected by the central government. We will extend trials of the zero-based budgeting reform to more central departments while also guiding local government explorations on this front. Our aim is to establish a budget allocation mechanism that ensures funding for critical expenditures while enabling cuts to general expenditures and allows for dynamic adjustments to expenditures. We will also secure faster progress in building a robust system of expenditure standards to make budget allocation sounder and better regulated.  

We will improve the local tax system and expand the sources of tax revenue at the local level. To this end, we will advance local surtax reform, adjust and optimize the scope and rate of excise tax, and move excise tax collection for some items down the production-to-consumption chain. We will advance research on refining the personal income tax system, which is based on both adjusted gross income and specific income types, to see taxation playing a stronger role in redistribution. 

We will improve the structure and management of transfer payments to allow for more integrated and coordinated use of fiscal funds and better meet the practical needs of local governments. We will accelerate the pace of structural fiscal reform at and below the provincial level to ensure the fiscal resources of prefecture- and county-level governments are commensurate with their powers. We will take solid steps to prepare comprehensive government financial reports.

We will support deeper reforms in state-owned financial enterprises and tighten oversight over the investors of state-owned financial capital. We will also make progress in legislative work concerning the Excise Tax Law, the Government Procurement Law, the Law on Certified Public Accountants, and the Law on Tax Collection and Administration, and conduct research on revising the Resource Tax Law. 

（五）兜牢基层“三保”底线。

5. Guaranteeing the three priorities of basic public wellbeing, salary payments, and normal government functioning at the primary level

坚持守土有责、守土尽责，压实“三保”保障责任，严格落实县级为主、市级帮扶（兜底）、省级兜底的分级责任体系。坚持“三保”在预算安排中的优先顺序，足额安排“三保”支出预算，省市要加大财力下沉力度，增强基层“三保”保障能力，促进基层财政平稳运行。强化预算执行管控，加强库款调度，全力保障“三保”支出需要，防止挤占挪用“三保”资金。依托信息化手段，加强地方财政运行监测，完善“三保”预警机制，及时提醒提示，强化应急处置，切实防范化解“三保”风险。

We must diligently fulfill our responsibility for guaranteeing the three priorities. This requires full compliance with the tiered system under which county-level governments assume primary responsibility, prefectural governments provide assistance (ensuring basic needs in some cases), and provincial governments ensure that basic needs are met. These three priorities must take precedence in budgets and receive full funding. In addition, provincial and municipal governments should allocate more fiscal resources to lower-level governments to boost their capacity for funding the three priorities and ensure stable fiscal operations at the primary level. 

We will tighten management and oversight of budget execution and increase funding allocations from the treasury, doing everything possible to ensure necessary funding for these expenditures. We will also take steps to guard against misappropriation of funds. We will employ information technology to better monitor local government fiscal operations, enhance early warnings against risks, provide timely alerts, and improve emergency response. All this will enable us to effectively prevent and defuse all risks related to the three priorities.

（六）加强地方政府债务管理。

6. Strengthening local government debt management

指导各地用足用好各类支持政策，坚持省负总责、市县尽全力化债，加快化解存量隐性债务，严防虚假化债、违规化债。坚决把遏制违规新增隐性债务作为铁的纪律，保持零容忍高压监管态势，加强动态监测、核查评估，对违规举债行为终身问责、倒查责任。分类有序推动地方政府融资平台改革转型，坚决剥离政府融资功能，严禁新设或异化产生各类融资平台。强化专项债券全流程管理，优化专项债券用途管理，抓好项目资产管理和收入征缴工作，保障偿债资金来源。健全全口径地方债务监测机制，优化债务监测考核指标，推进隐性债务和法定债务合并监管。加快构建同高质量发展相适应的政府债务管理长效机制。

We will guide local governments in leveraging all relevant supporting policies. We will continue to follow the principle that provincial-level governments shoulder overall responsibility, while prefecture- and county-level governments are tasked with making every effort to defuse debts. On this basis, we will deliver faster progress in defusing existing hidden debts, while also taking measures against malpractice and fraud in the defusing of debts. 

We will enforce the prohibition on incurring new hidden debts in breach of regulations as an ironclad rule. Adopting a zero-tolerance stance, we will keep close track of developments through more robust real-time monitoring, investigations, and evaluations. Lifelong accountability will be enforced, and retroactive probes will be carried out to determine liability for borrowing in breach of regulations. We will also make orderly progress on the reform and transformation of local government financing platforms on a per-category basis. They will be stripped of all government financing functions, and the creation of new financing platforms, whether directly or in disguise, will be expressly prohibited. 

We will intensify whole-process regulation over special-purpose bonds and improve management to ensure their use for designated purposes. Funds for debt repayments will be ensured through effective project asset management and revenue collection. We will further improve monitoring mechanisms for the unified management of local government debt, refine indicators for debt monitoring and evaluation, and place hidden and legally mandated local-government debt under unified supervision. In doing so, we will make faster advances in establishing long-term mechanisms for government debt management that meet the needs of high-quality development.

（七）严肃财经纪律。

7. Maintaining strict financial and economic discipline

推进依法行政、依法理财，坚持预算法定，硬化预算约束，进一步全面深入实施好预算法。严格执行人大批准的预算，严禁超预算、无预算支出，严控预算调剂。切实履行财会监督主责，组织实施财会监督工作质效提升三年行动，加大对防范化解地方政府债务风险、超长期特别国债和专项债券项目建设、民生资金管理使用等重点领域监督力度，提高精准性和穿透力，保障党中央重大决策部署贯彻落实。加强对财经领域公权力行使的制约和监督，深入开展财经纪律整治，严肃查处违反财经纪律突出问题，推动整改整治。强化会计评估行业监督检查，依法严厉打击财务会计违法违规行为，从严从重查处影响恶劣的财务舞弊、会计造假案件，强化追责问责。

We will exercise administration, manage public finance, and formulate budgets in accordance with the law, impose mandatory budget constraints, and enforce the Budget Law to the letter. We will rigorously execute the budgets approved by the NPC, prohibiting all spending off budget or over budget, and exercising tighter control over budgetary adjustments. 

We will see that financial departments assume primary responsibility for accounting oversight. A three-year initiative will be launched to improve the quality and efficiency of such oversight. Oversight will be intensified for key priorities such as prevention and mitigation of local government debt risks, projects funded by ultra-long special treasury bonds and special-purpose bonds, and the management and use of funds for public wellbeing. Through more targeted, more penetrating oversight, we will ensure implementation of the Party Central Committee's major decisions and plans. 

We will intensify checks on and supervision of the exercise of public power in the financial and economic spheres. To this end, we will tighten up fiscal discipline, take a tougher line against prominent violations, and promote rectification in cases of misconduct. We will also strengthen supervision and inspection of accounting evaluations. We will crack down on all breaches of laws and regulations in financial accounting in accordance with the law. Harsher penalties will be imposed in financial and accounting fraud cases that exert a particularly harmful impact, with those responsible being strictly held to account. 

各位代表：

Fellow Deputies,

大道至简，实干为要。我们要更加紧密地团结在以习近平同志为核心的党中央周围，高举中国特色社会主义伟大旗帜，以习近平新时代中国特色社会主义思想为指导，深刻领悟“两个确立”的决定性意义，增强“四个意识”、坚定“四个自信”、做到“两个维护”，坚决贯彻落实党中央和国务院决策部署，主动接受人大依法监督和政协民主监督，认真听取人大代表和政协委员的意见建议，以永不懈怠的精神状态和一往无前的奋斗姿态，心无旁骛、只争朝夕，奋发有为做好财政改革发展各项工作，为以中国式现代化全面推进强国建设、民族复兴伟业作出新的更大贡献！

Great visions can be realized only through action. We will rally more closely around the Party Central Committee with Comrade Xi Jinping at its core, hold high the great banner of socialism with Chinese characteristics, and follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We will acquire a deeper understanding of the decisive significance of establishing Comrade Xi Jinping's core position on the Party Central Committee and in the Party as a whole and of establishing the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We will strengthen our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership. We will stay confident in the path, theory, system, and culture of socialism with Chinese characteristics. We will uphold Comrade Xi Jinping's core position on the Party Central Committee and in the Party as a whole and uphold the Party Central Committee's authority and its centralized, unified leadership.

We will resolutely implement the decisions and plans of the CPC Central Committee and the State Council, readily submit ourselves to law-based oversight by the NPC and democratic oversight by the CPPCC National Committee, and earnestly solicit comments and suggestions from NPC deputies and CPPCC National Committee members. With an indomitable spirit of persistence, we will dedicate ourselves to our duties and make every moment count as we strive to deliver on all initiatives for fiscal reform and development. Through these efforts, we will make new and even greater contributions to building a great country and advancing national rejuvenation on all fronts through Chinese modernization.

（来源：新华网）

(Source: Xinhua)