The journal Qiushi published an important article by General Secretary Xi Jinping titled “Key Tasks in Current Economic Work.”

BEIJING, Feb. 15 (Xinhua) — The fourth issue of the journal Qiushi, to be published on February 16, will feature an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, entitled “Key Tasks in Current Economic Work.” This excerpt is part of General Secretary Xi Jinping’s address at the Central Economic Work Conference held on December 10, 2025.

  The article emphasizes that 2026 will bring numerous priorities to economic work, calling for a focus on key areas to achieve comprehensive progress. It underscores the need to prioritize domestic demand and build a robust domestic market, coordinating efforts to boost consumption and expand investment while leveraging China’s advantage as an ultra-large-scale market. The article calls for the in-depth implementation of targeted measures to stimulate consumption, the formulation and execution of income‑increase plans for both urban and rural residents, the expansion of high‑quality goods and services, the refinement of policies supporting the “two new” initiatives, and the removal of unreasonable restrictions in the consumer sector to unlock the potential of service‑sector spending, including culture and tourism. With a view to improving people’s livelihoods and bolstering long-term growth momentum, the article advocates stabilizing and reversing the decline in investment by appropriately increasing central budgetary investment, optimizing the implementation of “dual‑priority” projects, refining the management of local government special bond allocations, continuing to leverage new policy‑oriented financial instruments, and advancing urban renewal at a high standard to effectively invigorate private investment.

  The article emphasizes the need to remain committed to innovation-driven development and to accelerate the cultivation and expansion of new growth drivers. It calls for leveraging scientific and technological innovation to lead industrial upgrading and continuously foster new, higher‑quality productive forces. An integrated plan for advancing education, science, technology, and talent development should be formulated. International centers of scientific and technological innovation will be established in Beijing (the Beijing–Tianjin–Hebei region), Shanghai (the Yangtze River Delta), and the Guangdong–Hong Kong–Macao Greater Bay Area, with the aim of creating world‑class hubs for groundbreaking innovation. The central role of enterprises as the main actors in innovation must be strengthened; support will be provided to expand demonstration projects showcasing new technologies, products, and applications; the intellectual property protection regime in emerging fields will be improved; and the commercialization of scientific and technological achievements will be expedited. A plan to enhance the capacity and quality of the service sector will also be developed. A new round of initiatives to promote high‑quality development of key industrial chains will be implemented. Efforts to deepen and broaden the “AI plus” approach will be intensified, and AI governance frameworks will be refined. Innovative financial services for science and technology will be advanced.

  The article emphasizes the need to press ahead with reform, bolstering the momentum and vitality of high-quality development. It calls for enacting regulations to build a unified national market, rigorously addressing “involutionary” competition, and fostering a sound market environment. Furthermore, it advocates formulating and implementing a plan to deepen state‑owned asset and state‑owned enterprise reforms, while refining supporting laws and policies under the Law on Promoting the Private Sector. Efforts should be accelerated to clear outstanding payments owed to enterprises, and mechanisms should be put in place to ensure win‑win outcomes for platform enterprises, operators on these platforms, and workers. Pilot programs for factor‑market‑based reforms will be expanded, the structure of fiscal transfer payments will be optimized, and the local tax system will be improved. Finally, measures will be advanced to reduce the number of small and medium‑sized financial institutions while enhancing their quality, and comprehensive reforms of capital‑market financing and investment will be deepened.

  The article emphasizes the need to uphold opening-up and promote win-win cooperation across multiple sectors. As the international economic and trade landscape is being reshaped, we must use openness to strengthen cooperation and ensure smooth circulation within both domestic and international markets. We will steadily advance institutional opening-up, orderly expand autonomous opening in the services sector, optimize the spatial layout of free trade pilot zones, and make solid progress in building the Hainan Free Trade Port. We will promote the integrated development of trade and investment, as well as the integration of domestic and foreign trade. We will encourage and support service exports, and actively develop digital and green trade. We will deepen reforms of the mechanisms for promoting foreign investment, facilitating reinvestment by foreign investors within China, and expanding localized production. We will improve the comprehensive overseas service system. We will advance high-quality development of the Belt and Road Initiative and work to conclude more regional and bilateral trade and investment agreements.

  The article emphasizes the need to uphold coordinated development and promote urban–rural integration and regional synergy. It calls for advancing, in a coordinated manner, urbanization centered on county towns and the all-round revitalization of rural areas, thereby driving high-quality economic growth at the county level. It also stresses the importance of firmly safeguarding the red line for arable land, maintaining unwavering efforts to ensure grain production, keeping prices of grain and other key agricultural products at reasonable levels, and helping farmers achieve stable income growth. Furthermore, it underscores the need to consolidate and expand the achievements of poverty alleviation, integrating routine assistance into the overarching strategy for rural revitalization to prevent large-scale relapse into poverty. All regions should accurately define their roles within the national development framework, strengthen their core functions, and leverage their comparative advantages. The article supports major economic provinces in shouldering greater responsibilities, enhances coordination and linkage among key city clusters, and deepens cooperation across administrative boundaries. Finally, it advocates for comprehensive planning of major bays to foster high-quality development of the marine economy.

  The article emphasizes the need to uphold the “dual carbon” goals as the guiding principle and to advance a comprehensive green transformation. It calls for coordinated efforts to reduce carbon emissions, curb pollution, expand green spaces, and promote economic growth, thereby bolstering the momentum of green development. The document further advocates deepening energy‑saving and carbon‑reduction upgrades in key industries, formulating a strategic plan for building a strong energy nation, accelerating the development of a new‑type energy system, and expanding the use of green electricity. It also underscores the importance of strengthening the national carbon‑emissions‑trading market, launching a comprehensive campaign to manage solid waste, fighting resolutely to protect blue skies, clean waters, and uncontaminated soil, and intensifying efforts to address emerging pollutants. In addition, it stresses the need to make solid progress in the tough battle to implement the “Three North” ecological project and to carry out the integration and optimization of nature reserves. Finally, the article highlights the imperative of enhancing the meteorological monitoring, forecasting, and early‑warning system, expediting the improvement of flood‑control, drainage, and disaster‑resilience infrastructure in northern regions, and raising the capacity to respond to extreme weather events.

  The article emphasizes the need to put people’s wellbeing first and to deliver tangible results for the public. It calls for strengthening employment‑first policies, implementing initiatives to stabilize jobs, expand employment opportunities, and improve job quality, with a particular focus on ensuring stable employment for key groups such as college graduates and rural migrant workers, while encouraging and supporting those in flexible or new forms of employment to participate in employee‑based social insurance. The article also advocates adjusting the spatial distribution and structure of educational resources, increasing the supply of regular high school places, and expanding admissions to top‑tier universities at the undergraduate level. Furthermore, it seeks to optimize centralized drug procurement and deepen reforms of medical insurance payment mechanisms. A program to expand and upgrade rehabilitation and nursing services will be launched, a long-term care insurance system will be introduced, and greater care and support will be provided to vulnerable groups, including elderly individuals living alone. The article promotes a positive attitude toward marriage and childbearing and strives to maintain a stable birth rate. Finally, it underscores the importance of ensuring workplace safety, preventing and mitigating disasters, providing disaster relief, and safeguarding food and drug safety, while strengthening social and psychological counseling.

  The article emphasizes the need to firmly uphold bottom lines and proactively yet prudently defuse risks in key areas. It calls for stronger policy coordination between risk prevention and development, further bolstering economic resilience. Efforts should focus on stabilizing the real estate market by adopting city-specific measures to curb new supply, reduce inventory, and improve housing supply, while encouraging the repurposing of existing commercial housing primarily for affordable housing. The reform of the housing provident fund system should be deepened, with orderly promotion of “good‑quality housing” development, accelerating the establishment of a new model for real estate growth. Local government debt risks must be addressed in a proactive and well‑organized manner, with local authorities urged to take initiative in debt reduction. Debt restructuring and refinancing mechanisms should be refined, and a multi‑pronged approach adopted to mitigate operational debt risks associated with local government financing platforms.

[Editor-in-charge: Wang Xue]

Source: Xinhua Net