The 2026 Government Work Report was recently released, outlining specific plans for the year's economic and social development. According to the report, "focusing on building a strong domestic market" has been designated as the primary task for the year. The report proposes the in-depth implementation of special campaigns to stimulate consumption, aiming to drive sustained consumption growth by boosting household spending momentum through both policy support and intrinsic motivation. It specifies that fiscal support for consumption promotion will be strengthened in 2026: 250 billion yuan from ultra-long-term special government bonds will be allocated to support trade-in programs, and a 100 billion yuan special fund for fiscal and financial coordination to boost domestic demand will be established.
Regarding consumption stimulation, National People's Congress deputies and members of the Chinese People's Political Consultative Conference have offered suggestions, sparking broad public discussion. LexinFintech Holdings Ltd. (NASDAQ: LX) CEO Xiao Wenjie stated in a media interview that 2026 marks the beginning of the 15th Five-Year Plan period, a critical phase where China's economic growth is transitioning from "investment-driven" to "consumption and innovation-driven." He recommended further strengthening medium- to long-term growth policies centered on consumption and innovation. This includes continuously improving the institutional design for promoting consumption, focusing on expanding service consumption, new forms of consumption, and county-level consumption, stabilizing household income expectations, refining income distribution mechanisms, and increasing financial support to enhance both the ability and willingness of residents to consume.
Against the backdrop of the national strategy to continuously promote consumption and expand domestic demand, fintech companies—particularly those focused on serving the real economy and public livelihood needs—are becoming important forces in facilitating the orderly release of consumption potential. Taking LexinFintech Holdings Ltd. as an example, its Fenqile platform connects over 200 million high-quality, high-growth consumers on one end, and nearly a million brands, merchants, and tens of millions of product categories on the other. Leveraging its technological advantages, the platform continuously drives the expansion and upgrading of product consumption while improving convenience for shoppers. Furthermore, by addressing essential public needs, it stimulates consumption vitality, fully unleashes policy effectiveness, and guides funds more efficiently into the real economy, creating synergy with macroeconomic policies.
In recent years, the Fenqile platform has continuously optimized its product supply and service system, leveraging its scenario advantages and fintech capabilities to create a trendy installment experience. This helps lower purchasing barriers for consumers, enabling flexible installments and easier spending. Simultaneously, it assists brands and merchants in reaching high-quality, high-growth consumer groups, supporting sustained growth in the consumer market.
Consumption is a vital pillar of economic growth. Data shows that in 2025, consumption contributed 52% to economic growth, pulling GDP up by 2.6 percentage points. With expanding domestic demand becoming a market consensus, and as policy support and market innovation join forces, consumption potential is expected to be further unleashed, serving as a key engine for China's sustained and stable economic development.
A representative from the Fenqile platform stated that consumption is an important reflection of improving public welfare. Moving forward, the platform will continue to optimize its product supply structure and service system, providing consumers with higher-quality service experiences. It will also actively contribute to the steady release of consumer enthusiasm, playing a role in expanding domestic demand and promoting high-quality economic development.
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