The economic-themed press conference held on March 6 during the National People's Congress session featured officials from five key ministries addressing questions on development, fiscal policy, commerce, and financial markets. Here are the ten major incremental insights revealed.
First, the draft outline for the 15th Five-Year Plan includes 109 major projects, categorized into six areas: 28 projects aimed at developing new productive forces, 23 for building a modern infrastructure system, 9 for promoting urban-rural integration, 25 for improving people's livelihoods, 18 for advancing green and low-carbon transitions, and 6 for enhancing security in key sectors. These projects range from large-scale energy initiatives like the Yaxia hydropower project and renewable energy bases in desert regions to future-oriented industries such as AI computing clusters and satellite internet networks. The mix includes traditional infrastructure, energy, environmental, and social welfare projects, with a significant portion dedicated to new industrial ventures, aiming to boost both the quantity and quality of investments.
Second, the National Development and Reform Commission (NDRC) identified the "Six Networks" and key sectors as the primary drivers for expanding effective investment in 2026. The "Six Networks" encompass water, power grid, computing power, new communication networks, urban underground pipelines, and logistics networks. Key sectors include integrated transportation facilities, consumption infrastructure, low-altitude economy, AI-enabled infrastructure, and education and healthcare facilities. Total estimated investment in these areas is projected to exceed 7 trillion yuan, providing concrete support for stabilizing fixed-asset investment and boosting domestic demand.
Third, details were disclosed regarding the 100 billion yuan "Fiscal-Financial Coordination Tool to Boost Domestic Demand." The package includes six policies: four targeting private investment and two supporting household consumption. Measures for private investment include a special guarantee plan, loan interest subsidies for SMEs and equipment upgrades, and a risk-sharing mechanism for corporate bonds. For consumption, policies feature optimized personal loan subsidies with higher caps and expanded coverage to include online credit, alongside enhanced loan support for service sector businesses. This coordinated approach aims to address weak consumer demand and sluggish private investment by leveraging fiscal funds to amplify financial support.
Fourth, the Ministry of Commerce outlined three policy directions to stimulate consumption: specialized support for "6+3" service sectors, further opening of the service industry, and removing unreasonable restrictions. The "6" refers to key areas like transportation, home services, online media, and tourism, while the "3" includes potential growth areas such as live performances and sports events. Efforts will focus on encouraging new consumption scenarios and expanding market access in sectors like telecommunications and biotechnology.
Fifth, the NDRC clarified the policy framework for "six emerging pillar industries" and "six future industries." The pillar industries—integrated circuits, aerospace, biopharma, low-altitude economy, new energy storage, and smart robotics—are expected to see their output grow from nearly 6 trillion yuan in 2025 to over 10 trillion yuan by 2030. Future industries include quantum technology, biomanufacturing, and brain-computer interfaces, representing the next wave of industrial transformation.
Sixth, the Beidou navigation system application project and the "AI Plus" initiative were highlighted as focal points for new pillar industries. The NDRC aims to grow the Beidou industry to over 1 trillion yuan within five years and expand the AI-related sector to more than 10 trillion yuan by the end of the 15th Five-Year Plan period, positioning both as foundational industrial chains.
Seventh, a national-level mergers and acquisitions fund will be established in 2026 to facilitate exit channels for venture capital, with an expected leverage effect exceeding 1 trillion yuan. This initiative is intended to enhance market liquidity and optimize competition in emerging sectors.
Eighth, the People's Bank of China (PBOC) will support Central Huijin Investment Ltd. in playing a role similar to a market stabilization fund, alongside exploring liquidity mechanisms for non-bank financial institutions under specific conditions. These measures are designed to bolster financial market stability.
Ninth, the China Securities Regulatory Commission (CSRC) plans to deepen reforms on the ChiNext board, introducing more inclusive listing criteria to support innovative companies in sectors like new consumption and modern services. This reform aims to enhance the board’s adaptability to new business models and technologies.
Tenth, the refinancing mechanism will be optimized to favor high-quality, innovation-driven companies. Reforms include refining strategic investor criteria, introducing shelf offerings, and extending the "light-asset, high-R&D" standard from Sci-Tech Innovation Board and ChiNext to the main board, guiding capital toward long-term innovation.
Risk factors include potential misinterpretation of policies, delays in implementation, and unforeseen changes in international trade or geopolitical conditions.
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