Five senior Chinese economic policymakers used a March 6 press conference at the national legislative session to deliver a coordinated message: Beijing will step up targeted fiscal, monetary and market measures to stabilise growth, expand consumption and accelerate strategic industries such as artificial intelligence.
The National Development and Reform Commission’s Zheng Zhanjie framed the agenda around stronger domestic demand and supply-side upgrades. He said this year’s GDP increment will exceed 6 trillion yuan, argued for a deeper “AI+” push that could expand the AI-related industrial base to the tens of trillions of yuan over the plan horizon, and announced a slate of infrastructure and public-service investments—covering water, power, computing capacity, communications, urban utilities and logistics—alongside 109 major projects to be advanced this year.
Finance Minister Lan Fo’an outlined an unusually large fiscal package in both scale and coordination. Central budget spending will top 30 trillion yuan for the first time, new government bond issuance will reach about 11.9 trillion yuan, and central transfers to local governments will exceed 10.4 trillion yuan again. He also described a newly designed fiscal–financial coordination tool to mobilise private capital into consumption and investment: a central allocation of 100 billion yuan plus a six-measure policy bundle intended to guide bank and market funding into household demand and private projects.
Commerce Minister Wang Wentao emphasised consumption as the stabiliser of the economy, noting that China’s consumer market ranks second globally in size and that service and experiential consumption have become structural growth drivers. He highlighted a rebound of offline retail sales during the holiday period and pointed to rising per-capita consumption income as evidence of longer-term structural change from quantity to quality and greener consumption patterns.
People’s Bank of China Governor Pan Gongsheng signalled a flexible, pragmatic monetary stance. The central bank has injected around 2 trillion yuan of medium- and long-term liquidity through open-market operations in recent weeks and will use a mix of rate and reserve requirement tools to keep financing costs low. Pan also warned against distortive market behaviours that blunt policy transmission, ordered banks to disclose true annualised financing costs to firms, and reiterated that recent renminbi gains reflect market conditions rather than a deliberate currency strategy.
China’s securities regulator chief Wu Qing set out capital-market reforms meant to deepen equity financing and shore up investor confidence. With the A‑share market at a very large scale, he promised improved market-stabilisation mechanisms, tougher enforcement on accounting fraud and market abuse, enhanced incentives for dividends and buybacks, richer exit channels for private equity and venture capital, and more inclusive listing standards—particularly on the ChiNext (growth board)—to ease the path for innovative firms to list.
Taken together, the statements form a consistent playbook: channel abundant policy resources into consumption, strategic tech and infrastructure while preserving orderly financial conditions and improving the incentives and legal framework for equity financing. For foreign investors and policymakers, the package signals Beijing’s preference for calibrated, coordinated support that leans on fiscal heft and administrative direction rather than blunt, across-the-board stimulus.