On March 5, Premier Li Qiang of China delivered the government work report to the Fourth Session of the 14th National People's Congress (NPC), announcing that China’s deficit-to-GDP ratio is projected to be around four percent this year, with a deficit of RMB 5.89 trillion ($0.85 trillion), an increase of RMB 230 billion ($33.3 billion) compared to 2025.
Meanwhile, the government plans to issue RMB 1.3 trillion ($0.19 trillion) in ultra-long-term special bonds to continue supporting the implementation of major national strategies and enhancing security capabilities in key areas, advancing a new round of large-scale equipment upgrades, and promoting trade-in programs for consumer goods, aiming to expand domestic demand and ensure economic growth. In particular, China plans to allocate RMB 250 billion ($36.2 billion) in ultra-long-term special bonds for trade-in programs for consumer goods in 2026.