BEIJING - China targets an economic growth of 4.5 percent to 5 percent this year and will strive for better in practice, according to a government work report submitted Thursday to the country's top legislature for deliberation.

Main targets for development this year also include: a surveyed urban unemployment rate of around 5.5 percent; over 12 million new urban jobs; an increase in consumer price index of around 2 percent; growth in personal income in step with economic growth; a basic equilibrium in the balance of payments; grain output of around 700 million tonnes; and a drop of around 3.8 percent in carbon dioxide emissions per unit of gross domestic product. 

More proactive fiscal policy

China will continue to implement a more proactive fiscal policy in 2026 and increase government deficit by 230 billion yuan (about $33.29 billion) over last year.

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The deficit-to-GDP ratio for this year is set at around 4 percent, with the total government deficit at 5.89 trillion yuan. Expenditure in the general public budget is projected to reach 30 trillion yuan for the first time, an increase of about 1.27 trillion yuan from the 2025 level, said the report.

Unleash investment potential

China will tap and unleash the potential of effective investment in 2026, according to the report.

A total of 755 billion yuan will be earmarked in this year's central government budget for investment, and 800 billion yuan raised from ultra-long special treasury bonds will be allocated to implement major national strategies and enhance security capacity in key areas.

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China will also issue new types of policy-backed financial instruments with a total value of 800 billion yuan to stimulate greater private sector investment, the report said.

Wider opening-up

China will also open wider to the outside world, according to the report.

Efforts will be made to expand market access and open up more areas, particularly in the service sector, the report said.

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Opening-up trials will be expanded in fields such as value-added telecom services, biotechnology and wholly foreign-owned hospitals this year, according to the report.

It said the country will also take well-ordered steps to expand opening up in the digital sector, and shorten the negative list of cross-border trade in services.