Translated by ChatGPT, edited by Sinocism.com.

Source: People’s Daily 人民日报 | Byline: Zhong Caiwen 钟才文 | August 25, 2026, page 2

The July 30 meeting of the Political Bureau of the CPC Central Committee made comprehensive arrangements for economic work in the second half of the year, making clear the need to keep the economy moving toward greater innovation, optimization and improvement and to strive for a good start to the 15th Five-Year Plan. To do a good job on economic work in the second half, we must thoroughly implement the CPC Central Committee’s decisions and arrangements, intensify countercyclical adjustment, fully unlock the effectiveness of existing policies, promptly plan and introduce practical and effective incremental policies, strengthen the drivers of development, and stimulate social vitality.

7月30日召开的中共中央政治局会议全面部署了下半年经济工作，明确要推动经济持续向新向优向好发展，努力实现“十五五”良好开局。做好下半年经济工作，要深入贯彻落实党中央决策部署，加大逆周期调节力度，充分发挥各项存量政策效能，及时谋划出台务实管用的增量政策，增强发展动力、激发社会活力。

Act proactively and make macro policies more forceful and effective. Continue to properly implement a more proactive fiscal policy and a moderately loose monetary policy. In the first half of this year, average daily treasury cash balances nationwide were relatively large, indicating that more fiscal funds were available. Fiscal expenditure and the use of bond funds should be accelerated so that they translate into tangible project progress as soon as possible. Strengthen monitoring of fiscal operations and treasury cash management, and safeguard the bottom line for the “three guarantees” at the primary level—basic livelihoods, salaries and government operations. Monetary policy tools should be used comprehensively and adjusted as appropriate to keep liquidity ample, improve the transmission of monetary policy, and keep overall financing costs low. Make good use of structural monetary policy tools and provide stronger support for key areas including expanding domestic demand, scientific and technological innovation, and small, medium-sized and micro enterprises. Optimize the implementation of coordinated fiscal and financial policies to boost domestic demand, creating a transmission chain in which fiscal policy provides guidance, finance supplies leverage, and the market drives operations. Strengthen assessments of consistency in macro-policy orientation. Major policy adjustments affecting business production and operations should allow a reasonable transition period.

积极作为，宏观政策要发力提效。继续实施好更加积极的财政政策和适度宽松的货币政策。今年上半年，全国国库日均库款规模相对较大，反映出财政可用资金较多。要加快财政支出和债券资金使用进度，尽快形成实物工作量。强化财政运行监测和库款调度，兜牢基层“三保”底线。要综合运用并适时调整货币政策工具，保持流动性充裕，畅通货币政策传导机制，促进社会融资成本低位运行。实施好结构性货币政策工具，加力支持扩大内需、科技创新、中小微企业等重点领域。优化实施财政金融协同促内需政策，形成财政引导、金融放大、市场运作的传导链条。强化宏观政策取向一致性评估，涉及企业生产经营的重大政策调整，要留出合理的过渡期。

Sustain the effort and effectively expand domestic demand. Commodity consumption in some areas is already approaching saturation or entering a temporary plateau. China should adapt to the consumption needs of different groups, expand high-quality supply, and actively cultivate and grow emerging forms of consumption. Service consumption will be a key area for expanding consumption in the future; new consumption scenarios should be created, the consumption environment improved, and the potential of service consumption tapped. Fixed-asset investment fell 5.7 percent in the first half of this year, so efforts are needed to arrest the decline and stabilize investment. Coordinate projects and funding and solidly advance the planning and construction of the “six networks.” Strengthen support for land, financing and other production factors, seize the window presented by the third quarter’s peak construction season, and accelerate the approval and commencement of major projects already identified in the 15th Five-Year Plan. This year, 800 billion yuan has been arranged for new policy-based financial instruments, principally to supplement the capital of major projects. Funds should be channeled into specific projects as quickly as possible to leverage more private investment.

持续用力，有效扩大国内需求。我国一些领域商品消费已经趋于饱和或进入阶段性平台期，要适应不同群体消费需求，扩大优质供给，积极培育壮大新兴消费。服务消费是未来扩大消费的重点领域，要创新消费场景，优化消费环境，挖掘服务消费潜力。今年上半年固定资产投资下降5.7%，要促进投资止跌回稳。统筹好项目和资金，扎实推进“六张网”规划建设。要强化要素保障，抓住三季度施工旺季的窗口期，加快“十五五”规划已经确定的重大项目审批和开工建设。今年安排了8000亿元新型政策性金融工具资金，主要用于补充重大项目资本金。要抓紧把资金投放到具体项目，撬动更多民间投资。

Let innovation lead and accelerate the building of a modernized industrial system. Basic research is the wellspring of the entire scientific system and the central hub for solving all technological problems. China should increase long-term and stable support for basic research, strengthen its capacity to make systematic breakthroughs in scientific and technological innovation, and promote the deep integration of scientific and technological innovation with industrial innovation. Deepen implementation of the “AI Plus” initiative, create new forms of the intelligent economy, and use artificial intelligence to empower every sector, while improving the AI governance system and accelerating foundational legislation on artificial intelligence. Since the beginning of this year, demand for AI computing power has grown rapidly, driving faster development of the semiconductor industry. China must strengthen the supply of advanced computing power while also avoiding a herd-like rush. Actively promote breakthroughs in frontier technologies and the development of future industries, work to build emerging pillar industries, and continue the transformation and upgrading of traditional industries.

创新引领，加快现代化产业体系建设。基础研究是整个科学体系的源头，是所有技术问题的总机关。要加大对基础研究的长期稳定支持，增强科技创新体系化攻关能力，促进科技创新和产业创新深度融合。深入实施“人工智能+”行动，打造智能经济新形态，推动人工智能技术赋能千行百业，同时完善人工智能治理体系，加快人工智能基础性立法进程。今年以来，人工智能算力需求快速增长，驱动半导体行业加快发展。既要强化先进算力供给，也要避免“一哄而上”。积极推动前沿技术突破和未来产业发展，着力打造新兴支柱产业，持续推动传统产业改造升级。

Face contradictions head-on and create a fair and orderly competitive market environment. Formulate and implement regulations for building a unified national market. Regulate local investment-promotion practices and corporate competitive conduct, using both negative lists and positive lists. Continue the comprehensive rectification of “involution-style” competition, especially disorderly low-price competition in some sectors, and guide the relevant industries back toward value-based and rational competition. In recent years, corporate accounts receivable have continued to grow relatively rapidly, average collection periods have lengthened, and the recovery of overdue payments has become more difficult, creating a stubborn chronic problem for enterprises. Establish regular mechanisms to address overdue payments owed to enterprises and clean up malicious payment defaults. Improve governance mechanisms for platform companies and promote the standardized and healthy development of the platform economy. Advance price reform for public utilities such as water, gas and heating gradually and steadily.

直面矛盾，营造公平有序的市场竞争环境。制定实施全国统一大市场建设条例。规范地方招商引资和企业竞争行为，既要有负面清单，也要有正面清单。继续综合整治“内卷式”竞争，特别是一些领域低价无序竞争，引导相关行业回归价值竞争、理性竞争。近年来，企业应收账款持续较快增长，平均回收期延长、清欠难度大，成为困扰企业的顽瘴痼疾。要常态化解决企业账款拖欠问题，清理整顿恶意拖欠行为。完善平台企业治理机制，推动平台经济规范健康发展。渐进式稳步推进供水、供气、供热等公用事业价格改革。

Coordinate domestic and external priorities and expand the space for mutually beneficial international economic and trade cooperation. The more turbulent and complex the external environment becomes, the more China must remain committed to opening up and promote win-win cooperation across multiple fields. Actively expand trade in intermediate goods, cross-border e-commerce, digital trade and green trade, and vigorously develop trade in services. Expand imports and promote more balanced trade. Successfully host the China International Import Expo. Improve the management system for outbound investment and the comprehensive overseas services system, enhance the soundness and security of outbound investment, and strengthen the protection of overseas interests. Actively attract and utilize foreign investment, bolster foreign investors’ confidence in investing and developing in China, and support foreign-invested enterprises in putting down long-term roots in the Chinese market.

统筹内外，拓展国际经贸互利合作空间。外部环境越是变乱交织，我们越要坚持对外开放，推动多领域合作共赢。要积极扩大中间品贸易、跨境电商、数字贸易、绿色贸易，大力发展服务贸易。扩大进口，促进贸易平衡发展。办好中国国际进口博览会。完善对外投资管理制度和海外综合服务体系，提高对外投资的科学性、安全性，加强海外利益保护。积极吸引和利用外资，提振外商在华投资发展信心，支持外资企业长期深耕中国市场。

Shore up the foundations and never relax efforts on agriculture, rural areas and farmers. Carry out regular and targeted assistance in depth, continually consolidate and expand the achievements of poverty alleviation, and hold the line against any large-scale return to or descent into poverty. Food security is a matter of paramount national importance. This year, China’s summer grain output exceeded 300 billion jin for the first time. Sustained efforts are needed to do a good job in agricultural production and secure bumper harvests of autumn grain and grain for the full year. Stabilize the production and prices of hogs and other agricultural and livestock products, and promote the high-quality development of the beef-cattle and dairy-cattle industries. The construction of high-standard farmland is an important vehicle for implementing the strategy of safeguarding grain supplies through land and technology. Sound mechanisms for construction, operation and maintenance should be established and improved to ensure that every tract built meets the standard and delivers benefits over the long term.

打牢基础，毫不放松做好“三农”工作。深入开展常态化精准帮扶，持续巩固拓展脱贫攻坚成果，守牢不发生规模性返贫致贫的底线。粮食安全是“国之大者”。今年全国夏粮产量首次突破3000亿斤，要持续用力抓好农业生产，夺取秋粮和全年粮食丰收。稳定生猪等农畜产品生产和价格，推进肉牛奶牛产业高质量发展。高标准农田建设是落实藏粮于地、藏粮于技战略的重要载体，要建立健全建设、运营、管护机制，确保建一块成一块，长期发挥效益。

Take multiple measures to strengthen protections for people’s livelihoods forcefully and effectively. Employment is the foundation of people’s well-being. The number of college graduates reached 12.7 million this year, another record high, so employment support for key groups must be increased. China currently has around 200 million people in flexible employment, and many workers are engaged in new forms of employment; protections for their rights and interests must keep pace. Study in depth and respond effectively to the impact of artificial intelligence on employment, and promote technological progress alongside inclusive employment growth. Expanding consumption requires strengthening residents’ ability and willingness to consume, so China should study and introduce practical measures that use high-quality development to increase the incomes of urban and rural residents. Strengthen inclusive, basic and safety-net public services, improve services and support for the elderly and children, and refine the tiered and categorized social assistance system. Deepen implementation of the action plan for sustained improvement in air quality, fight the three landmark campaigns of the Three-North Shelterbelt Forest Program, and advance carbon peaking and carbon neutrality actively and prudently.

多措并举，有力有效加强民生保障。就业是民生之本。今年高校毕业生达到1270万人，再创新高，要加大重点群体就业支持力度。当前我国灵活就业人员规模达到2亿人左右，新就业形态劳动者数量众多，相关权益保障工作要及时跟上。深入研判并有效应对人工智能对就业的影响，推动技术进步与就业包容发展。扩大消费必须增强居民消费能力和意愿，要研究推出以高质量发展促进城乡居民增收的务实举措。加强普惠性、基础性、兜底性民生建设，抓好“一老一小”服务保障，健全分层分类的社会救助体系。深入实施空气质量持续改善行动，打好“三北”工程三大标志性战役，积极稳妥推进碳达峰碳中和。

Hold the bottom line and build a solid safety barrier. “The enlightened prevent calamity before it emerges; the wise plan against danger before it arrives.” China must strengthen bottom-line thinking and effectively prevent and defuse all types of risks. Stabilize the real-estate market and advance urban renewal with high quality. Properly implement the package of debt-resolution measures and prudently defuse local government debt risks. Strengthen financial risk prevention and control, and solidly advance reform and risk resolution at small and medium-sized local financial institutions, reducing their number and improving their quality. Deepen comprehensive reform of investment and financing in the capital market, further improve mechanisms for medium- and long-term funds to enter the market, and strengthen the capital market’s resilience and confidence. Thoroughly investigate and rectify all types of risks and hidden hazards, resolutely prevent major and especially serious accidents, and effectively safeguard people’s lives and property and overall social stability.