Sinobravo Policy Express (March 2026)

Policy Environment

Major Projected Targets for 2026

- Economic growth: 4.5%–5%.

- Surveyed urban unemployment rate: around 5.5%.

- New urban jobs: more than 12 million.

- Increase in resident consumer prices: around 2%.

- Growth in resident income aligned with economic growth.

- Basic balance in international payments.

- Grain output: around 1.4 trillion jin.

- Reduction of carbon dioxide emissions per unit of GDP: around 3.8%.

Key Priorities for 2026

(1) Focus on building a strong domestic market

- Deeply implement special initiatives to boost consumption

- Fully tap and release the potential of effective investment

(2) Accelerate the cultivation and expansion of new growth drivers

- Optimize and upgrade traditional industries

- Cultivate and expand emerging and future industries

- Expand capacity and improve quality of the service sector

- Create new forms of intelligent economy

(3) Accelerate high-level self-reliance and strength in science and technology

- Strengthen original innovation and breakthroughs in key core technologies

- Promote deep integration of technological and industrial innovation

- Advance the integrated development of education, technology, and talent

(4) Continue to deepen reforms in key areas

- Deepen the development of a unified national market

- Advance reforms of the fiscal, tax, and financial systems

- Fully energize various business entities

(5) Further expand high-standard opening up

- Actively expand independent opening up

- Stabilize the scale and optimize the structure of foreign trade

- Expand two-way investment and cooperation

- Promote high-quality Belt and Road cooperation

(6) Make solid progress in comprehensive rural revitalization

- Maintain strict focus on grain production

- Implement regular, targeted poverty prevention and assistance

- Continue to advance rural reform and development

(7) Promote new urbanization and coordinated regional development

- Deepen people-centered new urbanization

- Continuously enhance the coordination of regional development

(8) Strengthen efforts to safeguard and improve people's livelihoods

- Promote high-quality and full employment

- Advance education equity and quality improvement

- Strengthen basic medical and health services

- Enhance social security and services

- Better meet the people's spiritual and cultural needs

(9) Accelerate the comprehensive green transition

- Strengthen comprehensive environmental governance

- Vigorously develop a green and low-carbon economy

- Actively and steadily advance peak carbon and carbon neutrality

(10) Strengthen risk prevention, mitigation, and security capacity building in key areas

- Focus on stabilizing the real estate market

- Actively and orderly resolve local government debt risks

- Actively and steadily mitigate financial sector risks

- Safeguard national security and social stability

The 14th National People's Congress (NPC) Standing Committee Approves the 15th Five-Year Plan

On March 12, the Fourth Session of the 14th NPC Standing Committee approved the "Outline of the 15th Five-Year Plan for National Economic and Social Development," clarifying development directions and implementation paths for key sectors such as the internet, artificial intelligence (AI), outbound investment, pharmaceuticals, food, and green development.

High-Level Interaction

Ministry of Commerce Improves Export Credit Insurance System

On March 27, the Ministry of Commerce and China Export & Credit Insurance Corporation jointly issued a notice on fully leveraging export credit insurance to promote high-quality development of commerce during the 15th Five-Year Plan period. The notice aims to continuously improve the policy support system for export credit insurance, synergize existing and incremental policies for enhanced quality and efficiency, strengthen the role of insurance in supporting foreign trade enterprises to secure orders, expand markets, and manage risks, and stabilize foreign trade industrial and supply chains.

SAMR Solicits Comments on List of Key Industrial Products for Online Sales

On March 26, SAMR began soliciting public comments on the "List of Key Industrial Products for Online Sales (2026 Edition) (Draft for Comments)." The list focuses on products with high online sales frequency and prominent quality and safety issues, considering regulatory necessity and feasibility, aiming to strengthen platform and operator responsibilities, improve quality and safety levels of industrial products sold online, and prevent product safety risks.

Opinions on Establishing a Long-Term Care Insurance System Issued

On March 25, the General Office of the Communist Party of China Central Committee and the State Council issued opinions on accelerating the establishment of a long-term care insurance system. The document aims to build a universal, urban-rural integrated, fair, unified, secure, standardized, and sustainable long-term care insurance system within about three years.

Li Qiang Delivers Keynote Speech at Opening Ceremony of China Development Forum 2026

On March 22, Premier Li Qiang attended and addressed the opening ceremony of the China Development Forum 2026. He put forward three propositions focusing on market, development, and the future, emphasizing creating incremental markets through openness and innovation and opposing protectionism. He advocated for healthy competition and win-win cooperation to jointly ensure global supply chain stability, fully implement national treatment for foreign investment, and serve as a "cornerstone of certainty" and a "stable harbor" for the world economy.

PBOC Raises Macro-Prudential Coefficient for Overseas Lending, Expanding Cross-Border Fund Allocation Space for Enterprises

On March 20, the People's Bank of China (PBOC) and other departments issued the "Administrative Measures for Overseas Lending by Domestic Enterprises," raising the macro-prudential adjustment coefficient for overseas lending by domestic enterprises from 0.5 to 0.6, thereby increasing the ceiling for outstanding overseas loans. This supports domestic enterprises in conducting compliant overseas lending, better meeting the funding needs of cross-border operations and overseas investments, and enhancing enterprises' cross-border resource allocation capabilities.

Ministry of Justice Releases Draft Financial Law, Establishes Rapid Financial Risk Resolution Mechanism

On March 20, the Ministry of Justice released the "Financial Law of the People's Republic of China (Draft)" for public comment. The draft specifies that the state will strengthen monitoring and early warning of financial market risks, establish and improve rapid response and resolution mechanisms for financial market risks, and prudently address major risks such as abnormal market fluctuations, market panic, and liquidity crises to maintain financial market stability and national financial security.

Nine Departments Issue 16 Measures to Promote Travel Service Exports and Expand Inbound Consumption

On March 19, nine departments including the Ministry of Commerce jointly issued policy measures to promote travel service exports and expand inbound consumption. The measures include 16 specific initiatives across seven areas: tourism, business, events, entertainment, health, education and training, and support services. Highlights include building the "Nihao! China" national tourism brand, optimizing visa and entry facilitation, enriching cultural and tourism consumption scenarios, developing international medical tourism and the "Study in China" brand, improving tax refunds and multilingual services, and increasing financial support to comprehensively enhance the attractiveness and convenience of inbound consumption.

Two Departments Jointly Issue Opinions to Comprehensively Promote Child-Friendly Development

On March 17, the National Development and Reform Commission (NDRC) and the Office of the State Council Working Committee on Women and Children issued opinions on promoting child-friendly development across society. Using cities as basic units, opinions work around five directions: social policies, public services, rights protection, growth spaces, and development environment. The document focuses on optimizing public policies, facilities, and services, advancing child-friendly public spaces, implementing child free and preferential policies, and deepening the "six major protections" (family, school, society, internet, government, justice).

PBOC Regulates Disclosure of Comprehensive Financing Costs for Personal Loans to Protect Consumer Rights

On March 15, the PBOC and other departments issued regulations on clearly indicating comprehensive financing costs for personal loan business, requiring institutions to clearly, completely, and accurately disclose interest and fees for personal loans. This addresses issues of non-standard and non-transparent information disclosure, protects consumers' rights to know and choose, and facilitates the transmission of financial inclusion policies.

Ministry of Commerce Imposes Anti-Dumping Duties on Halogenated Butyl Rubber from Japan and Canada

On March 13, the Ministry of Commerce announced the final ruling in the anti-dumping investigation into imports of halogenated butyl rubber originating from Japan, Canada, and India. From March 14, 2026, anti-dumping duties will be imposed on imports of halogenated butyl rubber from Japan and Canada.

SAMR Strengthens Regulation of Prominent Disclaimer Language in Advertising to Curb Misleading Practices

On March 13, SAMR issued a notice on strengthening the regulation of prominent disclaimer language in advertising, deploying a six-month special rectification campaign. The campaign will focus on violations such as failure to prominently label required disclaimers in advertisements for drugs, medical devices, and health foods; improper use of absolute terms like "first," "pioneering," "best"; "rigged" citations of evidence; and downplaying unfavorable information. Platforms will be urged to fulfill advertising compliance responsibilities, guiding operators to abandon "word game" marketing.

General Administration of Customs Fully Promotes Cross-Regional Return of Cross-Border E-Commerce Exports

On March 12, the General Administration of Customs issued an announcement promoting nationwide the cross-regional return model for cross-border e-commerce retail export goods. The measure lifts restrictions on the customs clearance area for returning goods under supervision code 9610, allowing returns to domestic supervision sites. This significantly reduces return logistics costs and shortens return cycles, improves the overseas consumer experience, and supports cross-border e-commerce enterprises in improving after-sales service and expanding globally.

CSRC Clarifies Short-Swing Trading Rules to Facilitate Medium- and Long-Term Fund Entry

On March 6, the China Securities Regulatory Commission (CSRC) issued several provisions on short-swing trading regulation, unifying the identification standards, regulatory scale, and enforcement criteria for short-swing trading in the securities market. This improves the regulatory framework, curbs short-term speculation, guides long-term investment, facilitates the entry of medium- and long-term funds, and protects the interests of small and medium-sized investors.

Temporary Exemption from Customs Duties and Import VAT and Consumption Tax for Key Exhibitions

On March 5, the Ministry of Finance jointly issued a tax relief notice covering major exhibitions from 2026 to 2027, including the China International Fair for Trade in Services (CIFTIS), international exhibitions in central and western regions during the 15th Five-Year Plan period, and the China Import and Export Fair (Canton Fair). Exhibitors are exempted from import customs duties, import value-added tax (VAT), and consumption tax on imported exhibits sold during the exhibition within duty-free limits.

NAFMII Optimizes Sci-Tech Innovation Bond Mechanisms to Guide Financial Support for Technology

On March 2, the National Association of Financial Market Institutional Investors (NAFMII) issued a notice on further optimizing mechanisms for science and technology innovation bonds. The notice improves arrangements for the issuance, use of proceeds, and information disclosure of sci-tech innovation bonds, guiding financial resources toward early-stage, small-scale, long-term, and hard-tech investments, strengthening financial support for technological innovation and technology-based enterprises.

Beijing Issues Measures to Stabilize Economy, Focusing on Hard Tech and Small/Micro Foreign Trade Support

On March 18, the Beijing Municipal Government issued several measures to promote steady economic progress in 2026. Key measures include:

- Strengthening the guiding role of municipal government investment funds, emphasizing early-stage, small-scale, long-term, and hard-tech investments.

- Improving financing guarantee and credit enhancement mechanisms for small and micro technology enterprises.

- Implementing tax preferences for high-tech enterprises, R&D expense super-deduction, and VAT credit for advanced manufacturing.

- Increasing support from foreign economic and trade special funds to stabilize the foreign trade base.

Beijing Chaoyang District Issues 16 Measures to Support Enterprise International Development

On March 3, Beijing's Chaoyang District issued 16 measures to support enterprise international development. The measures aim to create an integrated overseas service system combining online and offline, government and market, and domestic and overseas support. They provide full-chain support in compliance, customs clearance, financing, and market expansion, assisting enterprises in "going global" to participate in international competition and cooperation.

Please click the following link to see more industry trends: 中富博睿政策月刊（2026年3月刊）

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