National Development and Reform Commission: An additional quota of 200 billion yuan in special bonds will be allocated specifically for supporting investment and construction in certain provinces.

On October 31st, the National Development and Reform Commission held its October press conference. Deputy Director Li Chao of the Policy Research Office of the National Development and Reform Commission mentioned that the commission is accelerating the implementation of policies to expand effective investment. Recently, a limit of 500 billion yuan has been arranged in the debt balance of local governments, which will be used to supplement the comprehensive financial resources of local governments and expand effective investment. Among them, an additional quota of 200 billion yuan in special bonds has been added, specifically for supporting investment projects in certain provinces. The commission will supervise and guide the relevant provinces to make good use of the new quota, accelerate the issuance and use of special bonds, move forward with project construction, and generate tangible work results as soon as possible. Li Chao mentioned that on October 24th, the National Development and Reform Commission issued the first list of areas to construct high-quality outdoor sports destinations. This initiative will increase support for 49 outdoor sports destinations in terms of funding, event cultivation, and promotional activities to continuously improve infrastructure, service assurance, and event organization standards. The goal is to build high-quality outdoor sports destinations that have complete facilities, premium services, abundant events, and international fame to provide the public with more outdoor sports options. The text transcript is as follows: Li Chao: Dear media friends, good morning. Welcome to the National Development and Reform Commission's press conference. I am Li Chao, the Deputy Director of the Policy Research Office and the spokesperson of the Commission. First, I will report on four aspects, and then I will answer your questions. First, the National Development and Reform Commission is accelerating the implementation of policies to expand effective investment. Recently, a limit of 500 billion yuan has been arranged in the debt balance of local governments to supplement their comprehensive financial resources and expand effective investment. Among this amount, an additional quota of 200 billion yuan in special bonds has been added to support investment and construction in certain provinces. We will guide the relevant provinces to utilize the new quota effectively, speed up the issuance and use of special bonds, start project construction, and achieve tangible work results as soon as possible. Second, on October 30th, the National Development and Reform Commission, along with relevant departments, jointly issued the "Interim Measures for the Administration of Project Bidding Agencies". This document emphasizes problem-oriented issues and addresses issues such as unclear basic information, lack of management, irregular practices, and evasion of supervision by bidding agencies and their staff. It outlines new requirements for the management of project bidding agencies in three aspects, focusing on unified registration, standardized operations, and cooperation with supervision. Third, on October 24th, the National Development and Reform Commission issued the first list of areas for the construction of high-quality outdoor sports destinations. The support for these destinations will be increased in terms of funding, event cultivation, and promotional activities to help the regions continuously improve their infrastructure, service quality, and event organization levels. Fourth, on October 22nd, the second assembly line project of the Airbus A320 aircraft in Tianjin was officially put into operation. Currently, preparations are underway for the assembly of the first aircraft on the new assembly line, and it is expected to achieve full operation by early 2026. At that time, the Airbus Tianjin final assembly capacity will double, injecting more power into serving the Chinese and global markets. These are the proactive reports I have prepared. Now, let's move on to the question and answer segment. Before asking your questions, please introduce the media you represent. Xinhua News Agency Reporter: How do you view the economic situation in China in the first three quarters of the year? What are the expectations for achieving the annual growth target? Have the previous macro policies played out as expected, and what are the policy priorities for the fourth quarter? Li Chao: Thank you for your question. In the first three quarters, various regions and departments have resolutely implemented the decisions and arrangements of the Central Committee and the State Council to focus on stabilizing employment, stabilizing enterprises, stabilizing the market, and stabilizing expectations. China's economy has withstood pressure and continued to progress steadily. Overall, there are five key characteristics. First, the operation is stable. Last year's comprehensive policy measures and this year's measures to stabilize employment and the economy have continued to be effective. We have seen a year-on-year GDP growth of 5.2% in the first three quarters, maintaining a top position among major global economies. On the demand side, the total retail sales of consumer goods increased by 4.5% year-on-year, accelerating by 1.2 percentage points compared to the same period last year. On the supply side, the value-added of large-scale industries increased by 6.2%, reaching a new high for the same period since 2022. Second, the momentum is robust. According to the latest report from the World Intellectual Property Organization, China's innovation index has entered the top ten globally for the first time, providing strong support for the development of emerging industries. Looking at the data from the first three quarters, the value-added of equipment manufacturing and high-tech manufacturing increased by 9.7% and 9.6% respectively, accounting for 35.9% and 16.7% of large-scale industrial output, an increase of 2.1 and 0.8 percentage points compared to the same period last year. The integrated circuit manufacturing industry and intelligent equipment manufacturing industry saw value-added growth rates of 22.4% and 12.2%, respectively. Third, the quality and efficiency are improving. The effects of curbing disorderly competition are gradually becoming evident, with improvements in key indicators such as product prices and business efficiency. Prices of key products like polycrystalline silicon, silicon wafers, and lithium carbonate have significantly increased. In the first three quarters, the profits of industrial enterprises above designated size grew by 3.2% year-on-year, with a 21.6% increase in profits in September alone. Fourth, the resilience is strong. Despite the drastic changes in the external environment, China's goods exports have maintained a growth rate of 7.1% in the first three quarters. The product structure has been optimized, with high-tech and high value-added products from China gaining wider recognition. High-tech products and electromechanical products saw export growth rates of 11.9% and 9.6% during the first three quarters, with many Chinese products becoming popular globally. The export growth to countries participating in the Belt and Road Initiative increased by 12.4%, and the export growth rate to ASEAN countries increased for the eighth consecutive month. Fifth, the potential is significant. Consumption demand and the upgrading of key industries are showing new highlights. In terms of consumption, sports events, concerts, music festivals, and other popular events have seen significant growth, with a 5.2% increase in service retail sales. As various visa-free policies are being implemented, the number of inbound tourists has seen a substantial increase of 17.8% in the first three quarters. In terms of industrial structure, the trends of high-end, green, and intelligent development are strong, with related product output growing rapidly. For example, the output of civilian drones and industrial Siasun Robot & Automation products grew by 43.2% and 29.8%, respectively, while the production of electric vehicles and lithium-ion batteries for automobiles saw growth rates of 29.7% and 46.9%. The results of the first three quarters have laid a solid foundation for the smooth completion of the annual targets. Recently, we have also seen that several international economic organizations have raised their expectations for China's economic growth rates, with the International Monetary Fund and the World Bank revising China's 2025 economic growth rate forecast by a significant 0.8 percentage points compared to April's forecast. Moving forward, the National Development and Reform Commission will work together with relevant departments to strengthen the preparation and implementation of regular policies and timely introduce them as necessary. With the continuous and effective implementation of various policies, we are confident and capable of achieving the goals and tasks for economic and social development for the whole year. CCTV Finance Reporter: Thank you, spokesperson. You mentioned in the last press conference that efforts would be accelerated to release the 500 billion yuan investment from new policy-based financial instruments into specific projects. What is the progress of this initiative at the moment? Li Chao: Thank you for your continued interest in the work related to the new policy-based financial instruments. Recently, in accordance with the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, the National Development and Reform Commission has worked together with the Ministry of Finance, the People's Bank of China, the General Administration of Customs, the Ministry of Natural Resources, and the Ministry of Ecology and Environment, among other relevant parties, to expedite the release of the 500 billion yuan investment fund through new policy-based financial instruments. I would like to inform you that as of now, with the joint efforts of all parties, the 500 billion yuan fund has been fully allocated, supporting over 2300 projects, with a total investment of approximately 7 trillion yuan. The focus has been on promoting digital economy, artificial intelligence, essential infrastructure, transportation, energy, underground pipeline network renovation, and other urban renewal sectors. This new initiative in policy-based financial instruments is providing enhanced support to various major economic provinces and key industry sectors and domains. Moving forward, the National Development and Reform Commission will supervise and guide local governments and relevant central enterprises to accelerate the commencement of project construction, generate tangible work results as soon as possible, and expand effective investments to promote high-quality development. Economic Daily Reporter: At the Central Committee press conference, Director Zheng Zhajie mentioned that the National Development and Reform Commission is actively drafting the "Outline Draft" for the 14th Five-Year Plan. What are the next steps in planning the 14th Five-Year Plan, and what work will be undertaken? Li Chao: Thank you for your question. The National Development and Reform Commission is currently working together with various local regions and departments to accelerate the formulation of the "Outline Draft" of the 14th Five-Year Plan. The main tasks in this regard are as follows: Firstly, drafting the "Outline Draft" of the 14th Five-Year Plan. In strict accordance with the recommendations of the Party Central Committee, scientifically calculate the main indicators, discuss and propose a set of feasible and practical major tasks, measures, and major engineering projects, translate the directional requirements of the recommendations into practical measures to promote economic and social development, submit the draft for review by the Party Central Committee and the State Council, and present it for examination at the Fourth Plenary Session of the 14th National People's Congress next year. Secondly, soliciting opinions and suggestions from various parties. The five-year plan reflects the "maximum common denominator" of the people's aspirations for a better life. It is not just a national plan but a collective plan for all. This morning at 9 o'clock, the National Development and Reform Commission's official website, new media platforms, China Government Network, Economic Daily, People's Daily, and other online platforms have opened special columns or links in prominent positions to collect development proposals in more than 20 key areas related to national development from all sectors by November 14, 2025, 8 p.m. This two-week-long campaign welcomes everyone to log in and leave comments. In addition, we will invite various groups, chambers of commerce, and associations to specifically solicit opinions and suggestions from key groups such as private enterprises, foreign-invested enterprises, flexible employees, migrant workers, researchers, youth, farmers, disabled individuals, deepening the understanding of the aspirations of the people; conducting talks, home visits, face-to-face collection of expert, entrepreneurs, high-end think tank opinions and suggestions, and organizing experts to consult and validate the "Outline Draft"; carefully studying the opinions and suggestions of National People's Congress deputies and CPPCC members, and effectively incorporating social expectations, public wisdom, expert opinions, and grassroots experience into the plan. Thirdly, establishing a unified planning system. Organize relevant departments to formulate a series of national special plans to implement and refine the deployment requirements of the "Outline" for the relevant areas. Strengthen the implementation of regional development strategies, formulate and develop implementation plans for regional strategies in the 14th Five-Year Plan. At the same time, coordinate the provincial planning with national planning. Through strengthening planning alignments and implementations, and forming a joint planning and policy force, implement the relevant requirements of the Party Central Committee's "Recommendations" in concrete areas. Securities Times Reporter: At the recent press conference, you mentioned the urgent drafting of the 500 billion yuan new policy-based financial instruments investment fund into specific projects. What is the progress in this regard, and what measures are being taken to ensure the new quota is utilized effectively? Li Chao: Thank you for your question. Recently, in accordance with the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, the National Development and Reform Commission, together with the Ministry of Finance, the People's Bank of China, the General Administration of Customs, the Ministry of Natural Resources, the Ministry of Ecology and Environment, and other relevant departments, has organized the National Development Bank, China Export-Import Bank, China Agricultural Development Bank, to accelerate the investment disbursement of the new policy-based financial tools. I would like to report that, as of now, with the joint efforts of all parties, the 500 billion yuan fund has been fully allocated and has supported over 2300 projects with a total investment of about 7 trillion yuan. The focus is to promote digital economy, artificial intelligence, essential infrastructure, transportation, energy, and underground pipeline network renovation sectors. Moving forward, the National Development and Reform Commission will supervise and guide relevant provinces to make good use of the increased quota, accelerate the issuance of special bonds, and focus on initiating project construction to achieve tangible work results as soon as possible. Zhongxin.com Reporter: The National Development and Reform Commission is actively drafting the "Outline Draft" of the 14th Five-Year Plan. What work will be carried out in the next steps of the "14th Five-Year Plan" compilation process? Li Chao: Thank you for your question. The National Development and Reform Commission is currently working on the drafting of the "Outline Draft" of the 14th Five-Year Plan. The main aspects of the work include the following: Firstly, formulating the "Outline Draft" of the 14th Five-Year Plan. Following the recommendations and guidelines of the Central Committee and the State Council, the National Development and Reform Commission is working with relevant departments to draft a comprehensive outline that translates the strategic goals of the Central Committee into actionable measures for economic and social development. This outline will be presented to the Party Central Committee and the State Council for review and approval. Secondly, gathering broad feedback and suggestions. The five-year plan is a reflection of the people's aspirations and expectations for a better life. The National Development and Reform Commission has launched a special platform to collect feedback and suggestions from various sectors and the public on over 20 key areas related to national development. This feedback will be instrumental in shaping the final plan and ensuring that it meets the needs of the people. Thirdly, coordinating with relevant stakeholders to ensure effective implementation. The comprehensive outline will be a crucial guiding document for the development of the country over the next five years. The National Development and Reform Commission will work closely with relevant ministries, local governments, and other key stakeholders to ensure that the objectives