China's fiscal funding scale set to hit record high in 2026: finance minister

China's fiscal funding scale will reach a record high in 2026, the country's finance minister said on Friday.

Speaking at a press conference on the economy during the fourth session of the 14th National People's Congress, Finance Minister Lan Fo'an said three key fiscal indicators will all reach new highs this year.

He said total government spending will exceed 30 trillion yuan ($4.35 trillion) for the first time, while the scale of newly issued government bonds will reach 11.89 trillion yuan, the largest in recent years. Meanwhile, central government transfer payments to local governments will also hit a record high of 10.42 trillion yuan, marking the fourth consecutive year the figure has surpassed 10 trillion yuan.

Lan said China will continue to implement a more proactive fiscal policy in 2026, maintaining strong support for China's high-quality development.

"The arrangement fully takes into account the profound and complex changes in the domestic and international environment," he said, adding that the policy also balances the need for counter-cyclical and cross-cyclical adjustments while helping optimize economic structure and enhance economic resilience.

He also noted that more fiscal resources will be directed toward key areas and critical links of high-quality development.

Lan said that this year, China has allocated nearly 1.3 trillion yuan for science and technology spending, up 7.1 percent year on year. Combined spending on education, social security and employment, healthcare, and housing support will exceed 12.4 trillion yuan, he added.