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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.

Lan said that this year, China has allocated nearly 1.3 trillion yuan (around $188.50 billion) 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.

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