Xi, Macron visit site of ancient irrigation system in Chengdu

Chinese President Xi Jinping and visiting French President Emmanuel Macron held friendly exchanges on Friday in Dujiangyan in Chengdu, the capital city of southwest China's Sichuan Province.

Macron arrived in Chengdu on the previous evening for the second stop of his three-day state visit to China at the invitation of President Xi.

Upon their arrival in Chengdu, Macron and his wife, Brigitte Macron, were warmly received by Xi and his wife, Peng Liyuan. Welcoming them to Sichuan, which is known in China as the "Land of Abundance", Xi recalled his visit last year to France's Hautes-Pyrenees Department at Macron's invitation. Xi said he believed that Macron's latest visit will help further deepen his understanding of China.

The two presidents together visited the more than two-millennia-old Dujiangyan irrigation system, a major water conservancy project located along the Minjiang River which was built during China's Warring States period (475-221 BC) and has been recognized as a UNESCO World Heritage Site.

Xi noted that the Dujiangyan irrigation system is the world's only ancient irrigation project still in operation today, and also one of the earliest successful practices of harmonious coexistence between humanity and nature, adding that its construction process fully reflects the Chinese nation's spirit of constant self-improvement, fearlessness in the face of hardships, and courage to forge ahead.

Macron is set to conclude his state visit to China later on Friday, after having held talks with senior Chinese leaders in Beijing before traveling to Chengdu late on Thursday.

The French president is currently embarking on his fourth state visit to the country, with this being a reciprocal visit following President Xi's historic trip to France last year which came as the two sides marked the 60th anniversary of the establishment of bilateral diplomatic relations.

The city of Chengdu also has a long-standing relationship with France. In 1981, Chengdu and France's Montpellier became the first pair of sister cities between the two countries.

Xi, Macron visit site of ancient irrigation system in Chengdu

Xi, Macron visit site of ancient irrigation system in Chengdu

Xi, Macron visit site of ancient irrigation system in Chengdu

Xi, Macron visit site of ancient irrigation system in Chengdu

China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.

According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.

Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.

The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.

China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.

"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.

"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.

China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.

China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts