China will strengthen risk prevention and mitigation, and enhance security capacity in key areas as one of the major tasks for 2026, according to a government work report delivered by Premier Li Qiang at the opening meeting of the fourth session of the 14th National People's Congress (NPC) on Thursday.
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 present at the meeting which was attended by 2,765 NPC deputies.
Li said efforts will be made to stabilize the real estate market, defuse local government debt risks, mitigate financial risks and safeguard national security and social stability this year.
"We will work to stabilize the real estate market. City-specific policies will be introduced to control the number of new real estate projects, reduce housing inventory, and improve supply. Reform of the housing provident fund system will be deepened. We will improve the supply of government-subsidized housing, carry out projects to enhance housing quality and initiatives to improve property services. Further efforts will be made to develop the foundational institutions and relevant supportive policies for creating a new development model for the real estate sector," he said.
"We will take active and well-ordered measures to defuse local government debt risks. We will support local governments to defuse hidden debt risks at a faster pace, optimize the ways of conducting debt restructuring and replacement, adopt multiple measures to defuse operational debt risks in local government financing platforms, and take systematic steps to reform and transform these platforms on a per-category basis. Long-term mechanisms will be established to conduct unified government debt management," said the premier.
"We will take active and prudent steps to defuse financial risks. A full range of resources and means will be leveraged to address risks in small and medium local financial institutions. We will take measures to deal with high-risk institutions in a systematic way, and enhance monitoring and early warning to ensure prompt response to financial risks and better prevent and control risks at source," he said.
"We will safeguard national security and social stability. We will fully apply a holistic approach to national security and further develop the integrated system and capacity for maintaining law and order, so as to advance the Peaceful China Initiative to a higher level," Li said.
China to strengthen risk prevention, mitigation, enhance security capacity in key areas: gov't work report
