China will continue to adopt a more proactive fiscal policy next year, expanding fiscal expenditure to maintain the necessary intensity of spending, according to a work conference held in Beijing from Saturday to Sunday. The composition of government bond tools will be optimized to better leverage the benefits, and the efficiency of transfer payment funds will be improved, and the expenditure structures will be refined to strengthen support in key areas, Finance Minister Lan Fo'an said at the national fiscal work conference. In 2025, China has maintained its expenditure intensity, with the annual general public budget expenditure exceeding 29 trillion yuan (about 4.14 trillion U.S. dollars). Experts say that fully leveraging China's vast domestic market through reform and policy optimization is essential to unlocking its true potential and driving sustained economic growth. The conference reaffirmed that supporting the construction of a strong domestic market remains a core focus of 2026. Efforts will be made to stimulate consumption through targeted campaigns and expand effective investment. The authorities emphasized accelerating the building of a unified national market and regulating tax incentives and fiscal subsidy policies. Experts note that this signals a continued push for comprehensive fiscal and tax reforms designed to unlock the market’s vast potential. The government will also intensify support for new growth drivers and social welfare, according to the ministry. Fiscal funds will back deep integration of sci-tech and industrial innovation, while also strengthening social safety nets. Measures will include promoting employment, increasing income, improving education and public health, and enhancing social security systems. Shotlist: Beijing, China - Dec 27-28, 2025: 1. Various of national fiscal work conference in progress; 2. Lan Fo'an, Finance Minister, speaking; FILE: China - Exact Location and Date Unknown 3. Aerial shot of city view; 4. Aerial shots of bridge under construction; 5. Aerial shots of construction site; 6. Aerial shot of residential buildings; Guangzhou City, Guangdong Province, south China - Dec 27-28, 2025 7. SOUNDBITE (Chinese) Luo Zhiheng, chief economist, Yuekai Securities (partially overlaid with shots 8-9/ending with shot 10): "The scale of the year's new debt, made up of the deficit, special-purpose bonds, and ultra-long-term special treasury bonds, may further increase to support a more robust spending intensity. This will eventually translate into increased incomes of businesses and residents. Meanwhile, we can see that the central government will further increase its transfer payments to local governments, thereby stimulating their ability and enthusiasm to develop the economy and improve people's livelihoods." [SHOTS OVERLAYING SOUNDBITE]; FILE: China - Exact Date and Location Unknown 8. Various of Chinese yuan banknotes going through cash counting machines; 9. Aerial shot of city view [SHOTS OVERLAYING SOUNDBITE]; FILE: Shanghai, China - Date Unknown 10. Aerial shots of city view; FILE: China - Exact Date and Location Unknown 11. Aerial shot of city view; 12. Various of customers in store; 13. Various of facilities in plant; 14. Various of production line; FILE: Zhengzhou City, Henan Province, central China - Date Unknown 15. People at enterprise services zone of China (Henan) Pilot Free Trade Zone; FILE: China - Exact Date and Location Unknown 16. Aerial shot of city view; Beijing, China - Dec 27-28, 2025 17. SOUNDBITE (Chinese) Yang Zhiyong, president of Chinese Academy of Fiscal Sciences (starting with shot 16/partially overlaid with shot 18/ending with shot 19): "We must fully tap into China's economic potential as a major country. We have a massive domestic market, but if that market is fragmented, the advantages of a unified national market cannot be brought into full play. Therefore, we must reform, standardize tax incentives and fiscal subsidy policies, and through reforms in all aspects fully unleash the advantages and potential of this market." [SHOT OVERLAYING SOUNDBITE]; FILE: Shanghai, China - Date Unknown 18. Aerial shots of Bund [SHOT OVERLAYING SOUNDBITE]; FILE: China - Exact Date and Location Unknown 19. Aerial shots of city view; 20. Various of robots, developers; 21. Various of elderly people; 22. Various of children at kindergarten; 23. Sign reading "medical insurance area"; 24. Aerial shot of city view. [Restrictions: No access Chinese mainland]