[Central Economic Work Conference Held in Beijing | Anchoring Green Transformation, Hydrogen Energy Industry Welcomes New Opportunities for Policy Empowerment]

The Central Economic Work Conference was held in Beijing from December 10 to 11, identifying the comprehensive green transformation under the guidance of "dual carbon" as a key task for 2026. The conference proposed accelerating the construction of new-type energy systems and developing new quality productive forces as core deployments, outlining a clear policy blueprint for the high-quality development of the new energy industry, especially hydrogen, which will usher in multiple opportunities driven by innovation, policy support, and scenario expansion.​

Policies Target Three Directions, Strategic Support for Hydrogen Industry​

The conference provided multi-faceted policy support for the development of the hydrogen industry from a top-level design perspective, focusing on three main directions:​

1. Accelerating the Construction of New-Type Energy Systems: The conference explicitly stated, "Formulate an outline for the construction of an energy powerhouse, accelerate the building of new-type energy systems, and expand the application of green electricity." As a key carrier for the consumption and cross-sector application of green electricity, hydrogen (especially green hydrogen) can adopt the "electricity-hydrogen synergy" model to absorb surplus new energy power, achieving long-term storage and cross-industry transfer of clean energy. This approach aligns highly with the conference's requirements for expanding the use of green electricity and enhancing the flexibility of the energy system.​

2. Intensifying the Cultivation of New Quality Productive Forces: The conference emphasized "developing new quality productive forces according to local conditions" and "adhering to innovation-driven development, accelerating the cultivation and growth of new momentum." As a typical representative of new quality productive forces in the new energy field, the R&D and industrial application of hydrogen have been included in the scope of high-quality development actions for key industry chains. The leading role of enterprises in innovation will be further strengthened, and critical core technologies such as efficient water electrolysis for hydrogen production, hydrogen storage, and transportation are expected to receive more policy and financial support.​

3. Improving Green Transformation and Market Mechanisms: The conference proposed "strengthening the national carbon emission trading market" and "deeply advancing energy conservation and carbon reduction renovations in key industries," creating broad application spaces for the hydrogen industry. The substitution of green hydrogen in high-energy-consuming sectors like steel, chemicals, and transportation will realize value through the carbon market mechanism. Meanwhile, the advancement of a unified national market will remove barriers for the inter-regional circulation of hydrogen and the sharing of infrastructure, addressing the issue of involutionary competition.​

Multi-Dimensional Policy Synergy Releasing Industrial Development Benefits​

The macro-policy orientation and key tasks clarified at the conference will empower the hydrogen industry in terms of funding, innovation, and scenarios:​

• Increased Financial Support: The conference proposed implementing a more proactive fiscal policy and a moderately loose monetary policy, with fiscal subsidies and tax incentives tilting towards scientific and technological innovation and green transformation. New policy-based financial instruments and credit support from financial institutions will provide funding guarantees for the implementation of hydrogen projects, effectively stimulating private investment.

• Continuous Optimization of the Innovation Ecosystem: The meeting outlined plans to establish international sci-tech innovation centers in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, and to improve the intellectual property protection system in emerging fields. These measures are expected to promote deep integration of industry, academia, research, and application in the hydrogen energy sector, accelerate cross-disciplinary innovation such as "artificial intelligence + hydrogen energy," and facilitate the transformation of technological achievements and their industrialisation application.

• Comprehensive Expansion of Application Scenarios: Driven by the dual objectives of "expanding domestic demand" and "green transformation," the large-scale application of hydrogen energy in areas such as transportation (hydrogen-powered heavy-duty trucks and buses), industry (green hydrogen replacing fossil fuels), and ESS (long-duration hydrogen energy storage) will be further promoted. Demonstration projects like "hydrogen corridors" and "green hydrogen coupling with chemical production" are expected to be included in local key investment plans, forming a virtuous development pattern guided by "policy direction and market drive."

The Industry Embraces New Opportunities, Focusing on Breaking Through Core Bottlenecks

Industry analysis indicates that the series of deployments from the Central Economic Work Conference signal that the hydrogen energy industry has transitioned from the "pilot demonstration" phase to a critical period of "scaling up development." Aligning with the spirit of the conference and practical industry needs, the hydrogen energy sector should focus on three key driving forces: first, leveraging advantages in green electricity resources to establish low-cost green hydrogen production sites and strengthen the synergy between "green electricity and green hydrogen"; second, concentrating on breakthroughs in key technologies, overcoming "bottleneck" issues in core components like electrolysers and membrane materials, and enhancing the industry's self-reliance and controllability; third, improving business models and standard systems, promoting the linkage between green hydrogen certification and the carbon market, establishing trading mechanisms for battery-grade lithium hydroxide collaborative projects to participate in the electricity market, and effectively converting ecological value into economic value.

With the implementation of various policies, the hydrogen energy industry will become a crucial support for building a new-type energy system and a core vehicle for cultivating new quality productive forces, injecting strong momentum into China's goal of achieving carbon peak before 2030.

Partial content of the full text is as follows:

Xi Jinping delivered an important speech summarizing the economic work in 2025, analyzing the current economic situation, and outlining the economic work for 2026. Li Qiang delivered a concluding speech, putting forward requirements for implementing the spirit of General Secretary Xi Jinping's important speech and doing a good job in next year's economic work.

The meeting noted that this year has been an extraordinary one. The Party Central Committee, with Comrade Xi Jinping at its core, united and led the entire Party and people of all ethnic groups across the country to tackle difficulties head-on and work hard, unswervingly implementing the new development philosophy and promoting high-quality development. By balancing domestic and international situations and implementing more proactive and effective macro policies, the main objectives for economic and social development are expected to be successfully met. China's economy has advanced under pressure, developing with a focus on innovation and excellence. The construction of a modern industrial system has continued, reform and opening up have taken new steps, positive progress has been made in resolving risks in key areas, and livelihood safeguards have been strengthened. Over the past five years, we have effectively responded to various shocks and challenges, driving new major achievements in the Party and national undertakings. The 14th Five-Year Plan is expected to be successfully concluded, and the new journey toward the second centenary goal has achieved a good start.

The meeting held that through practice, we have gained new insights and experiences in conducting economic work under new circumstances: it is essential to fully tap economic potential, adhere to both policy support and reform innovation, ensure both "vibrant flexibility" and "effective regulation," maintain close integration of investing in physical capital and human capital, and rely on strengthening internal capabilities to address external challenges.

The meeting pointed out that in China's economic development, old issues and new challenges remain numerous, the impact of changes in the external environment is deepening, domestic contradictions of strong supply and weak demand are prominent, and risks and hidden dangers in key areas are considerable. Most of these are issues arising during development and transition, which can be resolved through effort. The supporting conditions and fundamental trend of long-term improvement in China's economy remain unchanged. We must strengthen confidence, leverage advantages, tackle challenges, and continuously consolidate and expand the momentum of steady economic progress.

The meeting emphasized that to do a good job in next year's economic work, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, fully, accurately, and comprehensively implement the new development philosophy, accelerate the establishment of a new development pattern, focus on promoting high-quality development, adhere to the general principle of seeking progress while maintaining stability, better coordinate domestic economic work and international economic and trade struggles, better balance development and security, implement more proactive and effective macro policies, enhance the foresight, targeting, and synergy of policies, continuously expand domestic demand and optimize supply, improve increments and revitalize stock resources, develop new quality productive forces according to local conditions, deepen the construction of a unified national market, continuously prevent and resolve risks in key areas, focus on stabilizing employment, enterprises, markets, and expectations, promote effective qualitative improvement and reasonable quantitative growth in the economy, maintain social harmony and stability, and achieve a good start for the 15th Five-Year Plan.

The meeting pointed out that in terms of policy orientation for next year's economic work, we must adhere to seeking progress while maintaining stability, improving quality and efficiency, leverage the integrated effects of existing policies and incremental policies, strengthen counter-cyclical and cross-cyclical adjustments, and enhance the effectiveness of macroeconomic governance. We will continue to implement a more proactive fiscal policy, maintain necessary fiscal deficits, overall debt scale, and total expenditure, strengthen scientific fiscal management, optimize fiscal expenditure structure, and standardize tax incentives and fiscal subsidy policies. We will pay attention to resolving local fiscal difficulties and firmly secure the bottom line of "three guarantees" at the grassroots level. We will enforce strict financial discipline and insist on Party and government organs tightening their belts. We will continue to implement a moderately loose monetary policy. Promoting stable economic growth and a reasonable rebound in prices should be a key consideration for monetary policy. Various policy tools, including RRR cuts and interest rate cuts, should be used flexibly and efficiently to maintain ample liquidity, smooth the transmission of monetary policy, and guide financial institutions to increase support for key areas such as expanding domestic demand, scientific and technological innovation, and small and medium-sized enterprises. The RMB exchange rate should be kept basically stable at a reasonable and balanced level. It is necessary to enhance the consistency and effectiveness of macro policies. All types of economic and non-economic policies, as well as existing and incremental policies, should be included in the consistency assessment of macro policy orientation. The mechanism for managing expectations should be improved to boost social confidence.

The meeting determined that the following key tasks should be prioritized in next year's economic work.

First, adhere to the principle of domestic demand-led development and build a strong domestic market. Deepen the implementation of the special action plan to boost consumption and formulate and implement plans to increase the income of urban and rural residents. Expand the supply of high-quality goods and services. Optimize the implementation of the program of large-scale equipment upgrades and consumer goods trade-ins. Remove unreasonable restrictions in the consumption sector to release the potential of service consumption. Stabilize and reverse the decline in investment by appropriately increasing the scale of central budgeted investment, optimizing the implementation of projects under the strategy of implementing major national strategies and building up security capacity in key areas, improving the management of the use of local government special bonds, and continuing to leverage the role of new-type policy-based financial instruments to effectively stimulate private investment. Promote high-quality urban renewal.

Second, adhere to innovation-driven development and accelerate the cultivation of new momentum. Formulate an integrated plan for the development of education, science and technology, and talent. Build international centers for scientific and technological innovation in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area. Strengthen the leading role of enterprises in innovation and improve the protection system for intellectual property rights in emerging fields. Formulate an action plan for expanding and upgrading the service sector. Implement a new round of actions for the high-quality development of key industry chains. Deepen and expand "AI+", and improve AI governance. Innovate in the provision of financial services for science and technology.

Third, adhere to deepening reforms to invigorate the driving force for high-quality development. Formulate regulations for the construction of a unified national market and intensify efforts to address "involutionary" competition. Formulate and implement further plans to deepen the reform of state-owned assets and enterprises, and improve supporting laws and policies for promoting the private economy. Accelerate the clearance of overdue payments owed to enterprises. Promote win-win development among platform enterprises, operators within platforms, and labour. Expand pilot programs for market-oriented reforms in factor markets. Improve the local tax system. Further reduce the number and improve the quality of small and medium-sized financial institutions, and continue to deepen comprehensive reforms in capital market financing and investment.

Fourth, adhere to opening up and promote win-win cooperation in multiple fields. Steadily advance institutional openness, orderly expand autonomous opening in the service sector, optimize the layout and scope of free trade zones, and solidly advance the construction of the Hainan Free Trade Port. We will promote the integrated development of trade and investment as well as domestic and foreign trade. We will encourage and support service exports and actively develop digital and green trade. We will deepen reforms of the systems and mechanisms for promoting foreign investment. We will improve the comprehensive overseas service system. We will promote the high-quality development of the Belt and Road Initiative. We will promote the negotiation and signing of more regional and bilateral trade and investment agreements.

Fifth, we will remain committed to coordinated development and promote urban-rural integration and regional collaboration. We will make coordinated efforts to advance urbanization with county seats as important hubs and the comprehensive revitalization of the countryside, and promote the high-quality development of county economies. We will strictly guard against the encroachment on arable land, make unremitting efforts to ensure grain production, and keep the prices of grain and other important agricultural products at a reasonable level. We will continue to consolidate and expand the achievements made in poverty alleviation, integrate regular assistance measures into the overall implementation of the rural revitalization strategy, and hold the line against large-scale relapse into poverty. We will support economically powerful provinces in playing a bigger role. We will strengthen coordination and collaboration among key city clusters and deepen cooperation across administrative regions. We will strengthen overall planning for major bays and promote the high-quality development of the marine economy.

Sixth, we will remain committed to the "dual carbon" goals to drive a comprehensive green transition. We will further advance energy conservation and carbon reduction initiatives in key industries. We will formulate an outline for building China into a leading energy power, accelerate the development of a new-type energy system, and expand the application of green electricity. We will strengthen the construction of the national carbon emissions trading market. We will implement comprehensive solid waste management initiatives, intensify efforts to keep our skies blue, waters clear, and lands clean, and strengthen the management of new pollutants. We will make solid progress in tackling the tough challenges in the "Three-North" [the Northeast, North, and Northwest] regions and integrate and optimize nature reserves. We will strengthen the meteorological monitoring, forecasting, and early warning systems, expedite efforts to shore up weaknesses in infrastructure for flood control, drainage, and disaster resilience in north China, and enhance our capacity to respond to extreme weather events.

Seventh, we will remain committed to improving people's livelihood and strive to deliver tangible benefits to the people. We will implement initiatives to stabilize and expand employment opportunities and improve their quality, maintain stable employment for key groups such as college graduates and migrant workers, and encourage and support flexible employment personnel and those in new forms of employment to participate in employee insurance programs. We will adjust the layout and structure of educational resources, increase the supply of regular senior high school places and enrollment in high-quality undergraduate programs at colleges and universities. We will optimize concentrated procurement of medicines and deepen reforms of medical insurance payment methods. We will implement initiatives to expand and improve rehabilitation and nursing services, introduce a long-term care insurance system, and strengthen care and support for disadvantaged groups. We will advocate a positive view of marriage and childbearing and strive to maintain a stable birth rate. We will carry out solid work to ensure workplace safety, disaster prevention, mitigation, and relief, and food and drug safety.

Eighth, we will remain committed to upholding bottom lines and actively and prudently mitigate risks in key areas. We will make efforts to stabilize the real estate market, implement city-specific policies to control increases in housing supply, reduce inventories, and optimize supply, and encourage the purchase of existing commercial housing for use as government-subsidized housing. Deepening the reform of the housing provident fund system and orderly promoting the construction of "good houses." Accelerating the establishment of a new model for real estate development. Actively and orderly resolving local government debt risks, urging localities to take the initiative in debt resolution, and prohibiting the illegal addition of hidden debt. Optimizing methods for debt restructuring and replacement, and employing multiple measures to resolve operational debt risks of local government financing platforms.

The meeting pointed out that it is necessary to consciously unify thoughts and actions with the Central Committee's scientific assessment of the situation, grasp the general trend of China's development, and strengthen confidence in future development. The overall requirements and policy orientation for next year's economic work must be fully implemented, adhering to a proactive and pragmatic goal-oriented approach, focusing on resolving existing difficulties and problems, achieving greater breakthroughs in qualitative and effective enhancement, and increasing the sense of gain among residents and enterprises; enhancing the synergistic effects of reforms and policies to promote sustained improvement in economic operations and market expectations. The key focal points for next year's economic work should be grasped within the broader context, centering on strengthening the domestic circulation to expand new spaces for domestic demand growth; focusing on developing new quality productive forces to deeply integrate technological innovation and industrial innovation; around stimulating the momentum and vitality for high-quality development, unwaveringly deepening reforms and expanding openness; concerning the continuous improvement of people's livelihoods, increasing efforts to ensure and enhance livelihood security; and regarding safeguarding security bottom lines, prudently managing risk resolution in key areas.

The meeting emphasized the need to strengthen the Party's comprehensive leadership over economic work, forming a unified will and powerful synergy. It is essential to uphold the Central Committee's centralized and unified leadership, with all regions and departments implementing the Central Committee's ideas, tasks, and policies for next year's economic work based on local conditions and practical circumstances. Correct views on political achievements must be established and practiced, insisting on achieving political gains for the people and through hard work, consciously acting in accordance with laws, and improving differentiated assessment and evaluation systems. National and local "15th Five-Year" plans and specialized plans should be formulated in accordance with the "Proposals" of the Fourth Plenary Session of the 20th Central Committee to promote high-quality and sustainable development. A favorable political environment, talent environment, business environment, and public opinion environment should be fostered, with enhanced policy publicity and interpretation to fully stimulate positive social energy.

The meeting required ensuring the supply of important livelihood commodities during the year-end and beginning of the year, caring for the production and livelihoods of disadvantaged groups, and resolutely preventing and curbing the occurrence of major accidents.

The meeting called for the entire Party and society to unite more closely around the Central Committee with Comrade Xi Jinping at its core, working with one heart and forging ahead with determination to strive for the achievement of next year's economic and social development goals and tasks, ensuring a good start and solid steps for the "15th Five-Year" period.

Attending the meeting were members of the Political Bureau of the Central Committee and secretaries of the Central Secretariat, Vice Chairmen of the Central Military Commission, relevant leading comrades of the Standing Committee of the National People's Congress, State Councilors, President of the Supreme People's Court, Procurator-General of the Supreme People's Procuratorate, relevant leading comrades of the National Committee of the Chinese People's Political Consultative Conference, and members of the Central Military Commission.

The principal leading officials from various provinces, autonomous regions, municipalities directly under the central government, cities specifically designated in the state plan, the Xinjiang Production and Construction Corps, relevant departments of the central and state organs, certain people's organizations, some financial institutions and enterprises under central management, and various departments of the Central Military Commission attended the meeting.