—— 2月政策跟踪观察：全国两会如何跟踪?

Agenda Focus - The key agenda for the upcoming "Two Sessions" includes the review of the government work report, economic work plan, and budget draft, with significant dates set for March 5, 8, and 11, 2026[1] - Discussions on the "14th Five-Year Plan" will be a major focus, with the full text expected to be released on March 12, 2026[2] Economic Indicators - The weighted GDP growth target for 2026 across 31 provinces is set at 5%, slightly lower than the 5.3% target for 2025, reflecting a pragmatic approach to economic work[3] - The national CPI target for 2026 is likely to remain around 2%, aligning with current economic conditions and aiming for moderate inflation[4] Policy Focus - Fiscal policy is expected to emphasize efficiency, with a projected budget deficit rate maintained at around 4% and local government special bond issuance increasing to approximately CNY 5.5 trillion[5] - The monetary policy is anticipated to maintain a moderately loose stance, focusing on liquidity support and structural precision in financial assistance[6] Consumer Demand - Expanding domestic demand and promoting consumption remain top priorities, with policies shifting towards a balance of goods and service consumption[7] - Recent initiatives include the introduction of personal credit repair policies and collaborative efforts among various departments to stimulate consumption and investment[8]