——《政府工作报告》解读：内需主导，民生为先

Economic Growth and Inflation - The government sets the economic growth target for 2026 at 4.5%-5%, allowing flexibility for structural reforms and risk management[2] - The CPI target for 2026 is set at 2%, with a prior target of around 3% until 2025 to control inflation[2] Fiscal Policy - The deficit rate is maintained at around 4%, with the deficit scale increasing to 5.89 trillion yuan from 5.66 trillion yuan in 2025[3] - Local special bond quota remains at 4.4 trillion yuan, while 1.3 trillion yuan in long-term special bonds will be issued for key projects[3] Monetary Policy - The monetary policy remains "appropriately loose," with structural tools expanded to support domestic demand and innovation[3] - The focus is on reducing financing costs for key sectors, including small and medium enterprises[3] Consumer Promotion - Policies to boost consumption include 2.5 billion yuan in special bonds for upgrading consumer goods and 1 billion yuan in financial support for domestic demand[4] - Emphasis on income distribution reform and public service equalization to stimulate sustainable consumer growth[4] Investment Strategy - Central budget investment is increased to 755 billion yuan, with a focus on enhancing public welfare investments[4] - The issuance of new policy financial instruments totaling 800 billion yuan aims to attract private capital for major projects[4]