2026年政府工作报告解读：稳健灵活，以质取胜

Economic Goals - The GDP growth target for 2026 is set at 4.5%-5%, down from 5% in 2025, reflecting a pragmatic response to current economic conditions[2] - The CPI target remains at 2%, and the urban unemployment rate is maintained at around 5.5%[2] Fiscal Policy - The central government deficit rate is maintained at around 4%, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year[2] - The total public budget expenditure is projected to reach 30 trillion yuan, an increase of approximately 1.27 trillion yuan from last year[6] Monetary Policy - The monetary policy continues to adopt a moderately loose stance, with expectations of a 50 basis points (BP) reserve requirement ratio cut and a 10 BP interest rate reduction[3] - Emphasis on flexible and efficient use of various policy tools, including structural monetary policy tools, to maintain the stability of the RMB exchange rate[3] Domestic Demand - Domestic demand remains a key driver of economic growth, with policies prioritizing consumption before investment[5] - The "old-for-new" consumption policy continues, supported by various measures to stimulate consumption, particularly in service sectors like tourism and healthcare[5] New Growth Drivers - The report highlights the importance of cultivating new growth drivers, particularly in the smart economy sector, which includes artificial intelligence and satellite internet[5] - Focus on enhancing financing convenience for technology enterprises, especially those specializing in core technologies[5]