21社论丨“十五五”开局求新，经济发展稳中求进

Economic Growth Goals - The economic growth target for 2026 is set at an elastic range of 4.5% to 5%, with an emphasis on achieving better results in practice [1] - This target aligns with the long-term goal of achieving basic socialist modernization by 2035 and allows for necessary space to adjust structures and mitigate risks [1] - The focus is on improving resource allocation efficiency and achieving qualitative improvements alongside reasonable quantitative growth [1] Consumer Price and Domestic Market - The expected increase in consumer prices is set at around 2%, aiming for a moderate recovery in overall price levels [2] - The report emphasizes the importance of leveraging China's large domestic market to expand new spaces for domestic demand growth [2] - Strategies include enhancing residents' consumption capacity and willingness through income plans, social security improvements, and optimizing consumer credit environments [2] Investment Focus - The investment strategy will concentrate on new productive forces, new urbanization, and comprehensive human development [3] - There will be increased investment in technological upgrades, industrial upgrades, and major technological infrastructure through long-term special government bonds and new policy financial tools [3] - The aim is to foster new momentum and develop a modern industrial system while supporting traditional industries with significant equipment updates [3] Macroeconomic Policies - The report highlights the integration of stock and incremental policies to enhance counter-cyclical and cross-cyclical adjustments for stable growth [4] - The fiscal policy aims for a deficit rate of around 4%, with an increase in the deficit scale by 230 billion yuan, and a public budget expenditure reaching 30 trillion yuan [4] - The focus is on optimizing expenditure structures to support consumption, investment in people, and ensuring livelihoods [4] Monetary Policy - The core consideration for monetary policy is to promote stable economic growth and reasonable price recovery [5] - The policy will focus on actual interest rates and inflation expectations, utilizing various tools like reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [5] - New policy financial tools worth 800 billion yuan will be issued to guide financial institutions in supporting key areas such as domestic demand expansion, technological innovation, and small and medium enterprises [5]