政府工作报告，传递了哪些信号

Core Viewpoint - The 2026 Government Work Report sets a pragmatic economic growth target of 4.5% to 5%, slightly down from the previous year's target of "around 5%", aiming to provide necessary space for structural adjustments, risk prevention, and reforms while striving for better outcomes in practice [2][3]. Economic Growth Target - The growth target for 2026 is set at 4.5%-5%, which is a slight adjustment from the previous year's "around 5%" [2][3]. - This target aligns with the long-term goal of doubling per capita GDP by 2035 compared to 2020 levels, requiring an average annual GDP growth of 4.17% over the next decade [2]. - The government aims to maintain a growth range of approximately 5% in 2026 and around 4.5% by 2029-2030 [2]. Fiscal Policy - The budget deficit rate for this year is set at 4%, with a deficit scale of 5.89 trillion yuan, reflecting a slight decrease in fiscal expansion compared to last year [5]. - Despite a reduction in fiscal expansion, actual fiscal support remains strong due to unspent budget from 2025 and the cumulative effect of policy financial tools [5]. - The potential new financial resources available in 2026 are estimated at around 2 trillion yuan, which is comparable to the increase in the broad deficit for 2025 [5]. Price Trends - The year 2026 is expected to be a "re-inflation" year, with the report aiming to push the overall price level from negative to positive, and CPI is projected to rise to a range of 1%-2% [7]. - The recovery in prices is anticipated to enhance nominal GDP growth, improve household income, corporate profits, and fiscal growth, thereby boosting social expectations and market risk appetite [7]. Green Transition - The report emphasizes the importance of a comprehensive green transition, setting a target for carbon emission intensity to decrease by approximately 3.8%, which is higher than market expectations [11][12]. - This reflects China's strong commitment to achieving its carbon peak goal by 2030 during the "14th Five-Year Plan" period [11]. New Growth Drivers - The past decade has seen a shift in China's economic model from reliance on "land finance, infrastructure, and real estate" to "technological innovation, industrial upgrading, and consumption-driven" growth [14]. - The report highlights the need to cultivate new growth drivers, focusing on emerging industries such as integrated circuits, aerospace, biomedicine, and future industries like quantum technology and 6G [18]. - Over 80 of the 109 major projects planned during the "14th Five-Year Plan" are related to technological innovation and green development, indicating a structural shift towards high-quality economic growth [18].