21世纪经济报道 记者 崔文静 实习生 张长荣 两会期间，中国银河证券首席经济学家章俊接受21世纪经济报道专访时表示，2026年政府工作报告主要呈现四大亮点：设定区间式经济增长目标、突出服务 消费的重要地位、强化民生保障部署、全面推进绿色转型。 从政策工具看，有三方面值得期待：财政力度总体稳定，结构性增量主要体现在提高政策性金融工具额度；消费政策从短期刺激转向长效机制建设；设立 1000 亿元财政金融协同促进内需专项资金。 资本市场领域，报告释放出三方面积极信号：一是显著提升直接融资特别是股权融资比重；二是持续深化投融资综合改革；三是健全中长期资金入市机制， 并进一步强化投资者保护。 ...

十四届全国人大四次会议于2026年3月6日（星期五）下午3时，在梅地亚中心新闻发布厅举行记者会，邀请国家发展和改革委员 会主任郑栅洁、财政部部长蓝佛安、商务部部长王文涛、中国人民银行行长潘功胜、中国证券监督管理委员会主席吴清就发展改 革、财政预算、商务、金融证券等相关问题回答中外记者提问。 吴清：巩固加强稳市机制建设 健全中长期资金入市机制 中国证券监督管理委员会主席吴清表示，全方位加强市场风险监测，高度关注风险的跨市场、跨期限、跨境传导，巩固加强战略性力量储备和稳 市机制建设，进一步健全中长期资金入市机制，动态完善应对外部输入性风险的政策工具箱，全力维护市场稳定运行。 吴清：严查严处蹭热点、炒概念、搞操纵等行为 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 中国证券监督管理委员会主席吴清表示，着力扎牢织密投资者权益保护的安全网，推动畅通投资者维权救济渠道，健全多元化争议解决路径，促 进更多代表人诉讼和先行赔付等民事赔偿典型案例的落地，规范上市公司及大股东实控 ...

2026年政府工作报告中都有哪些亮点？与以往有哪些不同？ 经济观察报两会报道组为您逐个解读。 作者： 两会报道 组 封图：东方IC 2026年3月5日上午9时，十四届全国人大四次会议开幕，国务院总理李强作政府工作报告。报告中都有哪些亮点？与以往有哪些不同？经济观察报两会 报道组为您逐个解读。 关键词：经济增长4.5%－5% 报告原文：经济增长目标同2035年远景目标总体衔接，与我国经济长期增长潜力基本吻合，实现这个目标具备有利条件，各地区要结合实际，通过扎 实工作争取好的结果。 经观说： 2023—2025年，中国GDP增速目标均设定为"5%左右"，且实际增速均完成预期，三年分别实现5.2%、5%、5%。2026年GDP增速目标调整 为4.5%—5%，进一步体现出政策"积极务实"的取向。 一方面，采用区间增速目标，并在实际工作中争取更好的结果，体现了"从坏处打算、向最好处努力"的思路。 以中国当前的经济体量和发展阶段，即便按"4.5%"下限测算，也已是一个较高的增速。按照此前多位研究者测算，要实现2035的远景目标，经济增速 要达到4.4%或4.5%以上；而"5%"这一上限则有利于调动各方积极性。今年政府工作 ...

健全地方税体系，拓展地方税源。调整优化消费税征税范围、税率，并推进部分品目征收环节后移。规范金融机构竞争秩序，深入推进地方中小金 融机构减量提质。 持续深化资本市场投融资综合改革，进一步健全中长期资金入市机制，完善投资者保护制度，拓展私募股权和创投基金退出渠道，提高直接融资、 股权融资比重。 国务院总理李强5日在政府工作报告中介绍今年政府工作任务时提出，持续深化重点领域改革。 围绕构建高水平社会主义市场经济体制，强化改革攻坚，深入破除体制机制障碍，增强高质量发展动力活力。推进财税金融体制改革。 加大财政资源和预算统筹力度，提高国有资本收益收取比例。加强财政科学管理，深化零基预算改革，进一步扩大中央部门试点范围。 ...

Group 1 - The Chinese financial sector has achieved significant milestones during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first in the world [3] - The banking and insurance sectors' total assets have surpassed 500 trillion yuan, with an average annual growth rate of 9% over the past five years, solidifying China's position as the largest credit market globally [4] - The number of Chinese banks in the global top 1,000 has reached 143, with six in the top 10, indicating a strong international presence [4] Group 2 - Over 90% of newly listed companies in recent years are technology firms or have high technological content, with the market capitalization of the technology sector now exceeding 25% of the A-share market [6] - Listed companies have significantly increased their return to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks over the past five years, an increase of over 80% compared to the previous five-year period [6] - Cross-border investment and financing have become more active, with foreign institutions and individuals holding over 10 trillion yuan in domestic stocks, bonds, and deposits by the end of July [6][7] Group 3 - The financial regulatory authority has actively supported the resolution of real estate and local debt risks, providing over 1.6 trillion yuan in funding for affordable housing projects [8] - The establishment of a "white list" project has facilitated loans exceeding 7 trillion yuan, supporting the construction and delivery of nearly 20 million housing units [8] - The financial sector has maintained a stable operation, with key regulatory indicators such as non-performing loans and capital adequacy remaining in a healthy range [4]

Group 1 - The core viewpoint of the news is the achievements in the financial sector during the "14th Five-Year Plan" period, emphasizing regulatory improvements and market development [1][3] - The China Securities Regulatory Commission (CSRC) has imposed 2,214 administrative penalties for financial misconduct, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% compared to the "13th Five-Year Plan" [1][4] - The A-share market's total market capitalization surpassed 100 trillion yuan for the first time in August, indicating significant growth in the equity market [3][4] Group 2 - Over the past five years, the total financing through stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [4] - More than 90% of newly listed companies are technology-related, with the market capitalization of the technology sector now exceeding 25% of the total A-share market, surpassing the combined market capitalization of banking, non-banking financial, and real estate sectors [4] - Companies have significantly increased their return to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the "13th Five-Year Plan" [4] Group 3 - The CSRC is actively enhancing the capital formation mechanism and the mechanism for long-term funds entering the market [4] - The resilience and risk resistance of the A-share market have improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [4]

Core Insights - The past five years have been unusual for the capital market, with a continuous improvement in the coordination of investment and financing functions [2] - Total financing through stock and bond markets reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% compared to the end of the 13th Five-Year Plan [2] - Over 90% of newly listed companies in recent years are technology enterprises or have high technological content, with the market capitalization of the A-share technology sector exceeding 25% [2] - Listed companies have significantly increased their awareness of returning value to investors, distributing a total of 10.6 trillion yuan through dividends and buybacks, which is over 80% higher than during the 13th Five-Year Plan [2] Financing and Market Trends - The capital market has accelerated its service to technological innovation, with a notable increase in the proportion of technology-related companies [2] - The market capitalization of technology companies is now significantly higher than that of banking, non-banking financial, and real estate sectors combined [2] - The China Securities Regulatory Commission is actively working to improve the capital formation mechanism and encourage long-term capital inflows into the market [2]

Group 1 - The core viewpoint is that the awareness of listed companies to actively return to investors has significantly increased, reflecting a positive trend in the capital market [1][2][3] - The regulatory framework for the capital market has been systematically restructured, with the implementation of new securities laws and over 60 supporting rules, enhancing the legal system [1][2] - The multi-layered market system has been further improved, with the A-share market's total market value surpassing 100 trillion yuan for the first time [1][2] Group 2 - The coordination between investment and financing functions has been strengthened, with direct financing proportion rising to 31.6%, an increase of 2.8 percentage points compared to the end of the 13th Five-Year Plan [2][3] - The technology sector's market capitalization now exceeds 25% of the A-share market, indicating a shift towards more technology-driven companies [2][3] - Listed companies have distributed a total of 10.6 trillion yuan in dividends and buybacks over the past five years, representing an increase of over 80% compared to the previous period [2][3] Group 3 - A stable market mechanism has been gradually established, enhancing the resilience and risk resistance of the A-share market, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points [3] - A fair and just market environment has been further developed, with significant increases in administrative penalties for financial fraud and market manipulation, enhancing market transparency [3]