Economic Growth - The economic growth target has been adjusted from "around 5%" to "4.5%-5.0%", allowing for structural adjustments and reforms, with a focus on achieving a nominal GDP growth of 5%[1] - The implicit nominal GDP scale is projected at 147.25 trillion, compared to last year's 140.2 trillion, indicating an implicit nominal GDP growth rate of 5%[1] Fiscal Policy - The total amount of three major debt financing tools is 11.89 trillion, a slight increase of 300 billion from 2025, with a deficit rate of 4% and a deficit scale of 5.89 trillion, up by 230 billion from last year[1] - The government plans to establish 800 billion in policy financial tools, an increase of 300 billion from last year, to stimulate investment[1] Consumption and Demand - A special fund of 100 billion will be set up to promote domestic demand through fiscal-financial collaboration, aiming to enhance consumer spending and stabilize the service industry[3] - The focus of consumption policy is shifting from direct subsidies to broader demand activation and cost reduction, with "trade-in" subsidies reduced from 300 billion to 250 billion[3] Carbon Emission Targets - The target for carbon emissions per unit of GDP is set to decrease by 3.8%, with a focus on eliminating outdated production capacity and controlling energy consumption[3] - The shift from energy consumption targets to carbon emission targets reflects a transition from "energy-saving" to "green energy" policies[4] Real Estate Policy - The focus of real estate policy has shifted from "emergency management" to "stock governance and risk resolution," emphasizing the activation of existing assets to alleviate market supply-demand mismatches[4] - Policies will encourage the acquisition of existing housing for affordable housing purposes, ensuring a stable transition in the market[4] Capital Market Reforms - The report emphasizes the need for a balanced investment and financing dynamic, aiming to institutionalize "patient capital" to stabilize the market[4] - It also highlights the importance of addressing pain points in the primary market to facilitate a healthy cycle between technology, industry, and finance[4]