《政府工作报告》解读：强化价格导向

Economic Growth Targets - The economic growth target for this year is set at around 5%, unchanged from last year, reflecting a conservative outlook due to a more complex external environment[2] - The implicit nominal growth rate of the fiscal deficit is 4.9%, indicating a cautious approach to economic growth assessment[2] - The target for consumer price inflation is adjusted to around 2%, down from the previous 3%, aligning more closely with actual conditions[2] Policy Measures - The fiscal budget deficit is set at 4%, exceeding the previous "3%" threshold, with a planned deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year[8] - Local government special bonds are proposed at 4.4 trillion yuan, a 13% increase from last year, indicating a significant rise in fiscal stimulus efforts[8] - The central government's investment budget is planned at 735 billion yuan, a nearly 5% increase from last year's 700 billion yuan[19] Key Focus Areas - Expanding domestic demand is prioritized, with a focus on enhancing consumer capacity and promoting supply release[18] - A special long-term bond of 300 billion yuan is allocated to support the "old for new" consumption policy, doubling last year's funding[18] - Real estate regulation continues with a strategy of "controlling new supply and managing existing stock," aiming to stimulate demand in the housing market[20] Risks and Considerations - Potential policy adjustments may exceed expectations, impacting economic recovery[21] - Economic recovery may fall short of projections, influenced by various external factors[22] - Historical experiences may not fully apply to current economic conditions, leading to unpredictable outcomes[22]