China Sets Modest 2026 Growth Target, Emphasizes Quality Over Speed
TL;DR Summary
China set a 2026 GDP growth target of 4.5%–5%, the lowest on record, with a roughly 4% budget deficit and around 2% inflation, signaling a shift from chasing high growth to a 'quality-first' approach amid deflation and weak domestic demand. Authorities will deploy sizable fiscal and monetary tools—such as ultra-long-term bonds and local-government bonds—to sustain growth, boost consumption and investment, and create urban jobs as the Two Sessions proceed.
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