彭博：中国领导人计划下周讨论 GDP 目标和刺激计划

Investment Rating - The report indicates a positive outlook for the industry, anticipating policy support from the upcoming central economic work conference in China [1][2]. Core Insights - The Chinese leadership is set to discuss economic targets and stimulus plans for 2025 during a two-day closed-door meeting, with expectations of aligning next year's growth target around 5% [1][2]. - Economists from UBS and Barclays suggest that policymakers may set a higher-than-usual deficit target of 3.5% to 4% of GDP, allowing for increased government borrowing to support the sluggish economy [3]. - Recent measures announced by Chinese authorities, including interest rate cuts and a $1.4 trillion plan to assist local government debt, have helped China get back on track to meet this year's growth targets [3]. Summary by Sections - Economic Goals: The upcoming meeting will focus on setting economic goals for 2025, with a strong emphasis on maintaining a growth target of around 5% for 2024 [1][2]. - Deficit Targets: There is an expectation for a higher deficit target, which would enable the government to borrow more to stimulate the economy [3]. - Recent Support Measures: A series of support measures have been implemented since late September, including interest rate cuts and a significant debt relief plan for local governments [3].