December 8, 2025 09:24 AM GMT China Economics | Asia Pacific Morgan Stanley Asia Limited CEWC Preview: Cushion, Not Lift Harry.Zhao@morganstanley.com +852 2239-7229 • 2026 stance: Policy continuity of a small, reactive style over pivot. 5% GDP target is set to stay (to "mark a solid start for the 15th Five-Year Plan"), but the fiscal package is likely to be initially flat vs 2025 ("maintain" more proactive fiscal policy; "leverage both existing and new policies"), with the scope to add a ~0.5ppt-of-GDP top- ...