China Economics Vi e w p o i n t | 22 Feb 2026 19:17:18 ET │ 8 pages +852-2501-2754 xiangrong.yu@citi.com Yuanliu Hu AC +852-2501-2746 yuanliu.hu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Solid CNY Spend Sets the Stage; NPC Policy Catalysts Next CITI'S TAKE The Chinese New Year (CNY) holiday delivered a broadly firm demand signal, with upbeat retail sales, resilient mobility & travel and improved home sales. The slump in the box office is n ...