Year Start: Public Capex Strong, Private Consumption Soft Early-2026 growth will likely be public capex-led. Consumers and property remain the weak links, and the Q1 pull toward 5% growth is unlikely to be sustainable. What's new at the year start: 4Q25 GDP still tracks <4.5% despite a possible year-end rebound: December production and capex growth likely rebounded from the recent slowdown, supported by (1) accelerated pass-through of Rmb1tn fiscal expansion in the fall, (2) still resilient external demand, ...

Hong Kong's financial secretary is "cautiously optimistic" for a bounce-back in second-quarter private consumption, after more than 12 months of decline https://t.co/OhCwA7llZ0 ...