Vi e w p o i n t | 30 Dec 2025 23:43:08 ET │ 9 pages China Economics 2025 Ends with PMI Surprise CITI'S TAKE PMIs beat expectations in the final month of 2025. The improving soft data makes us more confident with our long-held 2025 GDP forecast at 5%. Following the recent CEWC, we keep full-year expectations realistic, seeing an "around 5%" growth target and incremental fiscal funds of ~RMB1trn, as likely a ceiling. The pace of policy deployment between now and the NPC could be more important to watch. The ...