The 2026 fiscal targets unveiled during the "Two Sessions" imply the total amount of government bond net issuance quota will remain largely unchanged from 2025 at RMB11.9tn in 2026. According to the 2026 budget report (proposal), the MOF expects growth in on-budget fiscal revenue and expenditure to rebound this year, though we believe modest price reflation would be necessary to facilitate such an improvement. The MOF expects government-managed fund revenue to stabilize this year, while we see risks skewed ...