23 March 2026 | 6:46AM HKT Economics Research CHINA MATTERS Near-term Risks and Medium-term Opportunities Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 n The January-February macro data exceeded expectations, indicating solid gr ...