中国经济 - 政策微调：尽管刺激政策呼声再起-China Economics-Policy Tweaks, Despite Further Stimulus Talk

January 20, 2026 10:43 AM GMT China Economics | Asia Pacific Policy Tweaks, Despite Further Stimulus Talk Key Takeaways What is new: Beijing will rollout some modest interest subsidy tweaks aimed at consumption and SMEs. Its pledge to "lift total fiscal spending" adds little clarity: with a larger nominal GDP, headline spending naturally rises; it does not imply a bigger fiscal deficit or higher spending as a share of GDP. What the market is running with: We hear market debate around a big bump in long-term ...