中国观察：去年的经验总结-China Matters_ Lessons Learned from the Last Year

6 February 2026 | 10:05PM HKT Economics Research CHINA MATTERS Lessons Learned from the Last Year We reflect on the macro data and policies we have followed closely over the past year and draw five lessons in this note. These five lessons from the past year have four implications for investors this year. c45a43530f604d12bcb9a82b5aa6b9f6 n First, data quality issues in some official series have become more significant, as seen in the quarter-end pattern of the NBS Manufacturing PMI and the double-digit decli ...