中国思考：全国两会前瞻- 政策延续，而非转向-China Musings-NPC Preview Policy Continuity, Not a Pivot

Beijing will likely stick with a ~5% GDP growth target for 2026, but policy remains cushioning over lifting. We expect a flat initial fiscal envelope, a continued focus on tech and public capex, and reactive guardrails for consumption and property – keeping reflation a slow burn. February 24, 2026 12:16 PM GMT China Musings | Asia Pacific NPC Preview: Policy Continuity, Not a Pivot Key Takeaways A 5% national GDP growth target to stay: Two thirds of provinces have trimmed 2026 growth targets, triggering spe ...