Entering the first quarter of 2026, China’s economy has delivered a better-than-expected opening performance, serving as a stable anchor amid global volatility. Latest data from the National Bureau of Statistics shows that the value-added of industrial enterprises above designated size rose 6.3% year-on-year in January-February, 1.1 percentage points faster than in December last year. The manufacturing and high-end equipment sectors posted particularly outstanding results, with new quality productive forces driving a steady rebound in industrial production. The consumption sector also picked up simultaneously, as the Spring Festival holiday boosted a boom in offline catering, tourism, duty-free shopping and other on-site consumption. Consumer confidence is gradually recovering, retail sales of consumer goods have achieved steady growth, and domestic demand continues to strengthen its role in supporting the economy.

On the policy front, 2026 marks the first year of the 15th Five-Year Plan, and macro policies have a clear tone of stabilizing growth. On the fiscal side, the deficit ratio is set at around 4%, with ultra-long-term special treasury bonds and local government special bonds accelerating issuance and implementation. Funds are mainly channeled into new quality productive forces, major infrastructure construction, livelihood security and other fields, effectively leveraging social investment. Monetary policy remains moderately accommodative, and the central bank has taken multiple measures to maintain ample liquidity, lower financing costs for the real economy, and help micro, small and medium-sized enterprises tide over difficulties.

Globally, uncertainties such as escalating geopolitical conflicts and recurring inflation are on the rise. Relying on its huge domestic demand market, complete industrial chain advantages and precise regulation, China’s economy maintains stable operation and ranks among the top in terms of contribution to global economic growth. Although the current economic recovery still faces challenges such as external disturbances and unbalanced domestic demand repair, the overall upward trend remains unchanged. With continued policy efforts and accelerated industrial upgrading, the momentum of economic recovery will further release, and there is sufficient confidence to achieve the annual growth target of around 5%.