China’s government has set some low-key targets for 2026 at the National People’s Congress. The official growth target has been reduced, fiscal policy will be looser, but only a touch, and monetary easing will be incremental too. Perhaps more significant is that the leadership’s high-level priorities seem little changed. There are some measures to deal with the unwelcome domestic side-effects of large-scale industrial policy but not its overall direction. Most notably, there is little in the policy proposals for this year or in the draft Five-Year Plan that will boost spending by consumers.
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