普华永道：2026年第一季度中国经济观察报告（英文版）（25页）.pdf

1、0China Economic Quarterly Q1 20261In BriefChina Economy Update:Key TakeawaysChina met its 2025 growth target,underscoring its role as a source of certainty and stability in a volatile global environment,even as momentum softened toward year-end.Services and external demand played an increasingly imp

2、ortant role in supporting growth,highlighting a continued shift in the growth mix.High-tech and advanced manufacturing investment remained a bright spot,continuing to support economic upgrading.Overall investment moderated in the second half,however,as the property downturn deepened.Consumption reco

3、very was supported earlier in the year by trade-in programmes that boosted goods spending,while services outperformed,pointing to continued shifts in household spending patterns.However,the recovery remained uneven as the effects of policy support faded toward year-end.Government bonds and direct fi

4、nancing played a larger role in supporting aggregate social financing,even as overall credit demand remained soft despite ample liquidity.Export diversification and higher-value shipments helped sustain trade growth,while FDI remained more resilient in services and high-tech segments despite weaker

5、aggregate inflows.China Economic Quarterly Q1 20262China Economic Outlook 2026Chinas 2026 outlook points to slower but more reform-driven growth.The new target range suggests policymakers are willing to accept softer headline growth in order to advance structural adjustment,while reinforcing Chinas

6、role as a source of relative certainty in a volatile global environment.Policy settings appear deliberately calibrated to preserve headroom.Rather than front-loading stimulus,policymakers are retaining flexibility to scale up support as external and domestic conditions evolve.Policy is shifting from