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China Shifts Focus to Consumer Spending, Lowers Growth Target

3/6/2026

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Summary

Story summary

Huang Yiping, adviser to China's central bank, said China will gradually shift to consumer spending and that investors should lower expectations for aggressive stimulus.
He emphasized that boosting consumption takes time and cannot be achieved with immediate macro policies.
China set a 2026 growth target of 4.5%–5%, down from 5% in 2025.
The lower target may enable Beijing to pursue reforms to cut export reliance after a 2025 trade surplus.

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Story summary

Huang Yiping, adviser to China's central bank, said China will gradually shift to consumer spending and that investors should lower expectations for aggressive stimulus.
He emphasized that boosting consumption takes time and cannot be achieved with immediate macro policies.
China set a 2026 growth target of 4.5%–5%, down from 5% in 2025.
The lower target may enable Beijing to pursue reforms to cut export reliance after a 2025 trade surplus.