Zhongjin: It is expected that policies will be implemented at both the supply and demand sides to achieve an economic growth of around 5% by 2026.

CICC predicts that in 2026, policies will focus on both supply and demand to achieve around 5% economic growth. On the supply side, there will be parallel "increases and decreases," increasing high-quality consumption supply while continuing to reduce inefficient production capacity as part of efforts to combat "inward spiraling." It is expected that demand-side policies will also be moderately strengthened, with a combination of "increases and decreases" in terms of structure, increasing the proportion of spending in high-efficiency areas while reducing the proportion in low-efficiency areas. Given China's still relatively high potential growth rate, CICC believes that the ideal scenario would be for the demand side to increase efforts to close the demand gap and effectively raise inflation.