Morgan Stanley's Xing Ziqiang: Expects fiscal expansion to be more moderate.

On January 16th, the "2026 Bond Market Annual Forum", hosted by the National Financial and Development Laboratory of the First Entrepreneurship and organized by the Shenzhen First Entrepreneurship Bond Research Institute, was held in Beijing. Xing Ziqiang, Chief Economist of Morgan Stanley China, stated that he expects fiscal expansion in 2026-2027 to be more moderate. He believes that policies will still focus on the supply side in 2026, followed by a gradual shift towards the demand side in 2027.