CSC Huang Wentao: The policy orientation for 2026 is "seeking progress while maintaining stability, improving quality and efficiency"

The government work report has made a comprehensive deployment for economic work in 2026. Huang Wentao, chief economist at CSC, stated in the latest interpretation that the policy orientation for 2026 is "seeking progress while maintaining stability, improving quality and efficiency." The GDP growth target is set in the range of 4.5% to 5%, which retains the growth orientation while further shifting the policy focus towards structural optimization and risk resolution. In terms of the combination of fiscal and monetary policies, 2026 will continue to follow a more proactive macro policy framework, but the fiscal side will emphasize structural optimization, while the monetary side will focus more on price recovery and transmission efficiency