"Big Banks" Citigroup: China's GDP growth target for this year meets expectations

Citi released a report stating that the Fourth Session of the 14th National People's Congress opened yesterday (5th), and the Chinese government has lowered the GDP growth target for 2026 from 5% in 2025 to 4.5%-5%, which is in line with expectations. After exceeding the energy-saving targets in 2025, the government has also set more challenging energy reduction targets for 2026. The top ten work tasks for 2026 are roughly similar to those for 2025. Technology and healthcare have been listed as key work tasks, and the bank believes these areas will receive policy support.

The bank indicated that since the targets and work tasks announced by the Chinese government for 2026 are basically in line with expectations, it maintains its preferred stock list for A-shares and H-shares, while also maintaining an "overweight" rating on technology, healthcare, internet, and basic materials