CITIC Securities Huang Wentao: The policy direction in 2026 is "seeking progress while maintaining stability, improving quality and efficiency"

On March 5th, the government work report made a comprehensive deployment of the economic work in 2026. Huang Wentao, chief economist of CITIC Securities, stated in his latest interpretation that the policy direction in 2026 is to "seek progress while maintaining stability and improving quality". The GDP growth target is set at 4.5% to 5%, which retains the focus on growth while further shifting policy towards structural optimization and risk mitigation. Looking at the combination of fiscal and monetary policies, 2026 will continue to follow a more proactive macroeconomic policy framework, with fiscal emphasis on structural optimization and monetary emphasis on price adjustment and transmission efficiency. Huang Wentao also believes that the government work report summarizes the "Four Main Themes" of the 15th Five-Year Plan, namely high-quality development, domestic circulation, common prosperity, and coordinated development and security. In the next five years, policy advancement will be centered around major projects, integrating industrial upgrading, expanding domestic demand, improving people's livelihoods, transitioning to a green economy, and ensuring security, into a more comprehensive development framework.