China's senior leadership have just completed their annual Central Economic Work Conference, with officials broadly retaining the stance of monetary and fiscal policy but signalling that this may be enhanced to deliver additional support. Officials expect to achieve their 5 percent GDP growth target in 2025 and have retained that target for 2026.

In terms of fiscal policy, officials announced that they will"continue to implement a more proactive fiscal policy" and will again target a fiscal deficit. In terms of monetary policy, the stance will remain"moderately loose", with officials pledging to adjust reserve requirements and interest rates if required to"maintain ample liquidity".

This stability in the policy stance suggests officials remain cautiously confident about the domestic economic outlook despite ongoing concerns about US trade tensions.

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