China's NBS says the contradiction between supply and demand remains prominent

• Will implement more proactive macroeconomic policies and expand domestic demand.
• China's economy shows steady growth amid multiple pressures in 2025
• Population at the end of 2025 at 1.405bln (prev. 1.408bln Y/Y)
• China's economy faces problems and challenges, including strong supply and weak demand.
• Sees multiple risks and potential dangers in key sectors.
• China is able to maintain stable, sound growth momentum in 2026.
• Production, prices and expectations show positive changes since year start.
• Net exports accounted for 31.1% of Q4 GDP growth.
• Expects China's consumption to grow steadily in 2026 as policies support gains traction.

China's National Bureau of Statistics has highlighted a notable contradiction between supply and demand in the economy, signaling a need for more aggressive macroeconomic policies to bolster domestic demand. While they project steady growth despite pressures, the indications of strong supply coupled with weak demand could weigh on inflation expectations, influencing market sentiment towards risk assets and commodities.