Leaders vowed stronger countercyclical adjustments and faster fiscal deployment while relying on existing policy tools instead of launching broad new easing measures.
China’s top leaders signaled there is still little appetite for sweeping second-half stimulus, stressing that existing policy tools should be fully used even as they promised stronger countercyclical adjustments and pragmatic support measures when appropriate. The Politburo said fiscal spending and the use of bond proceeds would be accelerated to boost demand and optimize supply, while backing breakthroughs in advanced technologies, future industries and emerging sectors. Leaders also reiterated commitments to stabilize the property market, protect jobs, address local debt risks, reform smaller banks and deepen capital-market changes. The stance was widely expected after Beijing trimmed its 2026 growth target to 4.5%–5%, despite second-quarter growth slowing to its weakest quarterly pace in more than three years.