China Business News invited 15 chief economists to look forward to the economic situation throughout the year.
The 2025 economic performance report card has just been released. During this year, in the face of drastic changes in the external environment, our country's economy moved forward steadily with strong resilience. In 2025, GDP jumped to a new level of 140 trillion yuan for the first time. The main goals and tasks of economic and social development were successfully achieved, and the "14th Five-Year Plan" ended successfully. What are the highlights of my country's economic development in the past year? The global economic and trade environment will still be harsh in 2026. How will our economy maintain resilience? In terms of promoting domestic demand in the future, what incremental measures is my country expected to introduce? At the beginning of the new year, we invited 15 chief economists to look forward to the economic situation throughout the year and give predictions on these issues.
Economic Data Forecast
1. The median year-on-year GDP forecast is 4.80%
Data released by the National Bureau of Statistics on January 19 showed that according to preliminary calculations, GDP in 2025 was 140,187.9 billion yuan, an increase of 5.0% over the previous year at constant prices, completing the expected target set at the beginning of the year.
Economists believe that my country's economic growth momentum will continue to shift in 2026, and the quality of economic growth will further improve. Their forecasts for year-on-year GDP in 2026 have an average of 4.79% and a median of 4.80%.
Wen Bin of Minsheng Bank said that looking forward to 2026, policies will follow the orientation of "making progress while maintaining stability, improving quality and efficiency", increasing counter-cyclical and inter-cyclical adjustments, improving the effectiveness of macroeconomic governance, and external demand is expected to remain resilient. Recently, a package of fiscal and financial policies to promote domestic demand has been implemented, and production, prices, and expectations have all shown positive changes. The economy is expected to maintain a steady and progressive trend, laying a good foundation for a good start in the "15th Five-Year Plan".
ICBC International Cheng Shi believes that a synergy to "break the situation" is forming within the Chinese economy. The first is the power of structural reshaping. High-tech manufacturing continues to lead the growth rate, and industrial competitiveness is accelerating from cost advantages to innovation advantages. This improvement in quality and efficiency provides solid industrial support for growth. The second is the transformation of domestic demand momentum. Service consumption and digital consumption are rapidly expanding and becoming an important engine for growth. Finally, there is the precise strengthening of macro policies. In 2026, the finance department will continue to increase the resource allocation for the "two new" policies, guide a new round of large-scale equipment updates and trade-in of consumer goods through state subsidies, and closely integrate investment in things with investment in people.
In this survey, economists predict that in 2026, the first year of the “15th Five-Year Plan”, my country will set its economic growth target at “around 5%”, which is both reasonable and necessary.
2. Prices continue to recover moderately
Data from the National Bureau of Statistics show that throughout 2025, the national consumer price index (CPI) changed to 0 year-on-year, and the producer price index (PPI) fell by 2.6% year-on-year, consistent with economists' expectations. They predict that with the support of a series of stabilizing growth policies, both CPI and PPI in 2026 will be higher than in 2025.
Wu Ge of Changjiang Securities believes that under the disturbance of non-ferrous metals and other categories, the overall price may have periodic pulses in the future, but in view of the limited fluctuations in demand for overseas crude oil and domestic black series, PPI will maintain zero growth throughout the year. History shows that if it is just statistical effects such as a low base or relying solely on supply constraints to push up prices, it will be difficult to achieve broad-spectrum profit improvements. The key still lies in real demand.
Zhang Jun of Galaxy Securities believes that the current low point of domestic price operation has passed and is gradually entering a moderate recovery stage. From the perspective of the external environment, Sino-US relations have entered a relatively stable window period after the APEC meeting. Trade frictions have been eased in stages. The disruption to external demand caused by tariffs in 2026 is expected to be gradually smoothed out. In 2026, prices are expected to continue the moderate recovery trend since the second half of 2025, showing an overall stable and rising operating pattern. In terms of CPI, it is expected to recover moderately in 2026, and the full-year CPI is expected to grow by 0.4% year-on-year. Pork prices in food items are still at the bottom stage, and their impact on overall prices is limited; transportation and communications items are constrained by weak energy prices; as effective demand picks up, core CPI is likely to show a moderate recovery trend, and its recovery process may depend on the further recovery of the endogenous kinetic energy of the economy. In terms of PPI, the decline is expected to continue to converge in 2026, but it will be difficult to turn positive. The full-year PPI is expected to be -1.1% year-on-year.
3. Industrial growth remains stable, and service consumption will become a bright spot
Data from the National Bureau of Statistics show that the added value of industries above designated size in 2025 (the added value growth rate is the actual growth rate after deducting price factors) will increase by 5.9% over the previous year, which is higher than the average forecast of 5.82% by economists. Economists expect that the year-on-year data of industrial added value in 2026 will decline, with the average forecast value being 5.14%.
Wen Bin of Minsheng Bank said that looking forward to 2026, industrial operations will more reflect the development characteristics of "improving quality while maintaining stability, and promoting quantity through quality." Under the constraints of a high base, the structural support for industrial growth still exists: traditional industries are leaping to the mid-to-high end under the guidance of "artificial intelligence +" empowerment and "anti-involution" policies; emerging industries and future industries continue to expand, hedging some of the downward pressure on external demand and investment returns; the service industry is developing towards productive and high-end development, forming synergistic support for the manufacturing industry. Taken together, taking into account the base effect and the internal and external environment, he expects the overall growth rate of industrial added value to remain stable in 2026, and is expected to remain around 5.5% throughout the year.
Zhang Jun of Galaxy Securities believes that in 2026, the first year of the “15th Five-Year Plan”, the annual industrial added value growth is expected to grow by about 5.0%. In terms of structure, there are the following key points: First, the advancement of "anti-involution" may keep the growth rate of industrial added value during the "15th Five-Year Plan" period at a level slightly lower than GDP, similar to the situation of supply-side reform during the "13th Five-Year Plan" period. Second, high-tech industries will continue to drive industrial added value. In the central government's press conference interpreting the "15th Five-Year Plan" proposal, the National Development and Reform Commission clearly mentioned that "in the next 10 years, China will re-create a high-tech industry." Third, boosting domestic demand and the suspension of the trade war bring demand potential.
In terms of consumption, total retail sales of consumer goods in 2025 will increase by 3.7% compared with the previous year. Since the beginning of this year, two State Council executive meetings have focused on expanding domestic demand and studying and deploying policies to promote consumption. Economists' average forecast for this indicator in 2026 is 4.05%, higher than in 2025.
Political Commissar Lu of Industrial Bank predicts that the trade-in subsidy for durable consumer goods is expected to continue in 2026, and the scope of the subsidy is expected to be broadened. However, due to the decline in policy effectiveness and a high base, the retail growth rate of durable goods such as home appliances may decline, and the growth rate of total retail sales of consumer goods may moderately fall back to around 3.2%. With the support of multiple factors such as policy guidance and changes in consumption concepts, the growth rate of service consumption is expected to exceed the growth rate of commodity consumption, and the consumption structure will show a trend of "invisibility".
Lian Ping, chief industrial research institute of Guangkai, said that in 2025, consumption will consolidate the pattern of moderate growth under the joint efforts of "policy support + structural upgrade + new consumption". In 2026, my country will expand the supply of high-quality consumer goods and services, cultivate and expand new consumption growth points, and actively create new consumption scenarios. First, we will deepen the implementation of special actions to boost consumption and formulate and implement plans to increase the income of urban and rural residents. The scope of "state subsidies" will be further optimized, taxation, social security, transfer payments and other regulatory functions will be actively used to increase residents' income through multiple channels, and better combine benefiting people's livelihood and promoting consumption. The second is to cultivate new consumption scenarios and new business formats, and accelerate the innovative application of new technologies and new models. Actively promote the launch of consumer products, orderly develop platform consumption, standardize the development of shared consumption, etc.; accelerate the layout of new fields and new tracks, promote new models of efficient and responsive manufacturing, and strengthen the integration and empowerment of artificial intelligence. The third is to expand the supply of featured and new products. Promote the expansion and iteration of green products, expand inbound consumption, promote the upgrading of rural consumer goods, vigorously develop leisure and sports products, promote the innovative development of health products, expand the influence of historical classics, and expand the supply of diverse interest consumption, etc. The fourth is to clean up unreasonable restrictive measures in the consumption field. In view of the outstanding problems such as insufficient convenience, insufficient attractiveness, and excessive business restrictions in the fields of automobile consumption, housing consumption, and inbound tourism consumption, various localities will address them in a targeted manner.
4. Overall investment has stopped falling and rebounded. In the short term, the real estate market is still in the downward clearing stage.
For the whole of 2025, the national fixed asset investment (excluding farmers) published data was approximately 48.5 trillion yuan, a decrease of 3.8% from the previous year. This is the first time since 2014 that the growth rate of infrastructure investment announced by the National Bureau of Statistics has declined. In terms of sectors, infrastructure investment fell by 2.2%, manufacturing investment increased by 0.6%, and real estate development investment fell by 17.2%. Economists predict that the cumulative growth rate of national fixed asset investment will rebound to 2.17% year-on-year in 2026. In the short term, the real estate market will still be in the downward clearing stage. In the future, policies will continue to work from both supply and demand sides to promote the construction of a new development model for the industry. Their average year-on-year forecast for the cumulative growth rate of real estate development investment in 2026 is -8.03%.
Zhang Jun of Galaxy Securities believes that 2026 is the first year of the “15th Five-Year Plan” and it is expected that infrastructure investment throughout the year will increase by 4.5% year-on-year, which will be a rebound from 2025. At the policy level, it is expected that an additional 1 trillion yuan of ultra-long-term special treasury bonds will continue to be issued to support the construction of "double-level" projects. Investment within the central budget will also be expanded, and policy financial instruments are expected to continue to be effective. In addition, the special debt quota that has been issued in advance at the end of 2025 also creates a good financial foundation for achieving a "good start" in infrastructure construction in early 2026. In the third quarter, the year-on-year rebound was driven by the release of the physical volume of projects and the low base in the same period in 2025. In the fourth quarter, as climate construction restrictions and the pressure to stabilize growth throughout the year eased, investment momentum declined slightly, and infrastructure growth was achieved at 4.5% throughout the year.
Wang Han of Industrial Securities believes that the key to cultivating new momentum for the development of the industry is to accelerate the construction of a new model of real estate development. Pilot sales of existing homes should be promoted, real estate development should be closely integrated with urban renewal, and by transforming old communities and building "good houses", the company should shift from "incremental expansion" to "stock quality improvement", integrate green and technology, develop low-carbon buildings and smart homes, and combine innovations in business formats such as senior care and tourism.
Lian Ping, Guangkai Chief Industrial Research Institute, believes that real estate policy will continue to work on the supply and demand sides in 2026. On the one hand, we will comprehensively optimize purchase restrictions and loan restrictions, increase home purchase subsidies and tax exemptions, increase provident fund loan limits, relax provident fund withdrawal conditions, and increase support for guaranteed-delivery buildings; on the other hand, support financial institutions in reasonably extending development loans, support mergers and acquisitions and reorganizations of high-quality real estate companies, and promote real estate companies to transform existing commercial real estate, office buildings, and industrial parks into affordable rental housing or talent apartments, reduce the down payment ratio of land transfer fees or extend the payment period, and better control the increase and inventory. On the financial side, a real estate debt restructuring fund may be established to help insurgent housing companies sort out their debts and revitalize assets; more supporting credit products will be launched to support residents in purchasing houses at a lower threshold. The cultivation of new driving forces for the development of the real estate industry will be carried out around the four major directions of urban renewal, green intelligence, simultaneous rental and purchase, and cross-border integration, promoting the transformation of the industry from incremental development to stock operation and high-quality services.
5. Foreign trade maintains steady growth
According to customs statistics, in U.S. dollars, my country's total import and export value for the whole of 2025 was 6.35 trillion U.S. dollars, a year-on-year increase of 3.2%. Economists believe that the global economy will grow moderately in 2026, and geopolitical factors will continue to affect global trade. my country's foreign trade is expected to maintain steady growth in the context of market diversification and export structure upgrades.
ICBC International Cheng Shi believes that the global economy in 2026 will enter a complex system shaped by non-linearity, path dependence and adaptability, showing the dual characteristics of being highly unstable but still resilient. He said that according to the IMF's latest forecast, global economic growth is expected to be about 3.1%. Although it has improved from before, it is still at a stage of moderate growth and high uncertainty. During this period, the global economic operation will show obvious adaptability. Despite the external impact of trade protectionism and geopolitical friction, the global trading system will generally remain open. At the same time, the logic of economic operation will undergo a directional change and enter a new stage characterized by fiscal dominance. Public expenditure will replace monetary policy and move to the forefront of resource allocation, determining the industrial structure and growth path. The apparent misalignment of the cycles of the world's major economies has intensified policy spillover effects, increasing the complexity and volatility of China's external environment. However, this state of "chaos" also gives birth to a new order. For China, this is not only a continuation of external pressure, but also an opportunity to upgrade its export structure. On the one hand, as the global interest rate cut cycle deepens, overseas market demand for mid-to-high-end durable goods is expected to rebound, and China's export advantages in fields such as power equipment and electric vehicles will be further amplified. On the other hand, relying on the rapid penetration of cross-border e-commerce platforms, Chinese companies will upgrade from exporting products overseas to exporting brands and supply chains overseas. Their share in emerging markets such as Southeast Asia, the Middle East and Latin America is expected to reach new highs, effectively offsetting the fluctuations in some traditional markets.
Wang Han of Industrial Securities predicts that the global economy will be overall weak in 2026, with increased differentiation and great uncertainty, mainly affected by trade protectionism and geopolitical conflicts. Among them, the growth rate of developed economies may slow down, while the growth rate of emerging markets may be stronger. He believes that this will put pressure on China's foreign demand, which may restrict exports to Europe and the United States, but the industrialization needs of emerging markets may bring more export space, and at the same time, the RMB exchange rate may strengthen. my country's foreign trade may still show resilience in the future. China's export trading partner structure has been diversified, focusing more on the emerging market countries along the "Belt and Road", and the commodity structure has also expanded to high-end products.
Lian Ping, chief industrial research institute of Guangkai, said that my country’s exports are expected to maintain a steady growth momentum in 2026. From the external environment, there are many favorable factors. In 2026, the global trade environment is expected to be repaired to a certain extent, Sino-US economic and trade relations will show an overall relaxation trend, overseas demand will be generally boosted under the background of global monetary and fiscal easing, multilateral and regional cooperation will be deepened, and the importance of "South-South trade" will be further highlighted. From the domestic environment, there are also many positive factors. These include: China's overall trend of decreasing dependence on the U.S. market has not changed, exports to ASEAN, the EU and other markets have maintained a relatively rapid growth rate, China's competitive advantages and resilience across the entire industry chain will become more and more fully demonstrated, and mechanical and electrical products and high-tech products will continue to play the role of "ballast" for China's exports. He predicts that export growth may remain at 3% to 4% in 2026.
Research and judgment on hot issues
1.What are the highlights of my country’s economic development in 2025? What areas should we focus on in the future?
Cai Wei of KPMG said that looking back on 2025, there are two major highlights in China's macroeconomic performance: external demand remains resilient in the face of U.S. tariff headwinds, and the pace of domestic industrial upgrading is accelerating. Future development needs to focus on expanding domestic demand and promoting innovation. In terms of expanding domestic demand, it emphasizes the close integration of investment in things and investment in people, and ultra-long-term special government bonds maintain financial support for "two important" and "two new" projects. At the same time, we will deepen the construction of the domestic demand system, shift from short-term policy stimulation to the construction of long-term mechanisms, and boost residents' willingness to consume and promote the increase in residents' consumption rate by focusing on expanding service consumption scenarios and increasing government funds expenditure in people's livelihood areas. In terms of innovation drive, the core focus is to strengthen the status of enterprises as the main body of innovation, increase investment in basic research, accelerate the localization process of "stuck" technologies such as high-end chips, industrial software, and advanced materials, and promote the efficient transformation and application of major scientific and technological achievements. At the same time, we should actively make good use of policy financial instruments and special bond funds, increase financial support for emerging industries and future industries, accelerate the release of the application value of "artificial intelligence +" and promote the expansion of industrial scale, promote breakthroughs in cutting-edge fields, and seize the commanding heights of industrial transformation.
ICBC International Cheng Shi believes that the highlights of China's economic development in 2025 are mainly reflected in the conversion of old and new driving forces and the innovation of consumption patterns. In the future, on the basis of ensuring the independence and security of the industrial chain, boosting consumption will rise to a more prominent strategic position. By deepening the reform of the income distribution system, substantially increasing the income of low- and middle-income groups, and improving education, medical and pension security, preventive savings will be transformed into growth consumption. In addition, we need to focus on the challenges brought about by changes in demographic structure, and transform the silver economy into a new driver of consumption growth by optimizing the fertility support system and improving the elderly care industry.
Guan Tao of BOC International believes that in 2025, major domestic economic indicators will perform well, there will be bright spots in the field of science and technology innovation and consumption, external shocks will be dealt with in an orderly manner, and the financial market will withstand high-intensity shocks. In the future, we need to pay attention to the evolution of external shocks and closely track the implementation effects of domestic macro policies and structural reforms, especially the actual results in stabilizing expectations and expanding domestic demand.
Wang Han from Industrial Securities said that the economy will make steady progress in 2025, with accelerated transformation of old and new driving forces, rapid growth of new productive forces, strong foreign trade resilience, and continuous deepening of high-level opening up. In the future, we should focus on innovation-driven efforts to replenish and strengthen chains, upgrade technological innovation industries, expand consumption and stabilize investment with domestic demand as the leading factor, and strengthen social security for people's livelihood.
2. The Central Economic Work Conference listed "adhering to domestic demand as the leading factor and building a strong domestic market" as the top annual key task. What is the reason for my country's current weak consumption? Compared with 2025, what incremental measures will be taken to improve domestic demand?
Guan Tao of Bank of China International believes that weak consumption is due to dual pressures on income and expenditure. On the income side, residents account for a low proportion of national income distribution, and their income expectations are unstable, which restricts their consumption ability. On the expenditure side, rigid burdens such as housing, education and medical care are relatively heavy, which strengthens residents’ precautionary savings motivation and squeezes current consumption. When deploying "adhere to domestic demand as the leading factor and build a strong domestic market," the Central Economic Work Conference will in-depth implement special actions to boost consumption, formulate and implement plans to increase the income of urban and rural residents, and list "adhering to people's livelihood as the top priority and striving to do more practical things for the people" as one of this year's key tasks. It is expected that residents will receive tangible policy dividends in education, medical care, elderly care, etc.
KPMG Cai Wei said that the current weak consumption is the result of the superposition of medium- and long-term structural contradictions and short-term cyclical pressures. First, the slowdown in residents' income growth and unstable employment expectations, coupled with insufficient social security levels, have led to high residents' precautionary savings and weak consumption ability and confidence. Second, the real estate market continues to be sluggish, causing residents' wealth to shrink and dragging down related consumption such as home appliances, home furnishings, and building materials. Third, there is a structural mismatch between supply and demand in the consumer market. The supply of high-quality goods and services is insufficient, and consumers' high-quality and personalized consumption needs are not fully met. He believes that in 2026, consumption-promoting policies will continue to work together from both supply and demand ends to promote steady growth in consumption, among which service consumption remains an important driving force. From the supply side, we should focus on expanding the supply of high-quality goods and services, optimizing the business environment in the consumer sector, and stimulating market vitality and innovation potential through measures such as relaxing market access and promoting business integration. From the demand side, the trade-in policy for consumer goods has been continued, and the scope of subsidies has been adjusted to more accurately tilt towards the optimization and upgrading of the consumption structure. In addition, policies to benefit people's livelihood will also be further developed. In the context of policies that continue to support the healthy and stable development of the capital market, the wealth effect of the capital market is expected to gradually increase, which will help to pick up the growth rate of residents' property income and promote a marginal improvement in residents' consumption propensity.
ICBC International Cheng Shi believes that from a macro structure perspective, the final consumption of Chinese residents currently accounts for about 40% of GDP, and the marginal consumption propensity of residents is about 66%, both of which are significantly lower than those of major developed economies. This shows that the potential of the ultra-large market has not yet been fully unleashed. He said that on the basis of previous policies, the focus of improving domestic demand in 2026 is to stabilize residents' long-term expectations through institutional certainty. The primary policy increment is reflected in the unprecedented increase in investment in people, through deepening the reform of income distribution, focusing on improving the remuneration of low- and middle-income groups, and significantly increasing the fiscal coverage of public services such as childcare and elderly care. In addition to continuing to deepen the "two new" policies, the financial sector can also accurately support new business formats such as the first-run economy and create more high-quality consumer supply by optimizing interest discount policies for personal consumption loans and service industry business entities. At the same time, we should make up for the shortcomings of the county business system and cold chain logistics, so that the vast rural market and sinking market can not only buy but also buy well, so that the ultra-large-scale market can glow with more sustainable expansion resilience in the opening stage of the "15th Five-Year Plan".
Wang Han of Industrial Securities believes that consumption weakness is mainly due to four aspects: First, in the context of China's economic slowdown, China's consumption growth is also under pressure to slow down. The slowdown in consumption growth cannot be simply regarded as consumption weakness; second, people are worried about income expectations, which affects consumption willingness; third, consumption has shifted from "enough" to "good", and high-quality goods and services need to be provided, but in fact high-quality supply is insufficient; fourth, low inflation inhibits consumption willingness. Incremental measures to improve domestic demand include: the "Income Increase Plan for Urban and Rural Residents" to stabilize income expectations and increase residents' income; expand the supply of high-quality goods and services, especially in cultural tourism; linkage with consumption and investment, and promote the expansion of employment and consumption scenarios through urban renewal.
3. Innovation drive is the second most important task this year. What aspects should we focus on in relevant industrial policies? Specifically, what supporting policies can be introduced for the robot industry?
KPMG Cai Wei believes that future industrial policies should focus on four aspects: first, strengthening basic research and key core technology research; second, accelerating the formulation and revision of standards in emerging industries, improving the construction of a full chain protection system for intellectual property rights, and promoting the intellectual property rights and industrialization of innovative achievements. ; The third is to optimize the supply of innovation factors and smooth the flow of factors, and increase the support of new factors such as data, computing power, and talents; the fourth is to deepen the integration of industry, academia, and research, build common technology platforms, pilot bases, etc., promote the precise connection between the innovation chain and the industrial chain, and promote the efficient transformation and application of scientific research results.
ICBC International Cheng Shi said that industrial policy will shift from point breakthroughs to building a full-chain ecosystem of "basic research – industrialization – large-scale application". Policies will focus on areas with high total factor productivity characteristics. The core of this transformation is to use the application scenario advantages of China's ultra-large-scale market to provide early application scenarios for cutting-edge technologies with industrialization conditions such as artificial intelligence, thereby transforming the soft power accumulated through technological breakthroughs in key fields into hard assets with global competitiveness.
Guan Tao of Bank of China International said that in order to strengthen the innovation drive, the core of relevant industrial policies is to break down the barriers between technology and industry and promote the deep integration of the two. Specific to the robot industry, support policies should focus on two aspects: first, to assist core technology research, and second, to promote the rapid transformation of innovative results and ecological construction by building a full-chain support system.
Wang Han from Industrial Securities said that innovation policies should focus on autonomy, clustering, and scenario-based development: strengthen investment in basic research and deploy cutting-edge fields such as artificial intelligence and biomanufacturing; expand international science and technology innovation centers (such as Beijing-Tianjin-Hebei and the Yangtze River Delta) and integrate regional innovation resources; open up application scenarios and encourage new technology demonstrations through government procurement.
Lian Ping, the chief industrial research institute of Guangkai, believes that future relevant industrial policies should focus on three major directions: first, strengthening basic research and key core technology research capabilities; second, opening up a virtuous cycle of "technology-industry-finance"; and third, promoting the large-scale implementation of innovation results in key scenarios. Specifically, policies need to work together from three aspects: institutional supply, factor guarantee and market traction: speed up the formulation of integrated plans for educational science and technology talents, optimize intellectual property protection and achievement transformation mechanisms; improve multi-level financing tools such as science and technology credit, equity funds, REITs; and guide the deep integration of new technologies with manufacturing and service industries through special actions such as "artificial intelligence +" and "robot +".
Specific to the robot industry, they believe that relevant policies can be introduced to support the industry by increasing financial support, providing R&D support, helping the industry cultivate the market, formulating unified industry standards, and cultivating talents in related industries.
(The author is a researcher at the First Financial Research Institute)
The list of 15 economists in this issue of "China Business News Chief Economist Survey" (arranged in pinyin order):
Cai Wei: President of KPMG China Economic Research Institute
Cheng Shi: Chief Economist of ICBC International
Ding Shuang: Chief Economist of Standard Chartered Bank Greater China
Ge Tingting: Economist, Greater China, JPMorgan Chase
Guan Qingyou: If you are the president of the Institute of Finance
Guan Tao: Global Chief Economist of BOC Securities
Lian Ping: President and Chief Economist of Guangkai Chief Industrial Research Institute
Political Commissar Lu: Chief Economist of Industrial Bank
Lu Ting: Chief Economist of Nomura Securities China
Wang Han: Chief Economist of Industrial Securities
Wen Bin: Chief Economist and Dean of the Research Institute of China Minsheng Bank
Wu Ge: Chief Economist of Changjiang Securities
Xie Yaxuan: Deputy Director of China Merchants Securities Research and Development Center
Zhang Jun: Chief Economist and Dean of the Research Institute of China Galaxy Securities
Zhou Xue: Asia Economist at Mizuho Securities
