Economic development targets for 31 Chinese provinces and municipalities in 2026 have been announced. The central growth target is approximately 5%, a slight downward adjustment from the mainstream "above 5%" target set last year. Specifically, 21 regions lowered their growth targets compared to 2025, 9 maintained the same targets, and 1 increased its target. Many provinces, while setting their goals, also expressed intentions to "strive for better results." Among the 31 regions, Tibet set the highest growth target at around 7%. In 2025, Tibet's GDP grew by 7% year-on-year, marking the third consecutive year it led the nation in growth rate. Jiangxi was the only province to raise its economic growth target, setting it between 5% and 5.5%. In 2025, Jiangxi's GDP grew by 5.2% year-on-year, reaching its highest growth rate in nearly four years. Major eastern provinces generally set their 2026 growth targets within the 5% to 5.5% range, higher than the national average of around 5%.
China's economic development is facing the critical challenge of transitioning between old and new growth drivers. Last year, 16 provinces failed to meet their economic growth targets. With local government debt resolution still ongoing, the real estate market continuing its adjustment, and domestic demand needing further stimulation, the decision by most provinces to lower their growth targets for this year and emphasize improving the quality of economic development is a pragmatic move. Jiangxi, a major central province, is the sole region to raise its economic target this year, after having exceeded its growth task last year. Following an economic setback in 2023, Jiangxi has vigorously developed its manufacturing sector over the past two years, achieving rapid growth in industrial output from large-scale enterprises, which has supported overall economic growth. In this new phase of development, the metrics for measuring economic growth have expanded from sheer speed to include quality and structure. Boosting domestic demand has become a core task, and within this objective, ensuring that the public feels a sense of gain and well-being from economic growth is paramount.
The first national standard for pre-made dishes has been released for public consultation. The standard aims to reasonably define the scope and management of pre-made dishes, specifying that it excludes staple foods, pre-washed vegetables, ready-to-eat foods, and dishes produced by central kitchens, as these are already covered by other relevant national food safety standards. The standard emphasizes strengthening the management of food contaminants and additives. It outlines principles for additive use, stipulates that preservatives should not be used, and advocates for minimizing the use of food additives, strictly controlling the varieties permitted, and adhering to a principle of non-essential non-addition. The standard also highlights the importance of maintaining nutritional quality and includes provisions for consumer advisories.
The introduction of a national standard is a crucial step towards rebuilding consumer trust in the pre-made dish industry. Products like frozen dumplings and canned foods have long been part of everyday meals, but the presence of excessive technological ingredients in some products has negatively impacted overall consumer perception. The standard first aims to formally define pre-made dishes and establish stricter industry regulations, intending to foster a more transparent and credible sector and promote its high-quality development. Pre-made dishes were originally created as a convenient dining solution for consumers. In recent years, many restaurants have also begun using them to improve efficiency and streamline operations. Whether for pre-made dishes or central kitchen models, market acceptance can still be achieved if the price matches the quality.
NIO has announced its first quarterly profit. Achieving a quarterly profit amidst a general slowdown in the growth of the domestic new energy vehicle market in the fourth quarter is a significant accomplishment. The increased sales volume of NIO's high-end pure-electric model, the ES8, during the quarter helped boost the company's overall gross margin. Furthermore, as NIO's total sales volume grew substantially, economies of scale began to materialize, creating favorable conditions for reducing per-vehicle costs. Typically, after achieving positive operating profit without relying on asset sales or government subsidies, turning a net profit is often the next feasible step. However, NIO's current sales are highly dependent on the ES8 model, and the domestic new energy vehicle market has continued its cooling trend into the new year. Concurrently, rising costs for components like global memory chips and lithium carbonate present additional challenges for NIO in achieving net profitability.
Bitcoin experienced a sharp decline, dropping 12% in a single day. Since reaching a peak last October, Bitcoin has fallen over 48%. This sell-off reflects a sharp decline in global risk appetite. Bitcoin can be seen as a barometer for global market risk sentiment and liquidity conditions. As an asset without a firm fundamental value anchor, its price fluctuations are often driven more by market sentiment than concrete factual bases.
The Shanghai and Shenzhen stock markets experienced volatile trading and closed lower. Market sentiment remained unstable, influenced by external factors. Trading volume shrank compared to the previous session. Sector performance was mixed, with chemical and battery-related stocks gaining, while consumer sectors like liquor and tourism declined. The markets appear to be entering a phase of consolidation with reduced volume, awaiting more stable sentiment, potentially after the Lunar New Year holiday, to see if market focus can shift from growth stocks to value stocks.