<h1>Economic growth target prompts cautious stimulus and expanded private-sector financing amid trade tensions and a protracted property slump.</h1> The National People's Congress adopted an economic posture anchored by an economic growth target accompanied by modest fiscal and financial measures-targeted borrowing to support housing and indebted local governments, consumer trade-in rebates, and a larger deficit-while signalling reserves of tools for future shocks. The Congress advanced reforms to improve the private sector environment through market-access, financing and property-rights measures, increased lending and bond financing for private firms, and pledged to address sectoral overcapacity and unhealthy 'involution' competition amid trade tensions.