毕马威（KPMG）：2026年宏观经济十大趋势展望报告（英文版）（25页）.pdf

1、 2026 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau SAR partnership,and KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KP

2、MG International Limited,a private English company limited by guarantee.All rights reserved.KPMG.Make the D 2026Ten Macroeconomic Trends in 2026 2026 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau SAR

3、partnership,and KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.1AbstractLooking back on 2025,Chinas economic landscape was char

4、acterised by steady progress with two notable highlights standing out.Firstly,external demand remained resilient despite headwinds from US tariffs.This resilience was supported by Chinas increasingly diversified trading partnerships,the growing international competitiveness of Chinese exports,and st

5、rong global demand for AI-related products.Secondly,the pace of domestic industrial transformation picked up.Early breakthroughs in homegrown AI technology,together with increased government emphasis on the private sector and scientific innovation,drove sustained investment in high-tech industries t

6、hroughout the year laying a foundation for new economic drivers.However,insufficient domestic demand remains a persistent challenge for Chinas economy,both now and in the years ahead.The real estate market remains under pressure,leading to a sustained contraction in household wealth.At the same time