CN

China's economic engine is shifting from property-led growth to high-tech manufacturing and the 'Three New' industries. The 15th Five-Year Plan (FYP) marks a critical juncture for this transition. With inflation lingering near zero at 0.42%, the PBOC is forced to maintain an accommodative stance despite a global tightening cycle. The shadow system continues to deleverage, creating drag on domestic demand. However, China's massive gold reserves of 2,291.5 and persistent trade surpluses provide significant strategic depth. The Mbridge project and further de-dollarization efforts are central to Beijing's long-term plan to insulate itself from US-led financial sanctions.