Daily brief
China has set its economic growth target for 2026 at a range of 4.5% to 5%, its lowest official GDP target in decades. The government also set its budget deficit target at around 4% of GDP for the year. Officials described the target range as providing flexibility for policy and signaling a commitment to stable growth.
China has reportedly instructed its top oil refiners to suspend exports of diesel and gasoline, and is in talks with Iran to ensure safe oil and gas passage through the Strait of Hormuz.
Alibaba has formed a new AI task force to boost development following the resignation of a top researcher, as traditional Chinese businesses try to buy into the AI boom.
Nvidia has stopped production of chips intended for the Chinese market.
Apple has blocked US users from downloading ByteDance's Chinese apps.