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China anchors rural modernization as global risks persist

China this week released its first No. 1 central document of the 15th Five-Year Plan period, setting the policy tone for agricultural modernization and all-around rural revitalization. The document underscores food security, income growth and technology-enabled farming as core pillars of China's long-term development strategy. At the same time, China's industrial shift toward capability-driven manufacturing continues to take shape. Policy momentum is also extending into consumption, with authorities accelerating the rollout of measures to cultivate new growth drivers in services, including travel, household services, cultural and experiential consumption. Beyond China, global economic risks remain elevated. Rising geopolitical pressure in the Middle East is adding uncertainty to energy supply chains, highlighting the contrast between China's anchored structural policy and a volatile external environment.