China set its 2026 economic growth target at 4.5%-5% on Thursday, slightly lower than the 5% pace achieved last year, signalling room for greater, albeit not decisive, measures to address industrial overcapacity and rebalance the economy. Analysts have said a lower growth target gives Beijing more flexibility to implement reforms that make the world's second-largest economy less reliant on exports for growth, having posted a record $1.2 trillion trade surplus in 2025.