“Task One of China’s 2026 economic work,” Beijing’s leadership declared at last month’s Central Economic Work Conference (CEWC), is to “adhere to domestic demand as the main driver and build a strong domestic market.” But clear statements don’t necessarily mean clear actions. As much as Beijing says it might want to grow consumption at home, for both domestic stability and international sustainability, Chinese leaders may not be willing to act on the scale necessary to make it reality. Even