China's National People's Congress opens March 5, with investors scrutinizing Beijing's plans to balance tech ambitions against a fragile consumer economy. Officials are expected to set a 2026 growth target of 4.5% to 5%, down from recent years' 5%, signaling tolerance for slower expansion amid property slumps and deflation. The weeklong meeting carries added weight as policymakers outline priorities for a new five-year plan.

Tech stocks powered China's market rebound, but investors now seek reassurance that the rally has further to run. An AI 'scare trade' has rattled global tech shares, with money flowing from giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. into smaller AI beneficiaries. Beyond established AI leaders, analysts see potential in cloud computing, smart driving, and quantum technology. Meanwhile, reviving domestic demand remains a consistent theme as countries push back against China's cheap exports.

Investors will watch for concrete measures to boost consumer spending, which has proven elusive despite repeated policy promises. The property sector remains a major drag, with officials likely reaffirming support for higher-quality housing models while leaving further easing to local governments. In the bond market, attention turns to the fiscal budget and potential supply pressure from government issuance. Beijing is expected to ramp up sales of ultra-long special sovereign bonds, with estimates reaching 1.5 trillion yuan ($219 billion) to support domestic demand and stabilize growth.