00:00What stood out to you so far? What are your key takeaways?
00:03Are we getting enough detail on the rebalancing plans to excel sufficiency?
00:08And perhaps does this also give us an indication of the extent in which China is going to be resilient
00:14to the turmoil from the Iran war?
00:19Thank you. I think it's widely expected.
00:23China has lowered its GDP growth targets this year to 4.5% to 5% compared to last year's
00:315%.
00:32For the fiscal budget, I think so far the numbers seem to be showing that China is setting a fiscal
00:44budget that is quite similar to last year's
00:48and showing its continued stance of modest expansion in fiscal policies in order to boost domestic demand
00:58and increase more of the spending into those areas that are needed most.
01:05In terms of monetary policy, I think the policy stance has been largely maintained,
01:13quite similar to what we have seen from December's Central Economic Work Conference.
01:19That said, we think that the PBOC will likely only have a modest room in terms of policy and a
01:26triple R card
01:26and would put more emphasis on the structured tools and in coordination with non-fiscal policies to support targeted areas.
01:36I think other rhetoric so far we have seen are also quite in line with the five-year plan
01:47and China's long-term goal to promote economic rebalancing and to drive continued high-quality growth
01:58and to achieve high level of self-reliance and national security in the current context of changing global landscape.
Comments