CICC's Zhang: China's growth will be stronger in 2H

The transcript discusses the stabilization of the property market, with funding conditions improving for developers. Predictions indicate a positive growth in property sales by the second half of the year. The discussion also covers monetary and fiscal policies, highlighting infrastructure investment and tax cuts. The role of state-owned enterprises in addressing liquidity issues is examined. China's COVID-19 strategy and its economic impact are discussed, with expectations of policy fine-tuning. Finally, the strength of the Renminbi and market policy divergence are analyzed.

What signs have been observed in the property market recently?

• Stabilization of property sales

• Decrease in property prices

• A decline in property sales

• Increase in property taxes

What is expected to happen in the second half of the year regarding property sales?

• A decline in property sales

• Stabilization of property sales

• No change in property sales

• Positive growth in property sales

What are the three areas of fiscal expansion mentioned?

• Healthcare, education, defense

• Technology, agriculture, tourism

• Infrastructure investment, transfer payments, tax cuts

• Real estate, manufacturing, retail

What role do state-owned enterprises play in the liquidity crisis?

• They are expected to alleviate the crisis

• They are worsening the crisis

• They have no role in the crisis

• They are causing the crisis

How has China's COVID-19 strategy impacted economic growth?

• It has had no impact on economic growth

• It has boosted economic growth

• It has dampened growth momentum

• It has led to a recession

What is the expected trend for the renminbi in the near term?

• No change

• Slight depreciation pressure

• Significant depreciation

• Significant appreciation

In which quarters is the renminbi expected to strengthen?

• Q2 and Q3

• Q3 and Q4

• Q1 and Q2

• Q1 and Q4