Yingda Macro Review (No. 92, Issue 8, 2022): Comments on “Government Work Report” in 2022: “Around 5.5%” to lead in line with expectations, and the growth rate of real estate investment in 2022 is likely to be low and then high_Oriental Fortune Network

Summary of the report:

On March 5, Premier Li Keqiang delivered the 2022 “Government Work Report” at the Fourth Session of the Thirteenth National People’s Congress. Our review is as follows:

1. There is a high probability that the “problems and challenges” from overseas will continue in the short and medium term;

2. Domestic “problems and challenges” cannot be significantly alleviated in the short term;

3. The economic growth target of “about 5.5%” is fully in line with our expectations, but “hard work is required”;

Fourth, in the face of new downward pressure, “stabilizing growth” is the top priority of the government’s work;

5. There is room and means for macro policies, and cross-cyclical and counter-cyclical adjustments must be strengthened;

6. After excluding the base effect, the growth rate of exports, manufacturing investment, and infrastructure investment in 2022 is likely to be “high before and then low”;

7. The urban surveyed unemployment rate in 2022 is likely to rise compared with 2021, but the probability of breaking 5.50% is low;

8. The “Report on the Work of the Government” reiterates “policies tailored to the city” and “urbanization”, which will benefit the growth rate of real estate investment.

(Article source: British Universitysecurities）

Article source: Yingda Securities

Responsible editor: 6

Original title: Yingda Macro Review (No. 92, Issue 8, 2022): Comments on the 2022 “Government Work Report”: “Around 5.5%” is a strong lead, in line with expectations, and the growth rate of real estate investment in 2022 is likely to be low and high