China's economy

China's economic turbulence is weaker than the global one, which depends on the management characteristics of Chinese government, but greater pressure does exist in 2022.

The GDP grows by 4.8% year-on-year in the first quarter, weaker than the full-year target and the growth rate in the second quarter may be hard to overtake that of the first quarter due to a new wave of COVID-19 infections. Import and export keeps relatively normal, while both investment and consumption are challenging. It is well known that China's real estate development has encountered challenges. According to the data of NBS, the cumulative growth rate of real estate investment in the first five months of 2022 is -4%, and the performance of infrastructure investment is relatively good. The cumulative growth of fixed investment in the first five months is 6.2%, which is comparable to the pre-epidemic level. However, private fixed asset investment has declined