The Forward Loaded Consumption Recovery in China

The first quarter GDP number and activity data in general basically confirms the recovery is a swifter than we thought before. And next year we're now seeing a 5.0% revised down from the previous forecast of 5.5%. Okay so up for this year down for 2024. Why is that? We can see this is a more front loaded recovery than we previously thought. After reopening similar as in other economies we see that the service rebunged almost instantaneously. Because the survey sectors are booming it starts to recruit more people.