What Is Happening in China?

The consumption recovery actually is a very familiar story, as all other economists have experienced this during the reopening. We see domestic consumption as a big driver for growth this year. And also on the investment, we actually have quite a confidence that manufacturing investment will hold up quite decently. Some of the corporates have delayed their big projects last year due to the COVID and related uncertainties. This year, they could start to invest again. There's interest from foreign investors probably expand their operation in China. Together with continuous policy support, we actually think the manufacturing investment could grow the fastest among three different type of fixed asset investment.