The Importance of Fiscal Spending in China

Growth of 2K GDP was 6.3%, but that's based on a very low base year earlier because of the lockdown in Shanghai. People were actually expecting something about 7.8% year-old growth for the 2K GDP. In our view, the main reason was the weakness in the consumption side. Although the production side was still kind of resilient. We now think the PDC can collaborate twice in the second half of this year. And we see the possibility for the government to increase or to make better use of the unused local government debt quota.