Will China Do Stimulus?

There's a really interesting political story here and I think we're still trying to get the measure of the changes in personnel that are going on in Beijing right now. Clearly a softening of the stance in foreign policy. And then economic policy too we may be saying something similar with Liu Hei Xi's confidante hitherto but who pushed for the stabilization of the property market giving way to Li Chang, an opportunistic advocate of more stimulus. But overall it seems to be a distinct weakening of the tough line that the Xi administration had previously taken. We expect a pretty serious rebound in growth. In 2023 is a return to growth rates of between 4 and 5.5%.