The 5.5% growth target requires continued policy efforts. Geopolitical events disturb the global market and pay attention to the risk of global stagflation.
The government work report sets the growth target for 2022 at 5.5%. The realization of this target requires continued policy efforts.
The manufacturing PMI data in February showed that the economy was still in the repair trend, but the high-frequency data were mixed, and it still took time for market confidence to recover.
Geopolitical events disturbed global markets. On the one hand, they pushed up global inflation and suppressed economic recovery. On the other hand, uncertainty led to the weakening of the Fed's first interest rate hike. In the medium term, high inflation caused by supply side factors and tight monetary policy suppress demand, so we need to pay attention to the risk of global stagflation.
