Real economy policy map, 2022, issue 2: "steady growth" needs to be added

The economy is relatively stable at the beginning of 2022. From the meso high-frequency data since January: on the one hand, the terminal demand has differentiated, and the decline in the growth rate of real estate sales in 35 cities has expanded, but the growth rate of passenger car wholesale and retail sales of the passenger Federation has both increased; On the other hand, industrial production improved slightly, the decline in steel output growth of steel enterprises continued to narrow, and the average daily coal consumption growth rate of power plants in eight coastal provinces also increased, but the operating rates of major industries such as automobile, chemical industry and steel rose less and fell more.

Since the conclusion of the economic work conference at the end of last year, the annual work conferences of various ministries and commissions have been held one after another to implement the spirit of the central conference. In terms of economic work, the demand for steady growth has been significantly enhanced. The national development and Reform Commission and the Ministry of finance both mentioned "moderately ahead of schedule infrastructure investment". The Ministry of transport pointed out the need to accelerate the construction of high-quality comprehensive three-dimensional transportation network, SASAC also proposed to speed up the implementation of a number of major investment projects specified in the 14th five year plan. Judging from the annual investment targets set by the provinces that have held the two sessions, Henan Province has increased by 4 percentage points compared with last year, indicating that steady growth with investment as the starting point may maintain a high policy intensity. However, the high-frequency data reflect that the effect of "steady growth" has not been fully demonstrated at the level of the real economy. For example, the decline in the growth rate of real estate sales is still expanding, and the prices of building materials products continue to decline. It is worth looking forward to the further implementation of follow-up policies.

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