Allianz｜聚焦中国经济软着陆

Allianz Research's 2023 report highlights that China's consumers are the key to government policy support, but rebuilding consumer confidence will take time. The government is expected to announce additional measures to stimulate employment, such as reducing interest rates for enterprises, especially small and medium-sized ones. The real estate market is expected to stabilize at a lower level, with further easing of regulatory measures and reduction of down payment requirements for second home buyers in first-tier cities. The government is also expected to announce additional infrastructure investment to avoid a fiscal cliff.货币政策仍然受到限制，对经济增长的净负面影响为-0.5%。

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