Goldman Sachs note that “in general, the July Politburo meeting suggests to us that the "Dynamic Zero Covid" policy stance is here to stay, and while full-year economic targets appear challenging on a nationwide basis. Policymakers would maintain their supportive stance, in particular continue to push for infrastructure investment to support the overall economy. The lack of mentioning of a potential property fund, which was widely discussed over media in recent days might appear disappointing to investors, but there is still a chance that PBOC and relevant government institutions would follow up and announce concrete supportive measures to the property sector in the next few days/weeks.”
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