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VIEW: Possible Support For Property, Goldman Sachs Sees Monetary Easing Too

CHINA

Goldman Sachs commented on a report from offshore media that the government is looking to investment RMB 1tln (0.8% of nominal GDP) in “social housing construction and urban village renovation”. The news is yet to be confirmed by the PBoC and there aren’t any implementation details, but it is consistent with Goldman’s view that there will be increased property construction in 2024.

  • Goldman notes “As PSL targets only the property sector, according to the media report, we think additional broad-based monetary policy easing is still needed to facilitate the large amount of government bond issuance and improve sentiment towards growth. We therefore maintain our forecast of another 25bp RRR cut and 10bp policy rate cut before the end of this year, and three more 25bp RRR cuts and one more 10bp policy rate cut next year.”
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