Wu Ge, Chief Economist of Changjiang Securities and Assistant to the President, delivered his report of The seek for new economic development momentum.

The report is mainly divided into two parts.

Part One: Chinese economy and real estate. The economic growth rate has recovered to the historical lower limit. The key to returning to a reasonable range lies in export improvement. The real estate market has been sluggish since the beginning of the year, with a reverse trend between mortgage rates and the number of second-hand house listings. To stabilize real estate demand, it mainly depends on overall quantity policies.

Part Two: future macroeconomic outlook. The second quarter may see an improvement in physical infrastructure work; the stimulating effect of special treasury bonds may become apparent in the second half of the year; global trade turning positive is expected around mid-year, with price differentials supporting export volume; the second half of the year may see a stabilization in GDP growth rate, slight price increases, and a moderate rebound in nominal GDP.