<p>CITIC Securities research report states that since the beginning of this year, the momentum of consumption recovery has been significant, manufacturing and infrastructure investment have maintained stable growth, and exports have shown strong resilience. The &#34;three drivers&#34; of the economy have all shown positive changes, with economic growth in the second quarter expected to reach over 5%, laying a solid foundation for achieving the annual target. Looking ahead to the second half of the year, the new model of real estate development will more effectively address structural supply-demand mismatches, and stable foreign trade policies will continue to exert force, injecting more certainty into China's economy against the backdrop of declining global economic momentum and rising uncertainties in geopolitical and trade frictions</p>

<p>CITIC Securities research report points out that in 2023, consumer recovery is evident, manufacturing and infrastructure investment are steadily growing, exports are resilient, and the three pillars of the economy are positively changing, with economic growth in the second quarter expected to exceed 5%. Looking ahead to the second half of the year, the new model in real estate will specifically alleviate the mismatch between supply and demand, and stable foreign trade policies will continue to exert force, injecting more certainty into the economy</p>

Zhitong

CITIC SEC

CITIC Securities: Outlook for the second half of the year, new models of real estate development will more effectively alleviate structural supply-demand mismatches