Weekly Report - Market Outlook 20210308
China's government work report for 2021 was released last week. From the expression of the annual economic work target, the macro policy in 2021 is somewhat tighter than that in 2020, but it is still looser than that in 2017-2019. The deficit ratio, the size of special local government debt, the central government's budgetary investment and monetary policies all reflect the decision-makers' preference for protecting economic recovery. This is positive for stabilizing financial market expectations.