Deutsche Bank

Research

conomics ate
China 2024 3 28
Macro

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+852-
2203 6139
5%

5 DB

: 2020-21
2023
2023 3

4 2024
30%( )
;

:2024 2
:28/03/2024 01:02:06 GMT

2 CPI 1.
2% 2022 2 12

Deutsche Bank AG/Hong Kong

IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. MCI (P) 041/10/2023.
UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SEE APPENDIX 1
FOR FURTHER DETAILS.
28 March 2024
China Macro

(20% )

DB
dbDIG

2023 2024
( 1)
( 2) :

1: DB 2:
2024

: dbDIG

Page 2 Deutsche Bank AG/Hong Kong

28 March 2024
China Macro

Q4
3 2020 GDP 34% 2023
30% PBOC
PBOC
2023
1% ( 3)

3
7 (
Iris Zheng )
CNY CNY
11tr 2024 11.1tr

( )
750 15

450 2023 18%

( ) 2021
CNY 2023 CNY 2024
(2024 )
CNY 1

2024

2024 1-2

1 This funding includes at least CNY 0.5tr from the CNY1tr of CGBs issued in late 2023; another CNY 1tr of long-term
bonds to be issued in 2024 (and more the next few years); and CNY 0.5tr of financing from the PBOC's PSL facility for
public housing projects.

Deutsche Bank AG/Hong Kong Page 3

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28 March 2024
China Macro

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30 GDP 20%

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Page 4 Deutsche Bank AG/Hong Kong

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28 March 2024
China Macro

*
*

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Deutsche Bank AG/Hong Kong Page 5