you put a report out creatively enough investing in china what to expect from the npc what do you expect on the ftse i dont know yeah thats the hottest topic because a coming on this coming sound i think the like first so i think we will know like had the growth targets this year so the growth target hang seng hits a 5 percent to all maybe the government will assess more aggressively above 5 percent i think that will be like a hint off like ise this year is like the target and the second i think the market expects some like a policy supports come out your view we think maybe theres some like a consumption supported policy will be announced nikkei like a based on the for the local npc like how by january and then we see that are indeed some measures to promote michael barr consumption come out including like a promoted big ticket items like how auto and like opines and also some promoter like a traveler felicia and the elderly care and then we expect maybe theres some policy come out as well and also more importantly i think this year the policies we call the hold the important policy may be we dont have like how strong stimulus package come ill take it at once but we think that this year if the economy down the to a continual pumping up may cost supported policy so we called the holding button emma chandra back in october posts that meeting and people were concerned about xi jinping this consolidation of power this overhaul of the ccp which really dragged the market could that happen again how far do you think this restructuring can go with the leadership currently we see already some of the like how provincial governors they already appointed and also always seeing the all the ministers like how well be also an announcer at that like how the npc we expect like how for these this term and i think it will be a more pragmatic and i think the government will probably put folks are more on the lay card that grows at the same time of course always external pressure i think national security is also another nikkei concern so i think therefore its this time and i think we will see its more nikkei could be like a more efficient make had the governments like structure this year the property sector remains a key area of focus because if that recovers everything else that china beige book matt miller if youre familiar with them they put out our special report on chinese property and essentially what they say i think were going to show the graphic soon but its still challenging but theyre seeing early signs of a turnaround from a markets perspective what what can investors still chase within the property theme because things like investment grade bonds have rallied substantially higher bonds have also rallied to property stocks are up 50 percent i think from the bottom were still pretty cautious on that because last year for the for the real estate like a sector is a big drag so this year we think has still the negative make a contribution to gdp gross but were much now down so last year we lower estimate is a minus 3 percent to that gdp gross contribution and this year will be minus zero point three so still an active and all of the sentiment i think say improving but i think for the household is still quite hesitant to make a full purchase so but now we also find its quite interesting like for the secondary market and also its already completed projects are more popular than this kind of the like in the projects on the construction so that means like how with the home purchases still dont have too much confidence nikkei press im just wondering what the pmi numbers yesterday change your view in any way because it seems like we are seeing more of a broad based recovery now not just when it comes to consumption but also on the manufacturing side yes i think the know the market i think that the next rally is more like a thief hard dependent so i think the market needs to see that data so they yesterday the pmi definitely i think has a boost but also based on some of the high frequency data like in january and february you will also see some the like how that we like her recovery actually faster and a stronger than expected catholic sample consumption data all the services consumption data already recovered to 70 to 80 percent of total ninety level and now we also see for the track for track truck traffic data its also showing you can recovery off production and also the traffic showing like at the peoples back to a normal life so always the high frequency data we already see the recovery actually has a faster and stronger so we expect that data for the like the analysis maybe next week i think there will be actually could some make a positive michael barr confidence for the market how much how much momentum do you think is there in the upward trajectory of the data how long do you think that type of data we had yesterday how many months do you think thats going to last you my view i think like half the consumption could actually last for several quarters because besides like her recovery also we have this kind of access savings so like i deal with the pandemic so the debate or estimate is at least a four point six trillion so they will either you must all consume and also now always more like how policy come out like you christine like infrastructure press norway or they say like how for the local npc already announced twenty one point three trillion of the investment plans for the coming years so this year at least a soup three point four will be exercise like in the traditional infrastructure smart cities and also for the digital infrastructure