According to the first quarter China monetary policy implementation report released by the People's Bank of China (PBOC) , there are many favorable conditions for the continued recovery of the economy. First, the growth of residents' income has recovered, the consumption scene has improved, the consumption propensity has picked up, the employment situation is generally stable, and the potential of domestic demand will be further released.
Second, the construction of major projects is accelerating, infrastructure investment continues to play an important supporting role in stabilizing growth, investment in technological transformation of the manufacturing industry has increased, and the pull-down effect of real estate stabilization on overall investment will also weaken.
Third, China's industrial and supply chains are complete, with strong supporting capabilities, and exports still have structural advantages. Fourth, the policies and measures that have been introduced continue to show results. The proactive fiscal policy has been strengthened to improve efficiency, the prudent monetary policy has been precise and powerful, and the efforts to serve the real economy have been strengthened, creating a suitable environment for supply-side structural reform and high-quality development.
Overall, China's economic operation is expected to continue to improve as a whole, and the growth rate may pick up significantly in the second quarter under the influence of a low base, laying a solid foundation for the smooth realization of the annual growth target.
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