China in 2021: Outlook, Dual Circulation Strategy, relationship with US, RCEP, and BRI
- Trade tension is likely to ease, but gradually, while competition in the 5G and tech front will stay
- Dual circulation strategy to focus on self-sufficiency in high tech
- RCEP will improve market access, but more importantly, a major strategic win
- Implication to our forecasts: GDP growth to hit 7.0% next year
- Implication to our investors: The 1-Y LPR will stay at 3.85% in 2021
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