The 'two sessions' meetings held in early March this year set a fiscal stimulus package of CNY 4 trillion, of which around half was tax and fee cuts. The other half comes from local government infrastructure projects, including new metro lines and toll roads. Aside from the stimulus, some local governments have quietly relaxed housing regulations too. As a result, fixed asset investment should jump with fiscal money propping up infrastructure. Investments in 1Q19 will mainly be supported by fiscal stimulus projects, including metro lines, toll roads and water management systems. But bear in mind that these are not ... (full story)