China’s 220bn infrastructure push (being ‘considered’) is not aggressive stimulus

I posted on the news that hit overnight here:

ING take a different perspective to most, saying (in brief):

• “considering” in the news does not mean the government will push forward the sales in 2H22
• Let’s assume that CNY 1.5 trillion issuance amount stated by the media is the amount to be pre-approved for 2023, it is not a big jump from the CNY 1.46 trillion pre-approved quota set in 4Q21 for the issuance in 2022. In other words, this should not be considered an aggressive fiscal stimulus.