China – Stronger Policy Support Needed
Chen Dong pointed out, "We expect the government to provide stronger policy support in the coming months. The government may adopt additional monetary easing policies and introduce more targeted fiscal stimulus measures, such as subsidies for consumers. Our forecast for China’s GDP growth in 2023 remains unchanged at 5.5% for the time being.”
Affected by the price of crude oil, Tongkun's life is difficult. In the past two years, its business has taken a sharp turn for the worse.
In 2021, it is still making great strides, with an annual net profit of 7.3 billion yuan, an increase of about 1.6 times.
Since July last year, Tongkun has turned from profit to loss, earning only 130 million yuan for the year, a year-on-year decrease of 98.26%.
Entering 2023, the situation is still not ideal. From January to March, the revenue was about 16 billion yuan, a year-on-year increase of 22.67%, and the net loss was 490 million yuan.