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China: Building and Construction in China 2020-2024: December 2020 Update

As business and domestic demand continues to recover on improved confidence amid the entrenched GDP rebound from the coronavirus hit and emerging signs of a recovery in employment, we forecast both residential and non-residential building completions to rebound by 4.4% in 2021 and 6.4% in 2022, before growth pares back to 2.9% in 2023 and 1.6% in 2024. Despite the forecast for a gradual recovery in total building completions, the level of completions will probably reach the pre-pandemic level only by 2024. In work done terms, we forecast an annual growth of 5-6% (or 30 trillion Yuan) pa over the five-year outlook period. 

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