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China: Building and Construction in China 2021-2025: March 2021 Update

The construction output value in 2020 grew 6.9%, driven mainly by increases in infrastructure investment to support the economy. Although we think infrastructure spending will be somewhat more restrained in 2021, as indicated by a smaller quota announced for local government special bonds that are used for financing infrastructure projects, infrastructure work done growth is nevertheless expected to remain double-digit (albeit moderately lower than last year’s) at a projected 11%. This together with stronger 8% growth each in residential and non-residential should see total construction work done growth strengthen to 9% this year. 

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