Normalisation of macro economy and policies. We continue to see strong momentum in 4Q20, evidenced in expansionary PMI, recovering retail sales and a positive surprise in exports, and confirmed by CQi’s key indicators updates. Compared to gradually improving infrastructure and unexciting property investment, consumption should become a major driver of economic growth, in line with government policy. A global economic recovery, with assistance of vaccines, would help support China exports. We expect the normalisation of macro policies as a result, with a gradual stimulus exit, deleveraging and risk management as major themes. China’s macro easing in 2020, though relatively disciplined, has quickly driven up macro leverage, calling for fiscal and monetary policies to normalise.