The National Bureau of statistics will release the main macroeconomic data from January to February. Many institutions expect that the economic recovery is expected to increase in the first quarter of the year due to the steady growth policy. From January to February, the industrial boom gradually picked up, infrastructure investment made significant efforts, manufacturing investment maintained a high outlook, and the retail sales data of social consumer goods also picked up under the low base effect. "The economy has shown signs of recovery from January to February. We maintain the judgment that the economy has made a good start in the first quarter." Li Chao, chief economist of Zheshang securities, said. On the supply side, Li Chao believes that the steady growth policy escorts industrial production, and the supply is expected to be released to alleviate the supply shock. The boom of industrial production has gradually picked up and is generally stable and positive. It is expected that the added value of industries above Designated Size will increase by 5.5% year-on-year from January to February. Zhang Yu, assistant director and chief Macro Analyst of Huachuang Securities Research Institute, predicted that the growth rate of industrial added value from January to February was about 5%, slightly better than 4.3% in December last year. She pointed out that according to the evaluation of the Ministry of industry and information technology on February 28, so far, China's industrial economy has continued the trend of stabilization and recovery in the fourth quarter of last year, and the overall operation is stable. In particular, with the implementation of various policies and measures for industrial economic growth, we have achieved phased results in boosting the industrial economy. In addition, around the Spring Festival this year, the daily coal consumption was slightly better than that in the same period last year. According to the statistics of China Steel Association, the year-on-year growth rate since January is basically close to that in December last year. On the demand side, the industry believes that local consumption during the Spring Festival has been released to a certain extent, and the social zero apparent data has rebounded. The recovery of investment data has become the main highlight from January to February. From January to February 2021, the investment base of fixed assets is low. In addition, public information shows that the approval of fixed asset investment projects has been significantly accelerated since this year. Major projects across the country started ahead of schedule. In the first quarter, the finance was advanced to provide capital guarantee for fixed asset investment. Li Chao predicted that from January to February, fixed asset investment increased by 11% year-on-year. Among them, manufacturing investment increased by 24.5% year-on-year, and infrastructure investment (excluding power, heat, gas and water production and supply) increased by 7.0% year-on-year. In his opinion, the steady growth policy from January to February has obvious force, the growth of fixed asset investment is expected to exceed expectations, and the industrial policy drives the manufacturing investment to maintain a high growth rate. According to the purchasing manager index (PMI) data in February, the special equipment production index and new order index are higher than 54.0%. Behind the strong investment in manufacturing is the improvement of manufacturing profits in the previous year, the strong export in the previous quarter and the continuous inclination of credit to manufacturing. This year, according to the arrangement of the Ministry of industry and information technology, we will continue to boost manufacturing investment through green transformation and digital transformation. Dong Qi, chief Macro Analyst of Guotai Junan, pointed out that the PMI of civil engineering increased by 8.9 percentage points to 58.6% in February, which is related to the recovery of asphalt operating rate related to road construction from a low level. In general, the growth rate of infrastructure construction is expected to continue to pick up. "In the future, with the implementation of local measures to stabilize growth, the broad fiscal cycle bottomed out and rebounded, and infrastructure will continue to rebound moderately. The growth rate of infrastructure according to the Bureau of statistics is expected to reach 7.5% from January to February." (Xinhua News Agency)