1、ResearchReturning to Rationality,Moving Forward SteadilyChina Non-bonded Grade A Logistics Real Estate Market OverviewQuarterly Report Q4 2022ChinaJanuary 202301China Macroeconomic Overview02Returning to Rationality,Moving Forward Steadily China Non-bonded Grade A Logistics Real Estate Market Overvi

2、ewQ1Q2Q3Q4Overall Performance of Chinas Economy Remained Stable in 202203Returning to Rationality,Moving Forward Steadily China Non-bonded Grade A Logistics Real Estate Market OverviewSource:National Bureau of Statistics of ChinaChinas GDP,2019-2022(Billion RMB)+2.9%+3.0%YoY actual growth in Q4 2022

3、 was 2.9%,QoQ actual growth in Q4 2022 was 0.0%YoY actual growth in 2022 was 3.0%,lower than that in 2021Consumption under Pressure Due to COVID Surge,yet Its Importance in Chinas Economic Growth RemainsComponents of Chinas GDP Growth,2010-2022+1.0pp.32.8%Final consumption expenditure pulled up Chin

4、as overall economic growth by 1.0 percentage points in 2022,lower than that in 2021Final Consumption Expenditures Contribution to Chinas GDP in 2022Gross Capital Formation(%)Final Consumption Expenditure(%)Net Export of Goods and Services(%)Source:National Bureau of Statistics of China04Returning to

5、 Rationality,Moving Forward Steadily China Non-bonded Grade A Logistics Real Estate Market OverviewChinas Consumer Market Seen Contraction in 2022 Due to COVID SurgeRetail Sales of Social Consumer Goods(Trillion RMB)&YoY Growth,2019-2022-2.7%-0.2%YoY growth in Q4 2022 was-2.7%,lower than that in Q3Y

6、oY growth in 2022 was-0.2%,lower than that in 2021Retail Sales of Social Consumer Goods(Trillion RMB)YoY Growth Retail Sales of Social Consumer Goods2019202020212022YoY GrowthSource:National Bureau of Statistics of China05Returning to Rationality,Moving Forward Steadily China Non-bonded Grade A Logi