On domestic front, we should also acknowledges that there remain key challenges, including (i) low productivity in the agriculture sector, (ii) land acquisition problems for infrastructure projects, and (iii) bottlenecks at the local government level. 29.
From a short-term perspective, the difficulties surrounding monetary policy are being compounded by a prolonged Russia-Ukraine war, a faster-than-expected normalization of monetary policy by the US Federal Reserve, and a possible slowing of the Chinese economy following the spread of the Omicron variant.