Data from China's Statistic Bureau showed that the first quarter of GDP growth rate was 7.4%, slightly lower than the target of 7.5% but still better than the pessimistic forecast of 7.2%-7.3%. ANBOUND believes that the negative impact of the first quarter economic data is rather minimal. Macroeconomic policy is expected to emphasize on stable growth not less than 7.2% in order to restore market confidence and expectation. However, real economy is the most worrisome element given the regional difference, industrial gap and dilemma, the government is likely to adjust the policy based on local conditions.