China has set a 5% growth target, which is in line with market expectations following last week's blowout PMI. While some may view the goal as conservative, it leaves room for upside growth surprises and bodes well for Chinese equities overall. However, Hong Kong stocks are expected to continue outperforming their onshore peers. The 5% target is below the 5.3% consensus in a Bloomberg survey and the 5.5% objective for 2022, as well as targets set by most provinces. Despite this, Citigroup notes that China grew 8.1% in 2021 versus…
