2022 Interim Results

| Economic Outlook Global economic growth may further slow down The Russia-Ukraine conflict, energy and food crisis, rate hikes of major economies, and resurgence of Covid-19 may continue to impact the global economic situation in the second half of the year Fed's interest rate hikes weaken demand-driven inflation and curb the momentum of US inflation, but it is difficult for inflation to ease in the short term The relatively high reliance of the Eurozone on Russian energy, sustained high energy prices and the risk of energy supply disruption may become the major constraints to economic growth in the Eurozone Downward pressure on the Japanese economy from rising prices still exists, and the sharp depreciation in the Japanese yen may place Japanese monetary policy in a dilemma Rising inflation, debt overhang and food crisis add to the risks of emerging economies' development Forecast of 2022 economic growth IMF World Bank Global 3.2% 2.9% China 3.3% 4.3% US 2.3% 2.5% Eurozone 2.6% 2.5% The domestic economy would remain in normal growth range if the pandemic is under control, unleashing huge growth potential Since May, the marginal improvement of various economic indicators has been notable, and the recovery of domestic demand has accelerated The effect of the package of policies issued by the government to stabilise growth is gradually becoming apparent, and the recovery of industrial and supply chains is accelerating, which will effectively drive a significant rebound in China's economy in the third quarter Effects of fiscal policies are becoming apparent, strengthening investment in infrastructure through the issuance of special treasury bonds and advancing the 2023 local special bond issuance quota, while adhering to tax and fee reduction Monetary policy will give full play to the dual functions of adjusting credit aggregate and structure, further lowering the RRR and adjusting interest rates in a structural manner to promote the rebound of growth in social financing, as well as unblocking the transmission channel from "monetary easing" to "credit expansion" Under the guidance of the national industrial upgrading policy, investment in high-tech industries, strategic emerging industries, intelligent manufacturing, green manufacturing, new energy vehicles and other industries will receive strong support from the financial industry Maintaining the robust export expansion in the second half of the year could be challenging, given the current slowdown in expansion of the global economy and trade The domestic economy remains resilient, and its economic development competitiveness remains unchanged, such as having a broad market, comprehensive industries, and large room for upgrading. The positive growth momentum in the long run continues The domestic economy would remain in normal growth range ● 中国建设银行 China Construction Bank 45 2022 Interim Results

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