On the left, the orange line shows China's credit impulse as a percentage of nominal GDP, and the grey line shows the 3-month moving average of the year-over-year change in the Bloomberg industrial metals index. This chart shows that industrial metals' prices have moved closely with China's credit impulse. Hence, we observe that Chinese credit growth coincided with strong metal price performance, as they did in 2020. In contrast, credit tightening, which we do not expect in 2022, tends to lower industrial metals' prices. The chart on the right shows the price movement of some of the industrial metals that are poised to benefit from the global decarbonization drive.