The State Council released an Rmb300bn bond issuance quota to policy banks for funding key projects. The three key areas covered are: a) basic facilities; b) major technological innovations; and c) other local government special investment projects. Infrastructure investment will remain the driver of economic growth (and recovery from the COVID-19 outbreak) in 2022. Other funding channels, such as special government bonds, are likely to be announced. FAI-related names in the conventional and new infrastructure-related segments are expected to report decent growth in FY22. The analysis in this report is based on industry and macro figures and may differ from the views of individual analysts, in some cases.