As spring pushes up temperatures across China it also drives down gas demand. However, while peak winter gas demand has passed, we now starting to see some signs of November's price cut supporting demand recovery. Corporate activity is also increasing, with ENN's deal with Hony Capital for 11.7% equity in Santos and BP signing a PSC with CNPC for a shale gas block in Sichuan Basin. On the policy side, China released its 13th Five-year Plan, which sets out the blueprint for China's development between now and 2020. The plan will introduce more upsides for gas and renewables in the mid- and long-term, but it looks set to be a bumpy journey with economic slowdown, industrial overcapacity and local protectionism to navigate.