高盛：亚太经济－中国是时候锚定A股市场的资产升值预期了

China: Time to anchor asset inflation expectations in the A-share market

05.10 7页

􀂃 Notwithstanding strong fundamentals, negative real interest rates are fueling
excessive exuberance in the A-share market very quickly.
􀂃 If left unchecked, asset inflation may soon advance into treacherous
territory...
􀂃 …rendering the hope of a future soft landing in the A-share market
unattainable.
􀂃 But more importantly, we believe an overly-stretched A-share valuation and
its eventual correction could severely impair households’ balance sheets,
exacerbate income and wealth distribution, and set back years of progress
made on capital market reform.
􀂃 Therefore, in our view, it is critical for the government to take actions now to
prevent excesses from being built up further, beginning with an adjustment in
the negative real interest rates.