Table Of Contents
Macroeconomic outlook ................................................................  5
Equity market strategy  .................................................................  14
Pace of capacity rationalization  ....................................................  26
Resource pricing reform  ...............................................................  36
Banks’ NPL cycle  ..........................................................................  4
The anti-corruption campaign  ......................................................  55
New catalysts for services  ............................................................ 62
The property sector  ......................................................................  71
Upgrading of labor-intensive industry  ..........................................  78
Appendix A: Next steps in capital account liberalization  .............  86
Appendix B: Promoting direct financing  ......................................  94
Appendix C：Valuations of China/Hong Kong stocks under DB
coverage ..................................................................................... 101