HSBC4月25日长篇，24页。     
　　China’s 1Q17 GDP grew at an above-consensus 6.9% y-o-y.The breakdown shows a deeper and broader economic recovery.On the investment side，infrastructure and housing investment remained strong.However，notably，manufacturing investment is also recovering after six years of decline.The rebound started in late 2016 and accelerated to 6.9% y-o-y in March 2017.This segment contains some of the most competitive，least debt-intensive sectors，such as general equipment，special equipment，electronics and computers.With a heavy representation from the private sector，the rebound of the manufacturing sector bodes well for a more sustainable cyclical recovery.With better profit growth，recovering business confidence，higher capacity utilisation rate，and an easing debt burden（due to higher producer price inflation），we think the rebound in manufacturing and private business investment will continue throughout 2017 and 2018.