51 pages, latest china research from MS

Strategy and Economics

China
Economics Mind the Gap: ‘End of Easing’ vs.
‘Beginning of Tightening’   Qing Wang
China and Hong Kong Strategy
Liquidity Neutralization: Bubble Restrictive but Still Growth
Accomodative    Jerry Lou, Allen Gui, James Cao

Global
US Economics
The Message from Jackson Hole    Richard Berner
US Credit Strategy Tortoise and the Hare    Rizwan Hussain, Gregory Peters, Adam Richmond

Industry Analysis
Building Materials Still Positive; Buy on Dips     Sandy Niu, Kevin Shi, Charles C. Spencer