HSBC 7 月 11 日，96页长篇。
       HSBC’s China economists believe that China’s cyclical recovery hasbecome more broad-based，moving from construction to manufacturing，trade，and services over the past year.These sectors，which are lesspolicy-driven and more dominated by private companies，bode well for the sustainability of the upturn.However，some investors remain concernedabout the debt overhang.The team sees the need for Beijing to balanceregulatory tightening，SOE reforms and deleveraging with the country’sgrowth recovery（see China’s balancing act，22 June 2017）.HSBCforecasts China’s GDP to grow at 6.7% in 2017 and 2018.