HSBC 7 月 27 日长篇，22页。本主题也是挺吸引人眼球的。
　　After a sharp contraction in 2016，and against the backdrop of rising protectionistrisks，the rebound in China’s export growth has been nothing short of impressive sofar in 2017.In the first half of 2017，exports grew 8.5% y-o-y.In this report，we look atwhat is driving the export recovery and whether it can be sustained.To be sure，the recovery in global demand is a key factor at play.Our global demandproxy，which reached a trough in December 2015，has registered positive growthsince mid-2016.The recovery in demand in the US and the Eurozone，up 11.4% andup 7.4% in the first half of 2017，respectively，is particularly large，although emergingmarkets’demand，as a whole，has also bottomed since early 2016，with demand inLatin America rising at a fast pace.