Macquarie 9 月30 日英文中篇，19页。
       If history is any guide，within the 12 months after the end of the previous 18 th Party Congress，three major themes emerged：anti-corruption，mini-stimulus and financial deregulation.Compared with five years ago，the power structure is much more consolidated thanks to anti-corruption but the room for further mini-stimulus through property and infrastructure has reduced.Meanwhile，financial deregulation without overhauling the SOEs and local governments inevitably means huge moral hazard and thereby heightened financial risks.While last year we argued that the market was over-pessimistic on China due to the misunderstandings on debt，property，RMB and capital flows，we do see deep structural issues embedded in the system as we discussed in China’s debt：Myths and Realities.For now，we have no clear answers on how policy makers would address these challenges，but expect to learn a lot in the next 12 months.