算是昨天发的Deutsche Bank Macro Highlights的完整slides吧，英文41页：

Key messages from this presentation:

1. Tightening of fiscal policy is the most underestimated risk in 2018
    - Fiscal spending is a key driving force behind the economic cycle. Its growth is set to slow in 2018.

2. Unprecedented wealth effect from housing market
    - Value of residential housing went up by RMB 49trn (60% of GDP) in 2017. It offers big opportunities as well as risks, for China and the world.

3. We are more worried about inflation than consensus
    - Consensus failed to forecast high inflation in the past.

4. Automation may be the next “disruptive innovation” in China
    - Government support will likely pick up in the next five years.