Country / China

China

Group Research / April 01, 2019

Photo Credit - AFP

China
 20172018e2019f2020f
GDP growth, % YoY6.96.66.26.0
CPI inflation, % YoY1.62.12.32.3
 
Currency6.877.107.207.157.10
Interest Rates4.354.354.354.354.35
/aics/search.page[Akamai-Origin-Hop] = [2] [Accept] = [text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8] [User-Agent] = [CCBot/2.0 (https://commoncrawl.org/faq/)] [Connection] = [close] [X-Forwarded-Host] = [www.dbs.com] [Host] = [runtime-prod-01-pwebdsgsmc.sgp.dbs.com:8343] [Accept-Encoding] = [gzip] [True-Client-IP] = [3.80.4.76] [Akamai-Origin-Request] = [1] [Via] = [1.1 v1-akamaitech.net(ghost) (AkamaiGHost), 1.1 akamai.net(ghost) (AkamaiGHost)] [X-Akamai-CONFIG-LOG-DETAIL] = [true] [Cache-Control] = [max-age=21600] [X-Forwarded-For] = [3.80.4.76, 104.96.220.14, 10.89.109.73] [Accept-Language] = [en-US,en;q=0.5] [X-Forwarded-Server] = [dbsweb-p00-grp.corp.dbs.com] templatedata/article/region/data/en/AIO/012016/19012016_china.xmlaics/regionChinaChina Industry InsightsInsightsIndustryView AllRead Morenotaligned272Accelerated sales growth in residential GFA propelled China residential property sales growth to 14.6%. Investors recommended to accumulate RMB resilient plays.ChinaReal Estate/iwov-resources/aics/images/AICS/AIO/en/092019/190916_insights_thumb_china_property.jpg/aics/templatedata/article/generic/data/en/GR/092019/190916_insights_china_property.xmlChina Property Sector: GFA sales return to positive territorySeptember 16, 2019More opportunities could be made available for China’s infrastructure sector as the Chinese government continues to roll out measures to stability the country’s economic growth.ChinaInfrastructure/iwov-resources/aics/images/AICS/AIO/en/092019/190912_insights_thumb_china_infrastructure.jpg/aics/templatedata/article/generic/data/en/GR/092019/190912_insights_china_infrastructure.xmlChina Infrastructure: Growth acceleration in 2020September 12, 2019Raw material price declines help lift sales growth for appliance makers in China for 2H19. Our top BUY is Midea.ChinaConsumer/iwov-resources/aics/images/AICS/AIO/en/092019/190911_insights_thumb_china_home_appliances.jpg/aics/templatedata/article/generic/data/en/GR/092019/190911_insights_china_home_appliances.xmlChina Home Appliance Sector: Emerging positivesSeptember 11, 2019China Economics InsightsInsightsEconomicsView AllRead Morenotaligned37Chinese credit spreads have widened amidst growth risks and worsening profitability. A coming wall of maturities is likely to pose rollover concerns and mark High Noon for distressed Chinese credit.ChinaRates/iwov-resources/aics/images/AICS/AIO/en/092019/190917_insights_thumb_credit.jpg/aics/templatedata/article/generic/data/en/GR/092019/190917_insights_credit.xmlHigh Noon for distressed Chinese creditSeptember 17, 2019The reduction was a response to persistent weakening of economic activities. We expect PBoC to lower RRR by another 50-100bps in Q4.ChinaMonetary, Rates/iwov-resources/aics/images/AICS/AIO/en/092019/190909_insights_thumb_china.jpg/aics/templatedata/article/generic/data/en/GR/092019/190909_insights_china.xmlChina: More easing in the pipelineSeptember 09, 2019Coastal provinces are bearing the brunt. Western and northeastern regions experienced a smaller pullback.ChinaTrade/iwov-resources/aics/images/AICS/AIO/en/072019/190731_insights_thumb_understanding_china.jpg/aics/templatedata/article/generic/data/en/GR/072019/190731_insights_understanding_china.xmlUnderstanding China - Uneven impact of trade war on provincesJuly 31, 2019China Economics DailyEconomicsView AllRead Morenotaligned48August’s data reinforces our view that growth will probably weaken more this quarter and increase the likelihood of further policy easing.ChinaGrowth/iwov-resources/aics/images/AICS/AIO/en/092019/190916_insights_thumb_china.jpg/aics/templatedata/article/generic/data/en/GR/092019/190916_insights_china.xmlChina: Weak August data calls for more looseningSeptember 16, 2019Asian currencies remain vulnerable to Chinese financial and growth risks despite stimulus expectations. Further pullback in INR 10Y yields will be shallow ahead of this week's data releases.ChinaFX, Rates/iwov-resources/aics/images/AICS/AIO/en/052019/tue_thumb_macro_strategy.jpg/aics/templatedata/article/generic/data/en/GR/macro_strategy/092019/190910_macro_strategy.xmlBrief stimulus-driven EMFX relief; can RBI keep up with expectations?September 10, 2019Foreign holdings of CNY bonds exceeded the RMB 2tn mark in July. The total number of international investors registered on the Bond Connect scheme has reached 1244 as of end-August.ChinaMonetary, Rates/iwov-resources/aics/images/AICS/AIO/en/092019/190902_economics_thumb_chart_of_the_week.jpg/aics/templatedata/article/generic/data/en/GR/092019/190902_economics_chart_of_the_week.xmlChart of the Week: Foreign demand for CNY bondsSeptember 02, 2019China EquitiesInsightsEquitiesView AllRead Morenotaligned41Volatile market conditions prompt for cautious guidance from company management as civil unrest continues to plague Hong Kong society.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/092019/190903_strategy_thumb_china_monthly_pulse.jpg/aics/templatedata/article/generic/data/en/GR/092019/190903_strategy_china_monthly_pulse.xmlMonthly Market Pulse: Cautiousness prevails amidst trade war escalationSeptember 03, 2019Civil unrest in Hong Kong continue to weight on its economy with expectations for GDP growth to fall to 0% for the year.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/082019/190815_strategy_thumb_hk_market_strategy.jpg/aics/templatedata/article/generic/data/en/GR/082019/190815_strategy_hk_market_strategy.xmlMarket Strategy: What if HK unrest ends?August 15, 2019Our analysts identified buying opportunities in Hong Kong that leverages on Vietnam’s rising star as a regional economic powerhouse.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/082019/190812_strategy_thumb_china_market_strategy.jpg/aics/templatedata/article/generic/data/en/GR/082019/190812_strategy_china_market_strategy.xmlMarket Strategy: Beneficiaries of Vietnam’s riseAugust 12, 2019

Disclaimers and Important Notices

The information herein is published by DBS Bank Ltd and PT Bank DBS Indonesia (collectively, the “DBS Group”). It is based on information obtained from sources believed to be reliable, but the Group does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation & the particular needs of any specific addressee. The information herein is published for the information of addressees only & is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Group, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Group or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Group & its associates, their directors, officers and/or employees may have positions or other interests in, & may effect transactions in securities mentioned herein & may also perform or seek to perform broking, investment banking & other banking or finan­cial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Sources for all charts & tables are CEIC & Bloomberg unless otherwise specified.

DBS Bank Ltd., 12 Marina Blvd, Marina Bay Financial Center Tower 3, Singapore 018982. Tel: 65-6878-8888. Company Registration No. 196800306E.

PT Bank DBS Indonesia, DBS Bank Tower, 33rd floor, Ciputra World 1, Jalan Prof. Dr. Satrio Kav 3-5, Jakarta, 12940, Indonesia. Tel: 62-21-2988-4000. Company Registration No. 09.03.1.64.96422.