Country / China

China

Group Research / April 01, 2019

Photo Credit - AFP

China
 201620172018e2019f2020f
GDP growth, % YoY6.76.96.66.26.0
CPI inflation, % YoY2.01.62.12.32.3
 
Exchange rates, end of period
Policy interest rates, end of period
/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] = [54.174.43.27] [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] = [54.174.43.27, 184.25.96.220, 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 Morenotaligned280Analysts do not expect latest regulatory announcement by NDRC to have any material impact on large developers. Our top picks are Times, Aoyuan, Logan and Yuexiu.ChinaReal Estate/iwov-resources/aics/images/AICS/AIO/en/072019/190716_insights_thumb_china_property.jpg/aics/templatedata/article/generic/data/en/GR/072019/190716_insights_china_property.xmlChina Property Weekly Digest: Keeping land prices in checkJuly 16, 2019Listed developers feedbacked their unwillingness to revise up targets in lieu of market uncertainties. Our top picks are Times, Aoyuan, Logan and Yuexiu.ChinaReal Estate/iwov-resources/aics/images/AICS/AIO/en/072019/190715_insights_thumb_china_property.jpg/aics/templatedata/article/generic/data/en/GR/072019/190715_insights_china_property.xmlChina Property Sector: 1H19 results preview: On track to achieve full year growthJuly 15, 2019China education sector seeing steady growth and remains defensive towards potential trade tensions and economic slowdowns. Our top pick is China Education Group. \n.ChinaConsumer/iwov-resources/aics/images/AICS/AIO/en/072019/190711_insights_thumb_china_education_sector.jpg/aics/templatedata/article/generic/data/en/GR/072019/190711_insights_china_education_sector.xmlChina education sector: Marketing takeaways: Catalysts needed for upside movementsJuly 11, 2019China Economics InsightsInsightsEconomicsView AllRead Morenotaligned35“Man cannot control the current of events. He can only float with them and steer.” - Otto von BismarckChinaPolitics/iwov-resources/aics/images/AICS/AIO/en/062019/190606_insights_thumb_understanding_china_china_us_relationship_self_interest_vs_mutuality.jpg/aics/templatedata/article/generic/data/en/GR/062019/190606_insights_understanding_china_china_us_relationship_self_interest_vs_mutuality.xmlUnderstanding China - China-US Relationship: Self-interest vs MutualityJune 06, 2019Trade war’s impact will be unevenly distributed in local China. Disruption is expected to be more pronounced in the coastal regions that rely heavily on trade.ChinaTrade/iwov-resources/aics/images/AICS/AIO/en/052019/190522_economcis_thumb_China_chartbook_shadow_of_an_escalating_trade_war.jpg/aics/templatedata/article/generic/data/en/GR/052019/190522_economcis_China_chartbook_shadow_of_an_escalating_trade_war.xmlChina chart book - Shadow of an escalating trade warMay 22, 2019PBoC will lower RRR for mid- and small-sized banks, effective May 15. Broad-based easing cannot be ruled out if trade tensions escalate further. Expect CNY to depreciate as investors turn risk averse.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/052019/190506_insights_thumb_china_RRR_cut_signals_PBoC_still_supportive.jpg/aics/templatedata/article/generic/data/en/GR/052019/190506_insights_china_RRR_cut_signals_PBoC_still_supportive.xmlChina: RRR cut signals PBoC still supportiveMay 06, 2019China Economics DailyEconomicsView AllRead Morenotaligned45Real GDP growth eased to 6.2% in 2Q19 from 6.4% YoY in 1Q19ChinaTrade, Growth/iwov-resources/aics/images/AICS/AIO/en/072019/190716_insights_thumb_China_Slowing_growth_along_with_signs_of_stabilization.jpg/aics/templatedata/article/generic/data/en/GR/072019/190716_insights_china_slowing_growth_along_with_signs_of_stabilization.xmlChina: Slowing growth along with signs of stabilizationJuly 16, 2019CGBs yield a massive 130bps over US Treasury and CGB curve still offers decent roll down. In a world where positive yields and steep curves get increasingly scarce by the day, CGBs look compelling.ChinaRates/iwov-resources/aics/images/AICS/AIO/en/072019/190708_insights_thumb_china_government_bonds.jpg/aics/templatedata/article/generic/data/en/GR/072019/190708_insights_china_government_bonds.xmlChina Government Bonds: Unlikely laggardsJuly 08, 2019The bar is high for the Xi-Trump meeting at the G20 to ease the trade impasse unless they can shift positions on some red lines.ChinaFX/iwov-resources/aics/images/AICS/AIO/en/062019/190625_insights_thumb_xi-trump_be_realistic_not_optimistic.jpg/aics/templatedata/article/generic/data/en/GR/062019/190625_insights_xi_trump_be_realistic_not_optimistic.xmlXi-Trump: Be realistic, not optimisticJune 25, 2019China EquitiesInsightsEquitiesView AllRead Morenotaligned38Earnings risk remain a key concern as overall environment of uncertainty caused companies to scale down investments. Investors advised to stay with defensive sectors.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/072019/190709_insights_thumb_china_monthly_market_pulse.jpg/aics/templatedata/article/generic/data/en/GR/072019/190709_insights_china_monthly_market_pulse.xmlMonthly Market Pulse: Don’t let your guard downJuly 09, 2019HSI tumbles 9% as Trump spooks markets with tariff tweets. Analysts expect real impact on China’s economy to be felt only in coming months.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190529_insights_thumb_strategy_hk_market_pulse.jpg/aics/templatedata/article/generic/data/en/GR/052019/190529_insights_strategy_hk_market_pulse.xmlMonthly Market Pulse: Long march aheadMay 29, 2019Our analysts took a deep drive to examine opportunities and challenges to come as the Greater Bay Area (GBA) embarks on its journey to become China’s newest innovation and technology hub.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190515_insights_thumb_greater_bay_area.jpg/aics/templatedata/article/generic/data/en/GR/052019/190515_insights_greater_bay_area.xmlGreater Bay Area: In-depth StudyMay 15, 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.