- 1、本文档共10页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
- 5、该文档为VIP文档,如果想要下载,成为VIP会员后,下载免费。
- 6、成为VIP后,下载本文档将扣除1次下载权益。下载后,不支持退款、换文档。如有疑问请联系我们。
- 7、成为VIP后,您将拥有八大权益,权益包括:VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 8、VIP文档为合作方或网友上传,每下载1次, 网站将根据用户上传文档的质量评分、类型等,对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
查看更多
18 July 2017
China’s private sector ECONOMICS
CHINA
revs up
It is structural
Private sector companies have de-leveraged significantly since
2012, in contrast to their SOE counterparts
In response to changing demand conditions, the private sector
has also moved up the value chain
These structural adjustments will likely make the ongoing private
sector recovery more sustainable
In recent years, China commentators have paid much attention to its infrastructure-
centric fiscal stimulus and rising debt burden. Both are disproportionally concentrated
in the state-owned sector (see China’s dual-track economy, 29 May 2017). However,
Julia Wang
away from the spot light, China’s private corporate sector, the main growth engine, Economist, Greater China
has gone through a major creative destruction process since 2012. De-leveraging The Hongkong and Shanghai Banking Corporation Limited
juliarwang@.hk
was widespread and significant, with the overall liability-to-asset ratio falling by 6ppt +852 3604 3663
since 2008 and 4ppt since 2012 (to 50.7 in 2016). Less competitive companies have Hongbin Qu
gone under, resulting in a prolonged slowdown in private sector business investment Chief Economist, Greater China
The Hongkong and Shanghai Banking Corporation Limited
until mid-2016. Meanwhile, those that
您可能关注的文档
- J.P.摩根-美国交易所估值模型更新-2017.7-Model Updates - U.S. Exchanges Marking Exchange Models -- Adjusting Estimates on Generally Better-than-Expected Volumes in 2Q.pdf
- 巴黎银行-外汇分析-FX Positioning Analysis-20170717-BNPParibas.pdf
- 巴黎银行-新兴市场策略-EM Strategy Desknote South Africa,Turkey,Russia,Refocusing on inflation-20170714-BNPParibas.pdf
- 巴黎银行-匈牙利宏观经济-Hungary Economic outlook-20170714-BNPParibas.pdf
- 德意志银行-伦敦矿业公司-Lonmin Plc3Q17,digging deep-20170717-Deutsche Bank.pdf
- 德意志银行-美国经济-US Economic Perspectives:The Fed’s evolving views on financial conditions-20170713-Deutsche Bank.pdf
- 德意志银行-美国原油-European Integrated Oil Large Cap E&P 2Q Preview,Feels like Déjà vu All Over Again-20170718-DeutscheBank.pdf
- 德意志银行-美国采矿业-Precious 2Q17 preview Higher production despite some setbacks-20170720-DeutscheBank.pdf
- 德意志银行-亚洲钢铁产业-Asia Steel Industry Undervalued structural changes;reiterated Buy for steel sector-20170720-DeutscheBank.pdf
- 德意志银行-亚洲信贷-Asia Credit Monthly:A volatile carry-20170721-DeutscheBank.pdf
文档评论(0)