美林国际 中国十二五研究报告 2015.pdf

渐飞研究报告 - CHINA China’s 12th Five-Year Plan Investable shift from growth quantity to growth quality More evolutionary than revolutionary With the aftershocks of the Global Financial Crisis and “global imbalances” still reverberating through international markets, and with China having recently attained the status of the world’s second-largest economy, investors are looking toward October’s release of China’s 12th Five-Year Plan for key guideposts. Yet investors may need to temper expectations. With China well along in its market development, the days are gone when Beijing could exactly determine China’s economic path; and much of the new plan’s thrust should be a continuation of the economic rebalancing initiatives laid out in the 11th Five-Year Plan (2006–10) – a policy bias already well known to markets, and thus in many Inside cases largely priced into listed equities. Investable themes – from growth quantity to growth quality Strategy 2 Still, we believe Ch