摩根斯丹利-xx金融整顿路线图-新平衡正在形成-2017.5.10-41页-.pdfVIP

Foundation May 10, 2017 08:15 AM GMT China – Financials and Economics Roadmap to financial cleanup: a new balance in formation Our assessment of financial system cleanup indicates more rational credit growth of 13% in 2017, a rise of 60-70bps in average interest rates, manageable impact on economic growth and credit quality, and higher NIM for quality banks. Liquidity crunch or over-tightening appears unlikely this time. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Foundation China – Financials and Economics Roadmap to financial cleanup: a new balance in formation Our assessment of financial system cleanup indicates Industry View more rational credit growth of 13% in 2017, a rise of 60- Attractive 70bps in average interest rates, manageable impact on economic growth