德意志银行-xx政府债务-china local government direct debt-20170626-deutschebank.pdfVIP

Deutsche Bank Markets Research Asia Periodical Date China China Financial Daily 26 June 2017 Banking / Finance Banks Hans Fan, CFA Jacky Zuo China Local Government Direct Debt Research Analyst Research Associate (+852 ) 2203 6353 (+852 ) 2203 6255 Balance Rmb15.32trn in 2016 hans.fan@ jacky.zuo@ Top picks What is included here? ICBC (1398.HK),HKD5.20 Buy  China Local Government Direct Debt Balance Rmb15.32trn in 2016 Source: Deutsche Bank  National Audit Office: 8 Major Banks Illegally Lent Rmb17.5bn Companies Featured  INDB Hangzhou Sued CCB Xianning for Rmb1bn Interbank WMP Default ICBC (1398.HK),HKD5.20 Buy China Construction Bank Buy  CBRC Deng: Trust Product Registration System to Be Alive in 2017 (0939.HK),HKD6.11 Agri. Bank of China (1288.HK),HKD3.65 Hold  China Liquidit