Economic outlook-better demand indicates green shoots2019 kicked offwith signs of improving domestic demand We expect recovering infrastructure investment and stabilizing retail sales,helped by higher government spending and tax cuts to support growth in 2019. The biggest headwinds to China’s growth in 2018were a tightening of shadow banking and local government financing and the weakening of housing and car sales are likey to ease.Improving risk sentiment towards Beidjings pro-growth policies and improving prospects for a US-China trade deal have caused China’s stock mariket to rebound more than 20%YTD, supporting the financial sector and GDP growth in 2019.
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