China Macro in Charts (CMiC)

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Deutsche Bank AG/Hong Kong

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DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017.

The risk to our H2 growth outlook has shifted to the upside. High frequency data suggests land supply and auctions remained hot in July. As we highlighted in the last issue of CMiC, the strong land sales will lead to a positive fiscal shock in H2. Consistent with this resumed boom in the property/land market, financial leverage rose in June after dropping in earlier months. Meanwhile, capital outflows seem to have picked up.

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