Epstein Secrets

5 8 3 8 5 8 8 0 0 5 8 3 8 5 8 5 8 II) Bosom )4, Anc00alon or nitwit moos in 1ASCI EM oda Sant Dassebe Bonk &nip Awns LP No concrete measures in Plenum to deal with debt fiscal issue The authorities in Beijing need to completely re-engineer the fiscal system to address the issue of underfunding of

iscussion of fiscal issues, this appears to have been more a declaration of intent rather than a programme of specific measures for implementation. Michael Spencer who has a much more bullish view of the prospects for China than we do, believes that significant fiscal reforms will only take place on a ten-year

is will eventually be an orderly or disorderly process. Sentiment towards China will he volatile in 2014 with big tail risks The net result of the Plenum has been exactly as the Chinese authorities intended, namely to boost confidence towards the economy, thereby ensuring a continual stream of financ

h which helped the Chinese economy so much between 2002 and 2007. We do not believe that exports will come to the rescue in 2014, but our colleague Michael Spencer anticipates a major acceleration based on the recent pick-up in the US ISM survey and the Euro- area PMIs. In any event, sentiment towards China is

ending the year with a relatively positive view of China following the perceived success of the CP Plenum in presenting an agenda for reform. The Plenum represents a strong statement of intent, but did not really lay down a template for implementation in the area which matters most, namely the dysfu

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au