久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Markets

Bullish outlook on equities

By Wong Joon San (China Daily) Updated: 2013-02-07 09:46

International investors confident despite China's cyclical GDP growth

International investors are bullish on China equities, with their optimism fueled by the repeated emphasis from new Party chief Xi Jinping and Vice-Premier Li Keqiang on the need for reforms, coupled with receding market concerns of an economic "hard landing" in China, a senior executive at Goldman Sachs said.

Speaking at a news conference in Hong Kong on Wednesday, Helen Zhu, managing director of global economics, commodities & strategy research, global investment research at Goldman Sachs (Asia), said international investors she has spoken to over the past two weeks are quite positive that equities will have healthy earnings growth despite the country's cyclical GDP growth.

Bullish outlook on equities

A steel plant owned by Citic Heavy Industries Co Ltd in Luoyang, Henan province. Goldman Sachs has forecast that China's economy will grow about 8.2 percent this year and 8.4 percent in 2014. [Photo/China Daily]

"More pro-growth policies like a bigger fiscal budget and more fixed-asset investments are already anticipated by investors," Zhu said, adding that they are also interested in fund flows of emerging markets.

Turning to Asian investors, Zhu said they are not as bullish as other international investors over China stocks, but they are starting to "warm up".

In December, Asian investors reflected mixed responses, but were more postive than in previous months, she said.

China, she said, is entering a new era of equities, and investors are keeping an eye on the annual sessions of the country's legislative and political advisory bodies in March, which are expected to focus on the country's GDP and inflation targets in 2013.

Goldman Sachs predicts that the GDP target will be about 7.5 percent, and the inflation target will be 3.5 percent.

"Investors will also keep an eye on the introduction of new ministers as several current ministers have reached retirement age," Zhu said. Once the new lineup is confirmed, investors will interpret the moves and decide on their investment strategies and long-term agendas.

Regarding the further upside potential of equities, Zhu said that hinges on the global environment, liquidity and the reform progress.

Since Nov 30, China offshore equities have had a strong run, with the Hang Seng China Enterprises Index up 11 percent. Goldman Sachs sees three major drivers to China equities: the China macro scene mainly driving earnings; the global macro scene and liquidity affecting valuation more directly; and the reform outlook driving valuations.

Regarding China reforms, Zhu said it is still too early and difficult to gauge the potential pace of reform. "Nonetheless, given very low expectations on this front, we think the room for upside surprise outweighs that for more disappointment."

If reports circulating widely in the media regarding potential policy advancement on issues like hukou reform, price deregulation and tax reforms lead to concrete new policy announcements in the first quarter of 2013, that should boost confidence, Zhu said.

Timothy Moe, chief Asia Pacific strategist at Goldman Sachs, said: "Following stronger-than-expected production data in October and November, we have raised our fourth-quarter 2012 GDP forecast for China to 7.8 percent from 7.6 percent, bringing full-year growth in 2012 to 7.7 percent.

"This higher base also leads to a modest increase in our 2013 GDP growth estimate to 8.2 percent from 8.1 percent, and we expect a further moderate improvement to 8.4 percent in 2014," he said.

Furthermore, the Central Economic Work Conference in late December sent encouraging policy signals, notably in positive statements regarding infrastructure investment and liquidity, as well as in reinforcing the key policy themes of urbanization and structural form.

"Although these are just incremental changes, they increase our confidence in a cyclical economic upturn in 2013 and 2014 after the sharp fall in 2012 from 2011's 9.3 percent growth," the chief strategist said.

joonsan@chinadailyhk.com

Hot Topics

Editor's Picks
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    欧美三级三级三级| 精品国产伦一区二区三区免费| 亚洲老妇xxxxxx| 色噜噜狠狠成人网p站| 亚洲午夜久久久久久久久电影网| 91麻豆精品国产91久久久更新时间| 美女视频免费一区| 久久久久久久久免费| 91色视频在线| 亚洲成人一区二区在线观看| 日韩免费观看高清完整版| 国产乱一区二区| 亚洲精品videosex极品| 9191久久久久久久久久久| 国产一区啦啦啦在线观看| 中文字幕一区二区三| 欧美日韩国产免费| 国产精品一区在线| 尤物av一区二区| 日韩欧美激情四射| 99riav久久精品riav| 日韩在线一区二区| 国产女人aaa级久久久级| 一本色道亚洲精品aⅴ| 免费的成人av| 国产精品乱码一区二三区小蝌蚪| 欧美亚洲日本国产| 国产精品影视天天线| 一区二区高清视频在线观看| 欧美一卡2卡3卡4卡| 不卡欧美aaaaa| 石原莉奈在线亚洲二区| 国产午夜精品一区二区| 欧美探花视频资源| 国产精品一卡二卡在线观看| 亚洲最大成人综合| 国产亚洲欧洲一区高清在线观看| 欧美三级视频在线播放| 成人综合日日夜夜| 蜜臀va亚洲va欧美va天堂| 成人欧美一区二区三区白人| 日韩一级片在线观看| 色综合天天综合在线视频| 精品亚洲成a人| 亚洲一区在线看| 欧美激情综合五月色丁香| 欧美日韩国产一级二级| 成人免费毛片片v| 日韩av电影免费观看高清完整版在线观看 | 成人午夜在线视频| 日本91福利区| 亚洲免费av观看| 国产亚洲精品bt天堂精选| 7777精品伊人久久久大香线蕉 | 色悠悠久久综合| 国产一区二区在线电影| 亚洲成av人片在线观看无码| 国产精品久久影院| 欧美va亚洲va国产综合| 欧美日韩在线亚洲一区蜜芽| av在线不卡电影| 国产乱码精品一区二区三区忘忧草| 日韩精品亚洲一区二区三区免费| 亚洲精品一二三四区| 国产日韩欧美一区二区三区乱码| 日韩午夜在线观看视频| 欧美日韩亚洲综合在线 欧美亚洲特黄一级 | 国产天堂亚洲国产碰碰| 欧美一级在线免费| 精品污污网站免费看| 一本大道久久a久久综合婷婷| 国产福利一区二区三区在线视频| 免费在线观看一区| 亚洲一区av在线| 一区二区三区在线观看视频| 国产精品丝袜久久久久久app| 精品国产百合女同互慰| 日韩一区二区影院| 欧美日韩国产大片| 欧美视频你懂的| 91久久一区二区| 色综合久久综合网欧美综合网| 成熟亚洲日本毛茸茸凸凹| 国产精品一区2区| 国产一区二区调教| 黄色成人免费在线| 麻豆成人91精品二区三区| 午夜久久久久久久久| 夜色激情一区二区| 亚洲综合男人的天堂| 亚洲女同女同女同女同女同69| 国产精品国产三级国产a| 国产精品免费视频一区| 国产日韩欧美电影| 国产欧美日韩久久| 国产日韩欧美一区二区三区综合| 久久久精品免费观看| 精品国产第一区二区三区观看体验 | 日本不卡一二三| 日本最新不卡在线| 日韩av电影免费观看高清完整版 | 精品国产一区二区三区久久影院| 精品少妇一区二区三区在线视频| 日韩免费一区二区三区在线播放| 欧美一区二区日韩| 精品久久国产字幕高潮| 精品久久久久一区二区国产| 久久欧美一区二区| 日本一区二区三区免费乱视频| 欧美韩日一区二区三区| 中文字幕视频一区| 亚洲资源中文字幕| 视频一区在线视频| 久久国产剧场电影| 国产精品一级在线| 99久久精品免费看国产| 97精品超碰一区二区三区| 91黄色在线观看| 91.成人天堂一区| 精品国产91九色蝌蚪| 国产女主播视频一区二区| 中文字幕亚洲不卡| 亚洲国产一区二区三区| 日韩精品乱码av一区二区| 久久精品免费观看| 成人精品一区二区三区中文字幕| 99国产精品久| 欧美日韩午夜影院| www国产成人免费观看视频 深夜成人网| 久久综合色综合88| 中文字幕中文字幕一区| 亚洲一区二区三区视频在线 | 久久亚洲一区二区三区明星换脸 | 欧美日韩免费不卡视频一区二区三区| 91麻豆精品国产自产在线| 久久综合九色综合97婷婷| 国产精品美女久久福利网站| 亚洲精品成人少妇| 日本午夜精品一区二区三区电影 | 91丨porny丨国产入口| 欧美色图在线观看| 精品理论电影在线观看 | 亚洲第四色夜色| 久久丁香综合五月国产三级网站| 国产a级毛片一区| 在线观看免费一区| 日韩免费视频线观看| 国产精品高清亚洲| 婷婷综合久久一区二区三区| 国产精品99久久久久久久vr | 日韩视频一区二区| 国产精品女主播av| 亚洲图片欧美综合| 狠狠色综合播放一区二区| 99久久久无码国产精品| 欧美福利电影网| 国产精品视频九色porn| 午夜精品一区二区三区免费视频 | 欧洲一区二区av| 精品国产乱码久久久久久蜜臀 | 欧美制服丝袜第一页| 日韩精品一区二区三区视频播放| 中文字幕一区二区三| 免费不卡在线视频| 91免费视频网| 日韩精品中午字幕| 亚洲欧美日韩人成在线播放| 六月丁香婷婷久久| 日本韩国欧美在线| 国产视频一区二区在线| 亚洲超碰97人人做人人爱| 国产激情视频一区二区三区欧美| 欧美日韩国产综合一区二区三区| 国产免费久久精品| 亚洲国产欧美在线| 成人av电影观看| 欧美tk—视频vk| 亚洲成人动漫在线观看| 粗大黑人巨茎大战欧美成人| 日韩久久免费av| 亚洲午夜激情网页| 99久久久无码国产精品| 久久免费国产精品| 日本91福利区| 欧美在线三级电影| 国产精品久久久久久久久免费桃花 | 日韩国产欧美在线视频| 91免费看视频| 久久亚洲二区三区| 日韩中文字幕不卡| 欧美专区日韩专区| 国产精品久久影院| 国产乱码字幕精品高清av| 日韩一区二区免费高清| 一个色综合网站| 国产不卡视频一区| 精品国产乱码久久久久久免费| 午夜一区二区三区视频| 94-欧美-setu| 欧美激情资源网|