China “deleveraging headwinds are building”

Societe Generale’s Wei Yao with the chartfest:

Households struggling to recover:

Supported by old economy:

But to fade:

Is visible in starts:

Less fiscal too:

Growth to fall:

 

Especially commodity-intensive growth:

No crisis:

All for long-term benefits:

 

As China goes ex-growth:

 

Houses and Holes
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