18 Nov 2013
Flash: China's reform outlook uncertain - Nomura
FXstreet.com (Barcelona) - China's reform outlook remains uncertain, according to China-based Nomura Economists.
Review of the reform package
"The reform package is comprehensive, positive, but not path-breaking from a macro perspective."
"There is no significant reform on state-owned enterprises, and messages on land reform seem vague."
"History suggests the effect of reform plans depend on implementation, hence we see high uncertainty on the outlook for the reforms."
"We provide comments on each individual reform in this note on its significance and its pace of implementation. Overall we expect the pace to be gradual."
"We maintain our view that GDP growth peaked at 7.8% y-o-y in Q3 and will slow to 7.5% in Q4 and 6.9% in 2014."
Review of the reform package
"The reform package is comprehensive, positive, but not path-breaking from a macro perspective."
"There is no significant reform on state-owned enterprises, and messages on land reform seem vague."
"History suggests the effect of reform plans depend on implementation, hence we see high uncertainty on the outlook for the reforms."
"We provide comments on each individual reform in this note on its significance and its pace of implementation. Overall we expect the pace to be gradual."
"We maintain our view that GDP growth peaked at 7.8% y-o-y in Q3 and will slow to 7.5% in Q4 and 6.9% in 2014."