瑞银-中国-宏观经济-中国经济透视：图知中国——什么改变了，什么没有改变？-2018.2.12-20页

www.ubs.com/economicsThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE17.??GlobalResearch12February2018ChinaEconomicPerspectivesWhatHasChangedandWhatHasNot?–UnderstandingChinainPicturesUnderstandingthebigissuesonChinaChinaseconomyhasmanyevolvingissuesthataffectglobalmarketsandconcerninvestors.WepublishedanUnderstandingChinaseriesin2017tohelpinvestorsunderstandthecomplexissuesincludinglong-termgrowthdrivers,debtdynamics,thepropertymarket,monetarypolicy,FX,tradefriction,andChinasrebalancingtowardsconsumption.Readonforanupdateoneachoftheseareas,orforadeeperanalysisintheoriginalreports,clickonthelinksaboveortherespectivesectiontitles.Whathaschangedandwhathasnot?InvestorconcernsonCNYdepreciationdisappearedinthecourseof2017asChinascapitaloutflowsdeclined