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德意志银行-140109-China Market Perspectives：Deepening financial reforms in 2014.pdf
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Deepening financial reforms in 2014
We expect China to deepen financial reforms in 2014. Major reforms and
liberalization of China’s financial sector will include the opening up of the
banking sector to private investment, issuance of local government bonds
and the development of securitization products, interest rate liberalization,
and capital account liberalization. We assess the impact of financial
reforms on banks.
2014 will mark the beginning of a series of growth-enhancing structural
reforms and should witness a cyclical economic recovery. We expect GDP
growth to continue its recovery on the back of five major drivers: 1)
reduced overcapacity; 2) deregulation in sectors with under-capacity; 3)
the effectiveness of the government’s efforts to “reactivate money stock”;
4) rising external demand; and 5) a pro-cyclical fiscal policy.
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