星展集团投资总监侯伟福：中国仍有很大的财政刺激空间，若刺激措施出台，或为中国经济增长带来意外上行空间

Core Viewpoint - The investment director of DBS Group, Hou Weifu, suggests that China has significant fiscal stimulus capacity, which could provide unexpected upward momentum for economic growth if such measures are implemented [1] Group 1: Economic Context - The market has underestimated the impact of tariff escalations by the US on economic growth and inflation [1] - Countries capable of implementing fiscal stimulus measures, including China and Europe, are in a favorable position amid global demand slowdown [1] Group 2: Fiscal Stimulus Potential - China's central government has a leverage ratio of only 25% of GDP, indicating substantial room for fiscal stimulus [1] - This fiscal flexibility allows the government to introduce stimulus measures aimed at boosting domestic consumption [1] Group 3: Investment Strategy - In light of the rapid rise of technology in China, the company maintains an overweight position in Asian markets (excluding Japan) while continuing to invest in US tech stocks to capture long-term growth opportunities [1]