Vi e w p o i n t | 13 Nov 2025 11:00:49 ET │ 10 pages China Economics Focus on Policy Transmission with Impact Yet to Surface in Credit Data +852-2501-2754 xiangrong.yu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict o ...