January 18, 2026 09:39 PM GMT Investor Presentation | Asia Pacific M Foundation What's Next After New Year Rally? Fiscal and Quasi-fiscal Measures Kickstart Momentum (15 January 2026) Assessing China-Japan Trade Tensions (15 January 2026) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 For important disclosures, refer to the Disclosure Section, located at the end of this report. ...

October 15, 2025 11:51 AM GMT China Economics | Asia Pacific Cooling Credit, Stalled Household Deposit Migration Key Takeaways Slowing credit amid fading fiscal impulse: Broad credit moderated for a second month, and is likely to reach ~8.5% by year end, given: 1) weak private credit demand amid continued debt-deflation loop; and 2) sharply reduced government bond issuance in 4Q25. To offset some of the fiscal drag, Beijing announced a Rmb500bn "new policy-based financial tool" in late September to replenis ...