4. Shanghai, by comparison, trades on 12.6 times earnings. This reflects a wide (37 per cent) spread between the Shanghai’s A shares and the H-share equivalents. Before the ups and downs of 2015 it was more usually below 20 per cent, hinting at significant upside to the H-share index. True, it does not represent the best of China’s “new economy”, being heavily skewed towards banks in particular. Growth forecasts are moribund. Yet with expectations already so dire, it is hard to see how they can worsen. Even property — beset with overcapacity — has been pulling out of its slump.
5. Carry out deleveraging in an active and prudent way.
6. For: It picked up the audience award at the Toronto International Film Festival, often a key awards indicator.
The manufacturing purchasing managers’ index published by China’s National Bureau of Statistics slipped to 51.6 in October, coming in below a median forecast of 52 from economists surveyed by Reuters and closer to the 50-point line delineating expansion from contraction.