· Banking Winners and Losers China's banking reform is upsetting the balance among lenders. Since...
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Thursday July 30, 2015 www.bloombergbriefs.com
Transcript of · Banking Winners and Losers China's banking reform is upsetting the balance among lenders. Since...
July 30, 2015 Bloomberg Brief Economics Asia 2
BY TOM ORLIK, BLOOMBERG INTELLIGENCE ECONOMIST
At the Third Plenum in November 2013, China's leaders set out an ambitious reformagenda. The aim: unwinding economic imbalances and achieving a new normal ofslower and more sustainable growth.
What happens in the country's financial markets is critical to determining the successof their plans.
A larger role for the market in allocating capital should help turn the flow of funds awayfrom the old industrial sector and toward growth opportunities in high technology andservices. More efficient allocation of credit should help China escape the trap ofever-increasing lending to pay for ever-decreasing growth.
Getting there requires a significant shift in the structure and incentives of the financialsector. A larger role for direct finance from the bond and equity markets, greateropenness to foreign and private sector participation, and a shift to market control ofinterest rates are all important parts of the picture.
In this special edition of the Bloomberg Brief, Bloomberg Intelligence economists andanalysts assess China's progress with reform of the financial sector, the impact on thereal economy, and the outlook for the country's banks, brokers and insurancecompanies.
Debt Overhang Slows BankReformsTom Orlik & Fielding ChenPage 3
Banking Winners and LosersFrancis ChanPage 4
A Better Bond With InvestorsTom Orlik & Fielding ChenPage 5
Adding Up Credit RisksTom Orlik & Fielding ChenPage 6
‘We Can Close It and Re-open It Later’ – China’s Stock MarketTom Orlik & Fielding ChenPage 7
Modernization Adds Profit, Risks for BrokersFrancis ChanPage 8
Trading China’s Volatile MarketsTim CraigheadPage 9
Following the Money for China'sInsurersSteven LamPage 10
From the State to the Market — ASummary TableTom OrlikPage 11
CONTENTS
BANKS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
July 30, 2015 Bloomberg Brief Economics Asia 3
BANKS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
Debt Overhang Slows Bank Reforms "Let me be frank. Our banks earn profit
too easily. Why? Because a small numberof large banks have a monopoly," saidChina’s former Premier Wen Jiabao. "Tobreak the monopoly, we must allowprivate capital to flow into the financesector." That was back in 2012. Fastforward to 2015 and the direction of travelis right, but progress is painfully slow.
Bank loans remain the dominant sourceof finance in China, accounting for 69percent of the total in 2014. That’s downfrom a peak of 78 percent in 2009, but stillsignificantly larger than either the bond orthe equity market. Within the bankingsector itself, domestic state-owned banksremain the major force, accounting for thelion's share of outstanding loans.
New private banks, including venturesbacked by Internet giants Alibaba andTencent, have been awarded licenses butface an uphill struggle to win marketshare. Foreign banks remain a marginalpresence, clinging onto a meager 1.6percent of total banking assets.
While China hasn’t opened tocompetition, there has been significantheadway in other important respects. Inparticular, the process of interest rateliberalization is almost complete. Intheory, that should spell the end of the oldmodel, where government-set ratesenabled banks to channel cheap fundsfrom household depositors to state-ownedborrowers and earn a comfortable spread.
The hope for China’s leaders is thateven in the absence of ownership reform,a decisive role for the market in settinginterest rates will drive reform of thesector. In theory, that should spell the endof the old model — where government-setrates enabled banks to channel cheapfunds from household depositors tostate-owned borrowers and earn acomfortable spread.
There have been some signs ofprogress. Loans to small businesses wereup 16 percent year on year in the firstquarter, outpacing 14 percent growth foroverall lending, according to central bankdata. Analysis of financial reports fromChina's big four banks shows a shrinkingshare of loans allocated to manufacturing,real estate and mining, and a larger shareto households and the retail sector.
At the same time, the pace of change isslow. One reason is the stress caused by
past excesses in lending. An explosion inlending from 2008 through 2013 has leftmany local government and state-ownedenterprise borrowers overextended. Weestimate debt servicing costs forbusinesses and households are close to30 percent of GDP. Rolling over loans tocash-strapped borrowers limits banks'capacity to redirect credit to growthsectors.
As for Premier Wen's suggestion thatbank profits are too large, addressing thatproblem remains a work in progress.Interest rate liberalization has started to
erode net interest margins, which havecome down to 2.53 percentage points in2015 from a high of 2.77 percentagepoints in 2012. But as growth in bankassets has outpaced GDP, banks havecontinued to amass an increasing shareof national income.
Outsize profits ease fears about stressin the financial system, giving banks acushion against bad loans. But they alsocome at the expense of lower returns forhousehold savers and higher costs forbusiness borrowers.
BANKS FRANCIS CHAN, BLOOMBERG INTELLIGENCE ANALYST, ASIA BANKS AND BROKERAGES
Composition of Banking Sector
Growth in SME Loans Outpaces Total Loans
July 30, 2015 Bloomberg Brief Economics Asia 4
BANKS FRANCIS CHAN, BLOOMBERG INTELLIGENCE ANALYST, ASIA BANKS AND BROKERAGES
Banking Winners and LosersChina's banking reform is upsetting the
balance among lenders. Since the ThirdPlenum summit in November 2013, theprocess of interest rate liberalization hasbeen all but completed. A depositinsurance scheme is an associated step,protecting savers from the risk of bankfailure. Changing rules on the ownershipof state banks, a part of broaderownership reforms in the state-sector,may promote more private participation inbanking. Finally, China soon plans toopen up the domestic securities businessto lenders. Most of these reforms areexpected to pose competitive risks tomajor Chinese banks.
The process of interest rateliberalization, or allowing the market to setlending and deposit rates, may putpressure on the interest margins of thenation’s largest lenders. Of these,Minsheng and Citic Bank may see thebiggest impact, as their greater relianceon term deposits will likely mean a sizableincrease in funding costs. They also havehigh loan-deposit ratios, implying arelative funding shortage. As competitionheats up, the scramble for deposits mayresult in higher interest charges.
To supplement interest rateliberalization, a deposit insurance schemebegan on May 1 to protect savers in theevent of bank failures. ICBC, CCB, Bankof China and AgBank — which jointly hold48 percent of the nation's retail deposits— may face greater competition andhigher funding costs as a result. Saversmay be more willing to place money withsmaller banks, as the program will ensurethey get back as much as 500,000 yuan($81,000) per account in case of a failure.
Plans for ownership reforms at statebanks should increase privateparticipation in the banking sector. Thisincludes allowing employees and outsideinvestors to buy state-bank shares, whichmay prompt the sale of governmentassets and add to the supply of bankshares on the market. Government stakesin state banks range from 31 percent to83 percent. These are valued at about 3.9trillion yuan, or 65 percent of market cap.The government has the highest stake inAgBank, at 83 percent, followed by 69.4percent at ICBC. Minsheng and ChinaMerchants have recently introduced stockpurchase incentive programs for
employees, offering discounts of morethan 10 percent to the latest close.Bocom, Bank of China and Ping An Bankhave indicated interest in similarprograms, pending regulatory approval.
Where many elements of the reformagenda threaten to erode bank profits,
opening the domestic securities businessto lenders should increase them. Thatwould pose a threat to China's 125
registered brokers, given that statecontrolled banks can leverage extensive
corporate and retail client bases to make inroads into the industry. ICBC, China
Construction, AgBank and Bank of China
each have at least 2.6 million corporatecustomers and 300 million retailcustomers. A move into the securitiesbrokerage space would boost theearnings of their investment bankingunits. The overseas investment bankingsubsidiaries of five state banks, whoseoperations include underwriting IPOs,securities financing, brokerage and fundmanagement, made a combined profit ofonly 1.1 billion yuan last year. The profitsof leading domestic broker Citic Securities(a separate entity from Citic Bank)exceeded 11 billion yuan, followed byHaitong’s 7.7 billion yuan.
BOND MARKETS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
Term Deposits and Loan-Deposit Ratios of China's Banks
*Note: Domestic deposits only, subject to disclosure
China's Government Stakes in State Banks
*Note: Central Huijin is an investment company owned by the Chinese government.
July 30, 2015 Bloomberg Brief Economics Asia 5
BOND MARKETS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
A Better Bond With Investors Beijing has encouraged rapid expansion
of the fixed income market, aiming toimprove allocation of credit and diversifyrisks away from the banks. Use of themarket to achieve more short-termobjectives — like bailing out highlyindebted local governments — showshow stresses from past lending excessesweigh on prospects for reform.
The headline data are encouraging.China's bond market has grown to 39.8trillion yuan ($6.3 trillion) in 2015 from12.6 trillion yuan in 2007. That makes itthe third-largest in the world, after theU.S. and Japan. The cost of capital forAAA and AA rated firms is typically lowerthan with a bank loan. Cutting the cost ofcapital is another government objective.
The scheme currently underway to easepressure on local government financesthrough a 2 trillion yuan debt swapillustrates the shortcomings. China'sresponse to the 2008 financial crisis hadbeen a stimulus channeled through bankloans to local government infrastructureprojects. In retrospect, using high-cost,short-term loans to pay for low-return,long-term projects obviously made littlesense and a solution to the problem waslong overdue.
One approach would have been torequire local governments to swap theirloans for bonds issued at public auction,with detailed information on theirfinances. Then the market would havedecided which of the road, subway andwater management projects underwaywere creditworthy and at what rate.
That public airing of financials wouldhave separated the viable commercialprojects from the worthwhile butunremunerative public works that neededcontinued support from the taxpayer, andthe white elephants that ought to beabandoned. It was not the approachadopted.
Instead, local governments with wildlydifferent risk profiles are issuing bonds atyields capped at only slightly above thesovereign. Prospectuses contain littleinformation on local government debtlevels beyond what was already publiclyavailable. Many of the bonds are beingpurchased by the banks that issued theinitial loans, with the bitter pill of lowerrates sweetened by the implicit guarantee
that the central government now standsbehind the debt.
In an extreme form, that encapsulatesthe challenges China's bond marketcontinues to face. Limited information onissuers makes it difficult for investors toform a view on risk levels when bonds aremarketed. Limited turnover means themarkets are not acting on new informationabout borrowers' creditworthiness. Theassumption of guarantees on debt issuedby local governments and state-ownedenterprises injects a significant degree of
moral hazard. The handful of defaults inthe last year represents a step towardsolving that problem. A major role for thebanks — which hold more than 60percent of the market by value — meansrisk is not being diversified.
Relative to the preceding situation, withan undeveloped bond market, the currentstate of affairs is a marked improvement.Relative to what could be achieved with atransparent, actively traded market, freefrom moral hazard, there's substantialdistance still to travel.
FINANCIAL STRESS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
Bond Market Lowers Cost of Credit Relative to Bank Loans
Banks Are Largest Investors in Bond Market
July 30, 2015 Bloomberg Brief Economics Asia 6
FINANCIAL STRESS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
Adding Up Credit Risks
— With assistance from Jennifer Bernstein, Bloomberg Brief Editor.
Correction: a previous version of this chart misstated the 2014 figure for bank loans to corporations.
EQUITY MARKETS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
July 30, 2015 Bloomberg Brief Economics Asia 7
EQUITY MARKETS TOM ORLIK & FIELDING CHEN, BLOOMBERG INTELLIGENCE ECONOMISTS
'We Can Close It and Re-Open It Later' — China's Stock Market In May, Shanghai Duolun Industry — a
real estate developer with zero revenue— changed its name to P2P FinancialInformation Service. Its stock surged 10percent in one day and within a monthhad risen from a low of 10.9 yuan ($1.76)to a high of 23.4 yuan. By the first week ofJuly, it had given up all those gains,dropping to 8.1 yuan. Two weeks later,after extraordinary steps by policy makersto stabilize the market, it had reboundedto 15.6 yuan. The story is emblematic of amarket where fads dominate overfundamentals and governmentintervention has an outsize role.
The last year has been a turbulent onefor China's equity investors. TheShanghai Composite Index rose from justabove 2,000 in July 2014 to a peak ofclose to 5,200 in June 2015 before slidingback to 3,500 in early July. On the wayup, it was the market's speculative aspectthat was in evidence. On the way down, itwas the intervention of government.
Retail investors only hold 22 percent ofthe market but they account for themajority of turnover. Low dividendpayments reinforce their tendency tochase trends rather than focus on thefundamentals of profit and loss.
Institutional investors are in theminority, holding just 15 percent of themarket. In some cases, incentives for thisgroup can add to, rather than subtractfrom, volatility. Public fund managers, forexample, are sometimes benchmarkedagainst their peers rather than the index,creating greater pressure to jump intorallies and out of dips. TheShanghai-Hong Kong Stock Connect hasopened the door slightly wider to foreigninvestors. Even so, their total quotaremains an inconsequential fraction of themarket.
That leaves the lion’s share — some 60percent of the market — held bystate-owned parents and other investorsthat don’t engage in trading. One strikingexample: 86 percent of Petrochina, themainland's largest listed firm, is held by itsparent China National PetroleumCorporation. With listed firms not subjectto the threat of hostile takeover, themarket's ability to exert performancepressure is limited. China's M&A dealsyear to date in 2015 have amounted tojust $270 billion, compared with $1.5
trillion in the U.S.
"We can close it and re-open it later,"said China's great reformer DengXiaoping, speaking of the nascent stockmarket in 1992. Some 23 years later, thatwillingness to take extreme measures toensure stability is again in evidence.Following the market collapse in earlyJuly, trading was suspended in more than1,000 stocks. Major investors werebanned from any sales for six months. A'National Team' of state-owned investors— including the National Social SecurityFund — has waded in. The market wasstabilized, but only at the expense of a
significant injection of moral hazard.The recent swath of IPOs has done a
decent job of channeling funds to privatefirms and growth sectors. More than 90percent of the 300-plus firms that havecome to the market since 2014 are notmajority state-owned. Even so, equityfundraising remains a side show to bankloans, accounting for just 4 percent ofnew finance so far in 2015. That'sprobably a good thing. A market governedby the sentiment of retail investors andthe intervention of government is unlikelyto succeed in deciding which firms areworthy of funding and which are not.
BROKERAGES FRANCIS CHAN, BLOOMBERG INTELLIGENCE ANALYST, ASIA BANKS AND BROKERAGES
P2P Financial Information Service and Shanghai Composite
Share of IPOs for New-Economy Companies Edges Up
July 30, 2015 Bloomberg Brief Economics Asia 8
BROKERAGES FRANCIS CHAN, BLOOMBERG INTELLIGENCE ANALYST, ASIA BANKS AND BROKERAGES
Modernization Adds Profit, Risks for BrokersChina's securities brokers have been a
major beneficiary of financial marketreforms. Income from brokerage fees,investment banking and new productshas pushed profits to new heights. Therecent stock slump and the entry of banksinto the sector pose risks.
Modernization of the securities sector,with new tools like online account openingand margin financing, has increasedstock market turnover and brokerrevenue. At its June peak, trading volumereached 1.7 trillion yuan ($274 billion) perday, up from an average of about 300billion yuan in 2014. Total brokerageincome from 125 registered brokers roseto a new high of 158 billion yuan in thefirst half of 2015, surpassing the full yearfigure of 105 billion yuan in 2014. Huatailed the pack in trading volume, with amarket share of 7.9 percent last year,followed by 6.6 percent for CiticSecurities, and 5 percent each at Galaxyand Guotai Junan.
Investment banking is another growtharea, especially following reforms of theIPO system from the China SecuritiesRegulatory Commission and policiesfavoring mergers and acquisitions. In thesix months through June, investmentbanking income reached 22.3 billionyuan, on track to surpass a 33.2 billionyuan total for 2014 as a whole. ChinaSecurities, Citic Securities and Haitongare the market leaders in equityunderwriting, while Citic Securities andChina Development Bank Securities havedominated debt underwriting. Haitong andGuotai Junan are the leading M&Aadvisors.
China's authorities have encouragedthe development of new products such asmargin financing, securities lending,securities repurchase andsecurities-backed lending. They have alsobroadened the scope of brokers’proprietary trading businesses. Thesehave all helped to boost the overallprofitability of the securities industry.Income from capital-based intermediarybusinesses, such as margin financing,jumped to 44.6 billion yuan in 2014 from5.3 billion yuan in 2012. Investmentincome from house money rose to 71billion yuan from 29 billion yuan over thesame period. Citic Securities, Huatai and
Guotai Junan held the largest marketshare as of last year.
Put it together, and stronger turnover, agrowing investment banking business,and an expanded suite of products andproprietary trading have all been good forbusiness. Industry revenue and profit inthe first six months of 2015 have alreadyexceeded last year's full-year figures.Citic Securities led the industry by bothmeasures in 2014, followed by Haitongand Guotai Junan. The top ten securitiesbrokers contributed 55 percent of industryrevenue and 58 percent of sector profitlast year.
Looking forward, the main short-termrisk is the correction in the stock market.The Shanghai Composite index hastumbled more than 20 percent from itsmid-June peak, trading volume has comedown, margin trades are being unwoundand IPOs are on hold. All of that is badnews for broker profitability. Longer term,the entry of banks into the brokeragemarket could be a competitive threat.Each of the nation’s big four banks hasover 300 million retail banking customers— a network they could leverage to gainrapid market share.
EQUITY STRATEGY TIM CRAIGHEAD, BLOOMBERG INTELLIGENCE, ASIA DIRECTOR OF RESEARCH
China's Top 10 Securities Brokers
Revenue Streams for China's Securities Industry
July 30, 2015 Bloomberg Brief Economics Asia 9
EQUITY STRATEGY TIM CRAIGHEAD, BLOOMBERG INTELLIGENCE, ASIA DIRECTOR OF RESEARCH
Trading China’s Volatile Markets For the last 15 years, China’s equity
market has been largely disconnectedfrom the economy. Instead it has beensubject to a series of short-lived spikesand longer-term declines as momentumoriented retail investors swoop in andthen exit. The current iteration of thishistory is marked by divergences betweensmall and large caps, and betweendual-listed stocks trading in Shanghai andHong Kong, creating potentialopportunities for investors.
Two notable divergences have emergedin this year’s market. First: capitalization.Small-cap shares have been in thevanguard — both up and down. As aresult, the 100 biggest ShanghaiComposite stocks by market value arebest considered in a separate category tothe other 1,000. The medianforward-earnings multiple of 16.1x for thisbig-cap group is now below the MSCIWorld index. In contrast, the rest of theSHCOMP has a median multiple of 30.9x.
The second disconnect is betweendual-listed China stocks trading in HongKong and mainland markets. The HangSeng China AH Premium Index tracks thespread between the two classes ofshares. It has moved progressively from adiscount to a premium since last autumn.The latest moves by policy makers tostabilize the market have spurred local A-share buying. Interest in H-shares hasbeen more muted, trading with globalflows. The AH Premium Index hasjumped to a 45 percent premium as aresult.
In fact, this popular measure actuallyunderstates the divergence. It’s weigheddown by large-cap banks and energystocks, which tend to trade at lowerpremiums. Many of the other mainlanddual-listed shares trade at premiums of150 percent or more. The divergencesbetween these dual-listed stocks havetended to correct in the past. More activeinvestment flow back and forth across theborder may also be a catalyst for closureover time.
One implication of these divergences isthat Chinese stocks are now both amongthe highest and lowest valued globally.The Shenzhen Composite Index — which
Shanghai Composite's Biggest Stocks Diverge From the Rest
Median Best BF P/E
MSCI World Shanghai Composite Top 100 Rest of Shanghai Composite
Communications 19.3 28.7 26.7
Consumer Discretionary 17.3 16.9 26.5
Consumer Staples 20.3 19.9 37.0
Energy 22.3 23.3 33.6
Financials 14.4 11.4 20.1
Health Care 20.9 21.0 34.1
Industrials 16.1 25.5 29.9
Materials 15.4 40.5 37.4
Technology 16.9 n/a 42.8
Utilities 15.5 14.2 28.8
All Stocks 17.0 16.1 30.9Source: Bloomberg Intelligence, as of July 29, 2015
is skewed to mid-cap ‘growth’ companies— is trading at 26.1x forward earnings.The MSCI China index, composed ofHong Kong-listed blue chips, is at 9.5x.
Looking forward, it may be best to lookback to 2009. Back then, the stock marketwitnessed a similar stimulus spurred rallybefore suffering a 23 percent correction.Stocks then recovered through year-endas growth improved. Fundamentals aredifferent this time though, with weaknessin real estate and exports stymieing therebound in the real economy.
The greater hope for the market nowmay come from reforms encouragingChina’s growing insurance and pensionfunds to increase their equity allocation.Combined with greater access for globalinvestors, that could eventually create amore stable institutional base. This shouldact to tie equities closer to economic andcorporate fundamentals, as opposed tothe whims of speculators. That would begood news for local and global investors,as well as supporting China’s goals ofmore efficient capital allocation.
INSURANCE STEVEN LAM, BLOOMBERG INTELLIGENCE ANALYST, ASIA INSURANCE
Dual-Listed A-Shares Outpacing H-Shares, Even in Correction
July 30, 2015 Bloomberg Brief Economics Asia 10
INSURANCE STEVEN LAM, BLOOMBERG INTELLIGENCE ANALYST, ASIA INSURANCE
Following the Money for China's Insurers An aging population and shifting policy
incentives mean China's insurance sectorhas a critical part to play in the country'sreforms. As a source of capital,investment decisions by insurance firmsand the government policies that guidethem are a key variable for China'sfinancial markets.
By 2050, every retiree in China will besupported by 1.3 workers, down from 3today. In a nation of 1.4 billion, close to40 percent will be over 60 years old.Public pensions are underfunded andunderperforming, with a substantial shareof assets parked in low-return bankassets. Tax incentives are tipping the dialtoward private coverage, potentially amajor boon for Ping An, New China Lifeand AIA. About 40 million public servantsare receiving a salary boost and beingasked to contribute more to corporateannuities — a 740 billion yuan ($119billion) market where insurers control halfthe assets. Health premiums are alsoexpected to hit accelerated growth.
Put it together, and the China InsuranceRegulatory Commission expectsindustry-wide assets to double to 20trillion yuan in 2020 from 10 trillion yuanin 2014, fueled by an annual 17 percentgrowth in premiums. The big question forChina's financial markets is where thoseassets will be invested.
The biggest shift in recent years hasbeen in favor of alternative assets. Thatcategory, which includes trust products,wealth-management products,infrastructure debt, and real estatedeveloper debt reached 2.6 trillion yuan inJune, making up about 25 percent of totalinvestments, up from 17 percent at theend of 2013. Equity investments alsoaccount for a rising share of the total —accounting for about 14.8 percent as ofJune. Since China entered into a bearmarket in June, insurers have been onthe front line of government efforts tostabilize plunging stock prices, buying intoblue-chip state-owned banks andold-economy companies.
Investment in alternative assets andequities holds out the prospects of higherreturns. But as the public informationnotices that have appeared aroundBeijing in the wake of the equity marketslump say — there’s no return without
risk. The Shanghai Composite Index hastumbled more than 20 percent since itsJune peak and cash-strapped localgovernment borrowers are regarded as acritical source of risk. A new solvencyregime, expected as early as 2016, willmean higher risk charges for insurers withsignificant stock investments andconcentrated positions.
A more significant move into fixedincome would represent a differenttradeoff between risk and reward. On
average, only about 44 percent of largeChinese insurers’ investments are inbonds, compared with a range between60 percent and 65 percent for peers inJapan, South Korea and Japan. Thatpartly reflects a product mix geared moretoward savings than protection. Even so,a bigger allocation to bonds would offerhigher returns relative to bank deposits,less risk relative to equities, and provide acatalyst for the development of China’sfixed income market.
REFORMS TOM ORLIK, BLOOMBERG INTELLIGENCE ECONOMIST
Only 1.3 Workers Per Retiree for China by 2050
Chinese Insurers’ Investment Breakdown
July 30, 2015 Bloomberg Brief Economics Asia 11
REFORMS TOM ORLIK, BLOOMBERG INTELLIGENCE ECONOMIST
From the State to the Market — A Summary Table
— With assistance from Pekka Aalto, Bloomberg Brief Graphic Designer.
July 30, 2015 Bloomberg Brief Economics Asia 12
July 30, 2015 Bloomberg Brief Economics Asia 14
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