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There is a lead article in the South China Morning Post today titled "Wrong policy may lead to hardship". While the recap by Jane Cai, Denise Tsang and Adam Chen does not reveal anything that I have not proactively pointed out in notes past, it does give the reader a sense of where consensus has finally morphed to.

The big pre-Olympic catalyst on the Chinese macro calendar is the mid year July 17th economic assessment/outlook. Rhetorically, there is no reason to believe that there will not be linearity between that and the note I just posted on the Industrial Commercial Bank of China's outlook.

KM