Morgan Stanley with the note.
Investors are laser-focused on Beijing’s stimulus, as the record US tariff hikes and little room for near-term de-escalation mean rising downside to growth.
We don’t expect immediate new stimulus. Beijing is likely to prioritize front-loading of the pre-announced Rmb2trn NPC package in 2Q.A more plausible timing for a Rmb1-1.5trn supplementary package would be 2H,though announcement of it could be brought forward if exports weaken sharply.
