Earlier today Bank of America released a presentation and a conference call in which the firm’s head of China equity strategy David Cui spoke about the dreaded “China Hard Landing”.
BofAML’s David Cui is the Markets’ #1 rated China Strategist according to the 2011 Institutional Investor All-China Survey. His main views about the subject are:
– significant Chinese specific financial market risks that could trigger lower than expected Chinese growth;
– these financial market risks have increased considerably;
– these financial stresses have a very high probability of triggering lower than expected growth;
– the lower growth could well be sub 7%, and therefore by Chinese market standards would be termed a “hard landing”, clearly a huge issue for all global markets.
Here is the full presentation…