Further industrialization and urbanization underpin our outlook for continuing rapid GDP growth of close to 7% in 2019 and 2020, despite our expectation of slowing global growth and potential softening in demand for exports. We believe momentum from pre-existing FDI commitments and increased focus on the ‘plus one’ in multinational corporations’ ‘China plus one’ overseas investment strategy will sustain inbound FDI. Relatively elevated debt levels, an evolving banking system