摩根士丹利：中国正在重置其经济底层逻辑（英）.doc

M MM August 1, 2021 09:00 PM GMT China Macro Strategy Chinas Regulatory Reset Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM M M MM M M PAGE PAGE 2 Morgan Stanley Research PAGE Morgan Stanley Research PAGE 3 Contributors Morgan Stanley Asia Limited+ Robin Xing Economist +852 2848-6511 \h Robin.Xing@ Morgan Stanley Asia Limited+ Laura Wang Equity Strategist +852 2848-6853 \h Laura.Wang@ Morgan Stanley Asia Limited+ Jonathan F Garner Equity Strategist +852 2848-7288 \h Jonathan.Garner@ Morgan Stanley Asia Limited+ Chetan Ahya Chief Asia Economist +852 2239-7812 \h Chetan.Ahya@ Morgan Stanley Asia Limited+ Jenny Zheng, CFA Economist +852 3963-4015 \h Jenny.L.Zheng@ Morgan Stanley Asia Limited+ Zhipeng Cai Economist +852 2239-7820 \h Zhipeng.Cai@ Morgan Stanley Asia Limited+ Helen Lai Economist +852 2848-5278 \h Helen.Lai@ Morgan Stanley Asia Limited+ Derrick Y Kam Economist +852 2239-7826 \h Derrick.Kam@ Morgan Stanley Asia Limited+ Fran C