步入下半年,中国经济增长和金融稳定或仍面临挑战。从国内角度来看,民间和制造业投资急剧放缓,可能令整体投资增速进一步下滑。此外,聚焦去杠杆、去产能的结构改革或扩大产出缺口,对经济构成压力。外部情况似乎不太给力,英国退欧的不确定性,以及欧洲银行业再次升高的压力,或增加人民币汇率波动,进一步降低中国对该区域 Into the second half, China’s economic growth and financial stability or still facing challenges. From a domestic perspective, the sharp slowdown in private sector and manufacturing investment may cause the overall investment growth rate to further decline. In addition, the focus on de-leveraging, structural reforms to capacity-building or expanding output gaps put pressure on the economy. The external situation seems to be less than satisfactory. Uncertainty about Brexit and pressure from European banking sector to rise again, or fluctuations in the RMB exchange rate, further reduce China’s exposure to the region