谁会为中国经济的“软着陆”埋单?结果可能会是由企业埋单,而让银行背负沉重的坏账负担中国经济的“软着陆”不大可能带来企业利润和中国股市的“软着陆“]H股在5月份呈现的最新一轮反弹已超乎我们预期。这次反弹部分原因可能在于空头回补,但这并不意味着市场仍对中国经济现状 Who Will Pay for a “Soft Landing” of China’s Economy? The result may be that the enterprises pay a heavy load of bad debts to the banks. The “soft landing” of the Chinese economy is unlikely to bring about corporate profits and the “soft landing” of the Chinese stock market. ] The latest round of rebound in H shares in May exceeded our expectations. Part of the reason for this rally may be short covering, but that does not mean the market is still on the Chinese economy