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UBS GWM remains long on Chinese risk assets in light of NPC policy guidance

Given the clear easing and pro-growth focus of China’s National People’s Congress (NPC) — tax and fees cuts were “more generous than anticipated” — UBS Global Wealth Management maintains its long stance on Chinese risk assets. “Lower tax and fees should boost earnings growth and prompt an equity re-rating, while the increase in the local government special bond quota supports our…

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