EFTA Document EFTA01385479

3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Evidence suggest that a consumption boom is an important driver for growth in 2017. Growth was strong despite subdued fixed asset investment and narrowing trade surplus. Consumer confidence index was at decade high and still rising. The boom is partly owing to wealth effect from property price increase in tier 2 and 3 cities. In 2018 and beyond, consumption could surprise on the upside from two potential areas.