EFTA Document EFTA01385476

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite We expect the government to keep the official deficit target at 3% of GDP. Meanwhile, total fiscal spending including budgetary spending and government funds is expected to slow to 5% in 2018 from 13% in 2017. This is mainly due to an expected slowdown in land sales. Fiscal spending in 2017 was supported by strong land sales revenue (35% yoy ytd) from the land market boom in tier 3 cities. As property market cool