EFTA Document EFTA01451038

II December 2013 GEM Equity Strategy Outlook 2014 sales which is a very rational response to anticipated lower nominal growth by individual companies, but which could trigger a vicious cycle if it becomes a more universal objective by slowing growth in the broader economy which then feeds back to further capex cuts. As nominal growth rates continue to fall, debt levels at both the corporate and local government level are likely to rise unless Beijing is willing to follow through on its to