Contents
Is it time for China to break its piggy bank? 3
I. Investment 3
II. Consumption 5
III. Government spending 9
IV. Exports: how to square the circle 12
V. China versus India: where are we? 13
VI. Autos and White Goods 16
Our main conclusions 18
China banks 21
Consumer banking: the road to steady long-term growth 21
China insurance 24
Life is young and full of growth 24
India 26
Slowdown in retail banking 26
Appendix 1: Valuation comparisons 29
Appendix 2: Country charts 30
China 30
India 31
Hong Kong 32
Korea 33
Singapore 34
Taiwan 35
Brazil 36
Japan 37
Russia 38
UK 39
US 40