Financial deleveraging in China has been a concern for investors, but we believe it is overdone both in terms of expected potential liquidity tightening and market corrections. It only results in credit tightening in the financial sector, not in the real economy, and not in monetary tightening. Hence, we believe market worries over financial deleveraging will subside from H2 17 (probably from July/August), and headwinds may return again around Q1 2018 when full implementation is rolled out.