【英文】麦格理报告:中国宏观策略:刺激之路进行中 Road to Stimulus A stealth Level 3 stimulus is underway

We believe cement shipments are a great leading indicator for a pick-up in infrastructure demand and thus are a sign of major stimuli from the government in terms of liquidity loosening and key infra project launches, for the following reasons: High exposure to infra demand, high sensitivity to