Chinese Banking Sector: 9M17results review – earnings improved from 1H17with slowerpace of NPL formation    The fundamentals of the banking sector have improved steadily with moderating regulatory pressureand slower NPL formation thanks to supply-side reform and an economy recovery. Given a stabilizingNIS, rebounding intermediary business revenue and substantial improvement in asset quality, webelieve the upward trend in banking performance can be maintained in 4Q17and that the overall netprofit growth of listed banks should be around 5% in 2017. In 4Q17, as a result of a steady andneutral monetary policy environment, deepening interest rate liberalization and financialdisintermediation, the pressure from competition in the deposit business has remained intense,especially for small- and medium-sized banks.

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