China’s K-12 AST market is huge and is only going to get bigger, in our view. Structural tailwinds that helped the industry to double in size since 2013 (+12% CAGR to RMB508B in 2019E, according to Frost & Sullivan) remain intact, namely rising in
Epidemics/pandemics are recurring issues in the public health sphere, but they are rarely material for the global economy or markets, for two reasons: (1) outbreaks have occurred less frequently in systemically-important countries than in smaller o
There remains a risk that the Trump administration eventually will complain that the trade deficit with Japan has not narrowed, and choose to include a currency clause in the USJapan trade agreement, although the risk has eased since the August 25
