China Near-Term Business Confidence = Fluctuating… China PMI Business Index + Enterprise Confidence Index (%) 63 80 % on i tat c % pe x ey E s urv s S ne i al 55 60 i us tr B us & on C Ind ti O uc B od P r P MI: P 47 40 2013 2014 2014 2015 2016 2017 2018 2019 PMI: Production and Business Expectation (LS) PBOC Industrial Survey: Enterprise Confidence (RS) Source: CEIC, Morgan Stanley Research Internet Trends 295 2019