China Consumer Confidence = Near 4 Year High… Manufacturing Index = Expanding China Consumer Confidence Index + Manufacturing Purchasing Managers' Index (PMI) 140 54 a n i h C130 53 ex, d n I120 52 a n i ce h C en , 110 51 I d fi n PM o C 100 50 mer su 90 49 n o C 80 48 2014 2015 2016 2017 2018 China Consumer Confidence Index (LHS) China Manufacturing PMI (RHS) Source: China National Bureau of Statistics (CNNIC), Morgan Stanley Research. Note: The Purchasing Managers Index is Measured by China National Bureau of Statistics Based on New Orders, Inventory Levels, Production, Supplier Deliveries & 239 the Employment Environment. Score of 50+ Indicates an Expanding Manufacturing Sector. Consumer Confidence is a Measure of Consumers’ Sentiment About the Current / Future State of the Domestic Economy, Indexed to 100.