UBS | 2015 saw China’s growth slowing further but the government’s intensified policy support helped to prevent a hard landing. The equity market was very volatile and the world was surprised by China’s modest but perhaps ill – timed currency move. For 2016, we expect growth to grind lower with further policy easing, corporate restructuring to accelerate, and RMB to depreciate by another 5%. However, there could be some big surprises too on property destocking, SOE reform, RMB exchange rate and financial markets.