Significance
China's economic slowdown has been gradual but, since the middle of last year, has been accompanied by a depressed property market and extreme volatility in capital markets.
Impacts
The renminbi will experience downward pressure due to the slowdown in China and rate hikes in the United States.
Housing market inventory will decrease, putting downward pressure on property prices, especially in the second-tier cities.
In equities, the 'slow bull market' sought by the authorities is less likely than a 'slow bear market'.
Consumer price inflation is unlikely to pick up, leaving room for monetary easing.
M&A activity among large SOEs is likely to increase in 2016.