…China Near-Term Consumer Confidence = Fluctuating China Consumer Confidence Proxy Based on Average Z-Score* of Household Loans, Consumer Confidence Index, Passenger Car Sales, Air Passenger Traffic & Catering Consumption 3 na Chi , y ox r P e nc de i 0 Conf er um Cons -3 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 Source: CEIC, Morgan Stanley Research. *A z-score measures how many standard deviations above or below the historical average a data point is. Internet Trends 296 2019