David Llewellyn-Smith quotes UBS:
A normalisation of commodity demand in China seems further away post our trip. Our expectations for a sequential acceleration in infrastructure build do not align with insights on the ground. The 13th Five Year Plan makes it clear the emphasis to 2020 will be on services, consumption, ‘new economy’ sectors and cleaning up the environment. The emphasis has shifted to quality of growth and living standards, not quantity. This presents a challenging commodity demand outlook.