Brexit

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At the heart of investors’ reluctance to embrace bank shares is the country’s deleveraging campaign. China is tightening conditions in money markets to rein in a record debt pile built up after the global financial crisis. Higher funding costs will squeeze bank profitability, Fitch Ratings said last week, and there are recurring concerns over lenders’ balance sheets.
Bloomberg Intelligence says China’s bad loan woes will linger -- read more here..

China's Bargain Bank Stocks Miss Out on Rally - Bloomberg

China will further ease the tax burden on businesses and individuals, as part of a broader push to boost consumption and support economic growth. The structure of value-added tax will be simplified, from four brackets to three, and the rate for products including natural gas and agricultural items will be cut to 11 percent from 13 percent starting July 1, officials at a State Council meeting led by Premier Li Keqiang decided Wednesday, according to a statement.

China Rolls Out Fresh Tax Cuts in Bid to Support Economic Growth - Bloomberg

China’s labor market remained tight in the first quarter as the economy roared back. Workers, however, are finding that pay hikes aren’t as generous as they used to be. A slew of official and private indicators from recruitment fairs and websites show employment solid as factories stopped cutting payrolls amid surging industrial output. But services firms and new industries are no longer aggressively hiring, and wage gains for high-skilled professionals as well as less-trained migrant workers are moderating.

Chinese Workers Might Not Be Too Happy With Their Pay Raises - Bloomberg