Supply to surge as indicators slide 3-6 spread to converge on theoretical level Funds worldwide turn to net inflows HK IG earnings recap (1.0) and bond recommendation change From China with new uncertainties China: NPC comment 1: Government Work Report sets 2016 economic targets 2020 Renewable Portfolio Standard roll out positive to PRC wind & solar sector Entry opportunities ahead Supply curtailment elusive Headline defense budget unexciting,but mix shift is the key