衰退的三个要素分别是：信用崩溃、更加紧缩的财政政策，以及信心的死亡。
Consider the three ingredients for recession: a credit crunch, tighter fiscal policy and a dearth of confidence.
在企业信用范围，紧缩政策预期重点将放在高质量信贷和高利率等敏感方面。
In corporate credit space, the expectation of policy tightening recommends a focus on higher-quality credits in interest-rate-sensitive sectors, such as Hong Kong and Chinese real estate names.
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