Overall, de-stocking has not even started, said Barclays analysts led by Yiping Huang out of Hong Kong.

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At 46 years of age, Huang, who leads the Hong Kong-based investment company QSL Sports, is an intriguing figure.

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The long-awaited structural shift in China is now under way and may have been underappreciated, says Yiping Huang, an economist for Barclays Capital in Hong Kong.

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