JP Morgan analyst: PBOC may cut rates by 25bps as early as October
- Sees government having slight bias toward easing in H2 if growth surprises on downside
- Expects PBOC to maintain expansionary fiscal policy
- Tapering effect of policy, easing in real-estate investment, attempts to cut overcapacity, and lack of incentive for private investment could lead to slowdownin growth in 3Q and 4Q