要 关注公众号:水木纪要 Feng Zhu (852) 2800 1745 feng.zhu@jpmorgan.com Jiayi Li (852) 2800-5229 jiayi.c.li@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch See page 11 for analyst certification and important disclosures. Weak household demand has been a recurring concern in J.P. Morgan's post- COVID-19 China analysis. The need to tackle it has gained urgency amid the severe property-led downturn, weaker employment and income expectations, demographic deterioration and renewed retail-sales weakness, which are e ...