domestic consumption. Growth accelerated in 2017 for the first time in four years, recovering from the slowdown of 2016. Robust growth in 2017 was mainly attributed to the momentum of government policy support, strengthening external demand, and progress in domestic reforms. Inflation remains stable at around 2% and fiscal policy has remained expansionary. Growth in the Chinese economy is likely to decelerate over the next five years as the growth momentum from the fiscal stimulus ceases to have an effect on the economy. Also, the supervisory and regulatory actions that are being taken to guard against financial sector risks, together with overcapacity reduction, is likely to result in lower growth in the medium term. According to the latest IMF World Economic Outlook, average growth in the period 2018-2022 will be 6%, decelerating from 6.7% in 2017 to 5.8% in 2022. In 2018, growth is expected to slow down to 6.4% with domestic demand increasing by 6.9%. With the structural transformation now underway, the Chinese economy will become less reliant on investment and exports. During the five-year period, the share of capital formation in GDP will decline from 43.7% in 2017 to 41.4% in 2022. The current account surplus will also decline from 1.4% of GDP in 2017 to 0.4% in 2022.

01 EXECUTIVE SUMMARY 

02 SECTOR 

03 SECTOR IN FOCUS 

04 COMPETITIVE LANDSCAPE

05 COMPANIES IN FOCUS 

06 REGULATORY ENVIRONMENT 

07 NITROGEN FERTILISERS 

08 PHOSPHATE AND

COMPOUND FERTILISERS

09 POTASSIUM FERTILISERS