m o r g a n s t l e y c h jm morgan stanley january 2007 india economics team chetan ahya morganstanley com 91 22 2209 7940 mihir sheth cfa 7925 research chartbook comparing overstretched growth cycle with china for important disclosures refer to the disclosure section and extended have been at forefront of current global two economies are critical juncture where they need reassess their models initiate difficult policy reforms strong trend be sustained stretch marks visible we believe overstretching respective cycles clear signs excesses greatest challenge see is balance economic contribution investment consumption makers trying rein in continue look deceleration event surprising on upside that risk sharp spike up
