Gas demand and LNG imports in China continue to astound. Unsurprisingly, the country's massive gas demand has caused supply shortages well before the heating season started. The continued gas market bright spot through 2017 and concerns over long-term supplies have helped a Chinese consortium sign three natural gas MOUs during President Trump’s first visit to China. On the power side, demand is at a seasonal low but clean energy keeps expanding in the generation mix. Following the Shenhua-Guodian merger, the NDRC is trying to accelerate the integration of coal and power industries to better manage market risks. We expect to see more reform initiatives along the way, including a ramp down of feed-in tariffs for solar and wind, possible changes from the feed-in tariff system to an auction system, and tackling cross-subsidisation issues in residential and industrial power prices. It could take time for all of this to happen.