Macro Minutes: Current Developments in Chinese Markets

Key Points

• China has been “first in, first out” of the COVID-crisis. Growth quickly recovered and should return to its pre-COVID trend providing a good roadmap for the rest of the world.
• Policy is normalising, not tightening significantly, which suggests a still positive backdrop for equities. Recent regulatory concerns are also likely overblown.
• We believe growth categories will resume leadership for global and Chinese equities.