Naomi Waistell of FP Carmignac Emerging Markets shares key insights from a May 2025 research trip, highlighting the nuanced reality of China’s stabilisation efforts amid lingering structural headwinds and shifting global trade dynamics.
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Despite policy support, transmission remains weak; deflationary pressures and structural imbalances persist, especially in lower-tier cities and the property sector.
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A two-speed economy is emerging, with strength in manufacturing and innovation-led sectors (e.g. robotics, biotech) contrasting with fragile domestic demand.
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Hong Kong’s equity market shows renewed momentum, driven by local support and a pivot away from US listings.
Is China quietly laying the groundwork for long-term competitiveness? Dive into the report for an in-depth view.
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