For Q2, our focus remains China’s post-Covid recovery - driven by a combination of property, automobile and infrastructure spending.
The Plan will double down on industrial policy and indigenous development of key strategic sectors
Industrial listcos are in better shape to weather the storm, while non-financial service firms were hit much harder.
Recent Chinese military drills led many to worry that an armed conflict in the Taiwan Strait may be looming; we think that the likelihood remains low.
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