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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

FTSE Russell - China through the mosaic of its share classes

China’s global competitiveness is not a recent phenomenon. The “Opium Wars” of 1839-1860 left China aspiring to the technological and industrial capabilities of Britain and France. 

Company: FTSE Russell
Date added: 15-12-2016
Sector: China

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New Capital - Chinese tourism is taking off

China’s economy may be slowing, but this has not stopped consumers spending more to improve their lifestyles – travel and tourism being the biggest winners.

Company: New Capital
Date added: 22-06-2016
Sector: China

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FTSE Russell - China Bond Research Report

This report details recent perspectives on the China Bond market including performance of the FTSE Russell China Bond Indexes.

Company: FTSE Russell
Date added: 01-06-2016
Sector: China

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The FTSE China Onshore Bond Index Series

China is now the world’s largest economy (when measured by purchasing power parity (PPP)) and the largest trading nation2. The country’s domestic currency bond market is the third-largest in the world, following the United States and Japan, and has been growing rapidly in recent years.

Company: FTSE Russell
Date added: 01-06-2016
Sector: China

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Lazard - Chinese Banking: Are Risks Misunderstood?

Starting in 2009 credit growth in China expanded at a dramatically fast pace. Credit has reached high aggregate volumes, but growth has not been uniform across sectors.

Company: Lazard
Date added: 26-01-2016
Sector: China

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Lazard - Risk and Opportunity in Changing China

Asia Matters is a series of papers from the

Lazard Asia ex-Japan Equity Team that looks

at the major investment, economic, and political

trends unfolding in the region. ‘Risk and

Opportunity in a Changing China’ is the first in the series, it contains our perspectives on local markets and companies after our extensive travel throughout China. We explore several investment themes— the corruption crackdown, mass consumption, the stimulation of the services sector—and why they are important for investors.

Company: Lazard
Date added: 26-01-2016
Sector: China

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Ashmore - A Chinese fig leaf for US weakness

Selling China has become a favourite way for the market to express negative sentiment about the global outlook, but the bodies are buried in the developed markets, not in China. The tensions between Iran and Saudi Arabia are unlikely to result in outright war, but both sides are likely to welcome some distractions on the foreign policy front while they adjust to lower oil prices. We also discuss Indonesian and Chinese FX reserves, inflation in Brazil, politics in Venezuela and talks between the government and holdout investors in Argentina. In the global section, we suggest that short-duration strategies could do well this year given likely volatility in the US Treasury market and high levels of risk aversion, which have pushed EM spreads wider than justified by fundamentals.

Company: Ashmore
Date added: 18-01-2016
Sector: China

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Deutsche AM - Chinese equities and currency suffer - what else?

The Chinese market should remain policy driven and therefore volatile – we remain moderately bearish on the China growth picture but expect more reforms and look to the next National Peoples’ Congress (NPC) meeting in March to gain more clarity.

Company: Deutsche AM
Date added: 07-01-2016
Sector: China

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New Capital - China: The New Five Year Plan

Fifth Plenary Session Concluded

The proposals in the 13th Five Year Plan look very encouraging with an aim to boost domestic consumption supported by rise in urbanisation rate, minimum wage and social safety-net. We discuss:

 

A) Targeting growth of around 6.5%.

B) Financial sector reform

C) Improvements in foreign relationships

D) Globalization and "One Belt, One Road"

E) Reform policy covers both new and old economies

F) Innovation and reform seen as keys to development

G) Potential inclusion of RMB into the SDR currency basket

Company: New Capital
Date added: 05-11-2015
Sector: China

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New Capital - China SOE reform meeting update

After the Politburo Committee on 12 October 2015, the date of the fifth Plenum was set for 26-29 October in Beijing to discuss the development plan for the next five years (amendment from our earlier indication of 15-18 October, citing from the local press). The party is expected to approve a draft of the national economic and social development program from 2016 to 2020 during the meeting. The meeting is extremely important for China with a view of taking China's State-Owned Enterprises (SOE) to the next stage of its development: profit-driven global players. The full plan will then be sent to the National People’s Congress for rubber-stamp approval in March 2016, before each region and industry comes up with its own, more detailed plan.

 

Company: New Capital
Date added: 14-10-2015
Sector: China

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GMO - China – King Canute Holding Back the Waves?

In this Emerging Thoughts piece, Arjun Divecha discusses the efforts of the Chinese government to slow the recent decline of its stock market.

Company: GMO
Date added: 01-10-2015
Sector: China

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New Capital - A longer, pragmatic view on China

Recent market corrections have made headlines. We, however, continue to focus on strong fundamentals and the benefits of ongoing reforms.

Company: New Capital
Date added: 18-09-2015
Sector: China

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Capital Group - The China syndrome: meltdown or recovery ahead

Our China-based economist, Stephen Green, and China affairs specialist, Andrew Dougherty, share their thoughts on the fallout from the unexpected devaluation of the Chinese renminbi versus the US dollar, and the outlook for the Chinese economy in the longer term.

Company: Capital Group
Date added: 01-08-2015
Sector: China

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