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Fidelity International's China Stewardship Report 2024
Welcome to the third biennial edition of this joint publication with ZD Proxy Shareholder Services.
Equities 2025: New avenues
A decisive US election, political ructions in Europe, and Chinese fiscal action spell more volatility for stock markets in 2025. And new roads to returns.
Macro 2025: US poised to reflate
A material shift in politics makes reflation of the US economy our base case for 2025.
Outlook 2025: All change
The year ahead promises a different environment for financial investors, but it is clear earnings in many areas will improve and the global mood is positive.
The Investor's Guide to China podcast: Chinese e-commerce goes global
Can China’s e-commerce companies replicate their domestic success globally, from Southeast Asia to North America?
The Investor's Guide to China podcast: Dealing with China's debt
As China rolls out new stimulus measures, the country’s approach to debt and public spending is back in the spotlight.
Chinese policy crosses the Rubicon. What now?
A decisive policy pivot finally got markets excited again about China. But growth will only materialise if policymakers follow through with fiscal firepower.
Fidelity Answers: A practitioner's guide to investing in the energy transition
Fidelity International's experts discuss practical steps to consider when investing in the energy transition, and where to look for risks and opportunities.
Q4 Asia Investment Outlook: Go with the east wind
A dip in US growth will have an impact on Asia, but the slowdown will also provide room for the region’s policymakers to cut interest rates.
Nowhere like home for Asia’s new money
A Fidelity survey reveals Asia’s retail investors favour equities outside of the region ahead of anticipated Fed cuts. But Asia has just as much to offer.
The Investor's Guide to China podcast: Asia's bright spots
Asia is at the heart of three megatrends that are transforming the global economy: artificial intelligence, the energy transition, and shifting supply chains.
The true cost of Hong Kong’s cheaper audits - and how investors can help fix it
Auditors under pressure in Hong Kong could be a blessing in disguise for investors hoping to reshape corporate governance in their favour.
Devil will be in the details after Chinese plenum
There were hints of a greater focus on growth from the Chinese leadership’s third plenum, but markets want to see more concrete steps to prop up the economy
The Investor's Guide to China podcast: The renminbi effect
In this episode, we turn our attention to something that affects almost every investor in China: a weakening renminbi.
What struggling couriers reveal about investing in China
The disconnect between Chinese express volume and courier stocks provides an important lesson for stock pickers adapting to a changing Chinese economy.
2024 Q3 Asia Investment Outlook: Policy shifts give investors reasons for optimism
Stimulus and reforms that are addressing cyclical and structural issues should invigorate Asia’s markets.
The Investor's Guide to China podcast: Healthcare
Chinese healthcare is a vast universe, spanning everything from biotech to traditional medicine.
Chart Room: Why China is doing more to heal property pains
An in-depth look at the first-quarter GDP figures sheds light on why the much-needed policy support comes now.
The quiet comeback of two of China’s battered sectors
As policymakers shift their attention to promoting growth, China's online gaming and tutoring sectors are returning to health - in two quite different ways.
Unlocking alpha: How global investors can play China’s onshore bonds
There's room for alpha in China’s top-rated bonds, which account for a significant part of global fixed income indexes and benefit from macro headwinds.
Asian stocks enter the dividend age
While Asia has long been chiefly a growth story for investors, can government reforms unlock the value of dividend stocks in the region?
The Investor's Guide to China podcast: Shareholder return
The story of China's economy has long been one of rapid growth. But investors are turning their attention to something more long-lasting: shareholder returns.
Chart Room: China’s sportswear sector on the right track
In China’s slowing economy, sportswear remains one of a small number of industries underpinned by solid domestic demand.
Asian stocks enter the dividend age
China, Japan, and South Korea have expanded efforts to push companies for higher dividends. Can government reforms unlock the value of dividend stocks in Asia?
2024 Q2 Asia Investment Outlook: Steady as they grow
Major Asian economies are carefully steadying their ships as they sail into the second quarter, while domestic imbalances and geopolitical risks persist.
Field Notes: How hard times are building strong companies in China
It’s no secret that China’s consumers are feeling cautious right now. Companies are having to adapt, which should leave winners stronger in the long run.
Chart Room: Why Chinese investors love ultra-long bonds
Chinese investors are hoping to lock in higher yields as the market ramps up bets that the PBoC will cut interest rates to support the economic recovery.
What investors should know about Asean’s ecommerce war
The ecommerce giants of Asean are largely mired in stiff competition and weak earnings. But we think their woes are just the growing pains of a young market.
The Investor's Guide to China podcast: Cities and migration
Where people live within China - and why - is fundamental to understanding the country’s changing demographics.
Will an older China unleash the potential for homegrown medical tech?
China's adverse demographic trend may bring rosy prospects to Chinese medical equipment makers, which are gaining market share from foreign rivals.
Chart Room: What Japan’s ‘mother machines’ tell us about the world’s manufacturing pulse
The recent trend in Japan’s machine tool orders paints a positive picture for manufacturing in 2024. But investors should be wary of unchartered territory.
Rich Pickings podcast: Asia and Latin America are reshaping the world for investors
Richard Edgar is joined by Fidelity International experts to discuss how Asia and Latin America are reshaping the world for investors.
Lower targets, more stimulus for China
March’s National People’s Congress in China will almost certainly set a reduced growth target of 5 per cent.
The Investor's Guide to China podcast: China's bond market
Catherine Yeung and Marty Dropkin tackle a topic that often flies under the radar, but could in fact hold great potential for investors: China’s bond market.
Rich Pickings: Analyst Survey 2024 - ready for a reset
Richard Edgar is joined by a panel of Fidelity International experts to discuss the results of the 2024 Analyst Survey.
Chart Room: China’s fiscal policy will do the heavy lifting to pick up growth
Despite a surprise cut to banks’ reserve requirement ratios, it’s fiscal policy that’s likely to take the leading role in driving Chinese growth in 2024.
China: The fragile recovery continues
Economic stimulus and low borrowing costs are proving supportive to most Chinese companies. But sluggish demand is dampening management sentiment for 2024.
How China keeps its debt in order
What is the fiscal firepower of the Chinese government? Depends on how much debt you think China really has. Our analysis is revealing.
Changing of the guards in Chinese growth
Beneath the surface of a slower economy, a group of Chinese companies is starting to make inroads at home and abroad - with consequences for investors.
Volatility in China conceals pockets of strength
Current market moves may be unsettling, but corporate China has proven its ability to innovate and create opportunities even in the toughest of markets.
Chart Room: Battle for the dragon’s share of China’s hotel market
The expansion of China’s top hotel brands may look foolhardy amid economic woes, but none of the giants can afford to fall behind in a consolidation phase.
The Investor's Guide to China podcast: Transition materials
Exploring the critical role of transition materials — such as lithium and cobalt, essential to developing and deploying clean energy technologies.
The ups and downs: Charting 2023
Six charts that capture the economic make-up of 2023 - inflation, interest rates, and everything in between.
Chart Room: China’s booming panda bond market not so black and white
The panda bond market boomed in 2023. But the market still faces hurdles, including poor liquidity and competition from the offshore ‘dim sum’ bond market.
China’s corporate bond rally may still have room to run
China’s onshore corporate bonds have had a bull run this year, which we think has further to go.
Chart Room: China's solar non grata
Solar energy stocks in China rebounded as the country rekindled cooperation with the US on climate change. But we think investors’ optimism is misplaced.
Asia outlook: Riding the growth momentum
China’s economic slowdown and the resilience of the US dollar have dimmed the lustre of Asian economies. But the growth story should continue in 2024.
The Investor's Guide to China podcast: In conversation with Louis-Vincent Gave
In this special edition of The Investor’s Guide to China, Catherine Yeung, Investment Director, is joined in Hong Kong by Gavekal's Louis-Vincent Gave.
China signals growth resolve with trillion-yuan bonds
China has announced the issuance of 1 trillion yuan ($140 billion) of special government bonds to help local governments struggling with debt.
Chart Room: China’s tourists tiptoe out again
Where tourists went and how they spent during China's first ‘Golden Week’ holiday since zero-Covid ended says a lot about their confidence and changing tastes.
China’s AI frenzy: beyond the hype
In China, like elsewhere, the frenzy over artificial intelligence (AI) is now shifting to how to monetise this novel and still imperfect technology.
The Investor's Guide to China podcast: Japanification
When you look at some of the big economic issues China is dealing with today, you quickly realise Japan has been through a lot of the same challenges.
Field Notes: This Chinese dairy company is taking a grass-roots approach to reclaiming deserts
Deep in northern China, a dairy producer discovers that reclaiming desert land helps it build a more robust and sustainable business.
Chart Room: Why China is all aglitter over gold
China’s onshore gold price premium has expanded, spurring cross-border arbitrage and calling for stronger policy measures to shore up confidence.
Asia Quarterly Outlook: Bright spots amid the haze
Asia is facing near-term challenges. We think now is the time to see through the current cycle and position for structural growth.
Chart Room: China’s heavy machine makers dig deeper overseas
China’s machinery firms are making new inroads abroad, seeking profitability that’s built to last as demand falls and competition intensifies at home.
PBoC ups ante on moves to meet growth target
Chinese authorities are accelerating what to date has been a relatively incremental easing of policy to support growth. There will be more to come.
Chart Room: Building a bigger bloc of BRICS
With one country continuing to pull far more economic weight than everybody else, the significance of BRICS expansion will be more diplomatic than economic.
Chart Room: Watching for cracks amid pressure on China’s local government finances
Some of China’s local government financing vehicles are struggling to service their debts, but not all LGFVs are created equal.
Chart Room: Cost deflation, China’s latest export
China’s undershooting post-pandemic recovery has stoked fears of deflation. Our Analyst Survey indicates that businesses are bracing for cost reductions.
Signs of a dovish tilt from China’s Politburo
China’s leaders have voiced support for the economy, which is moderating after an initial bounce from the re-opening.
CIO podcast: US inflation and China's recovery
Fidelity's Global Chief Investment Officer Andrew McCaffery discusses the latest US inflation data and China's recovery.
Fundamentals: Navigating China’s $10 trillion local government debt market
Fundamentals: Navigating China’s $10 trillion local government debt market
Field Notes: How to weigh China’s barbell-shaped consumer recovery
Despite challenges facing China's economy, some of the country's consumer companies are gaining market share, in some cases by exploring new niche categories.
The Investor's Guide to China podcast: De-dollarisation
When it comes to currencies, it often feels like it's all about the US dollar. Although the greenback has dominated international trade and finance for decades
Chart Room: Why ‘work from anywhere’ doesn’t work everywhere
Our ESG Analyst Survey indicates that WFH is viewed favourably by most companies around the world. But there is one very big exception to the WFH trend: China.
The Chinese character of sustainable investing
China hasn't gone as far in implementing sustainability principles as others. For investors, this should be both a call to action and a cause for optimism.
Asia Quarterly Outlook: Ahead of the pack, but behind schedule
Asia remains the bright spot in a gloomy global economy but China’s slower-than-expected economic recovery calls for a more selective investing approach.
Fundamentals: The AI frenzy comes to China
Fundamentals: The AI frenzy comes to China
The Investor's Guide to China podcast: China Consumer
China’s economic rebound hasn’t been as strong as many anticipated.
CIO podcast: The Fed's pause and what comes next
CIO podcast: The Fed's pause and what comes next
Fundamentals: Why China’s tentative, two-speed housing market recovery is still on track
China’s residential property market rebound continues at a slow and steady pace, despite diverging performance between new and existing home sales.
Chart Room: Reopened for business, but now what?
Fidelity International’s latest monthly analyst survey shows a continued decrease in management sentiment, headlined by declines among Chinese companies.
The Investor's Guide to China podcast: Decarbonising China
2021 was a big year for the global fight against climate change. China's president, Xi Jinping, again pledged that China would hit peak emissions by 2030.
How China aims to unlock more value from state firms
In a new reform push, China’s policymakers are nudging state-owned companies to boost shareholder returns and capital efficiency.
Field Notes: Robots on the rise in China
As China grapples with a daunting demographic challenge, its industries are upping their game in automating production, a recent Fidelity field trip finds.
Proxy plays on China’s consumer rebound are all the rage in Paris
Luxury companies have been among the biggest beneficiaries of China’s bounce and are delivering investors exposure without putting money in Chinese companies.
Chart Room: Getting China’s youth back to work
The job prospects are still gloomy for young people in China, and the picture may get worse before it gets better.
Field Notes: China’s healthcare innovation marches on
Despite policy concerns and geopolitical tensions, China’s healthcare sector has stayed its course on innovation and keeps climbing the value chain.
Chart Room: Will the renminbi’s stable attraction woo Asian partners?
While the market traditionally focuses on the renminbi’s performance against the US dollar, we think its relationship with Asian peers deserves more attention.
Asia Quarterly Outlook: Can the East wind prevail?
In Fidelity International's latest quarterly outlook for Asia, we believe the economic outlook in Asia is brightened by China’s reopening.
Fundamentals: What’s next for China’s fully charged electric vehicle battery makers?
China's EV battery makers are facing overcapacity at home and increased competition abroad. But that could be a good thing - for green growth and consumers.
The Investor's Guide to China podcast: Tech Hardware and the 'Chip War'
Chip shortages at the start of the Covid pandemic threw semiconductors into the limelight. More recently, chips have been the focus of trade tensions.
China’s banks have seen this show before
China’s banks have seen this show before
Rich Pickings podcast: Looking for cracks in the system after SVB
After the collapse of Silicon Valley Bank, Richard Edgar is joined by some of Fidelity's experts to discuss the fallout.
Inflation’s bite won’t spoil China’s recovery
Spiralling prices were a headache for much of the world in 2022, and some are asking if it’s China’s turn.
Chart Room: Why fixed-asset investment is on the move in China
Investment remains a major driver of China’s economy, but priorities are shifting from property to manufacturing.
China’s property market sparks to life with signs of recovery
Homebuyers are finally back in action in China. We see a rebound in sales activity in mega cities, although consumer confidence remains fickle.
How to invest for China’s next phase
How to invest for China’s next phase
CIO podcast: What next for China and what investors might have missed
Fidelity's Global Chief Investment Officer Andrew McCaffery discusses what's next for China
Chart Room: Earnings, not valuations, will carry China’s rebounding markets forward
Improving corporate earnings are likely to take over from cheap valuations as the main driver in the next stage of the Chinese stock market's rebound.
How far can ‘revenge spending’ consumers carry China’s economic rebound?
Chinese consumers’ holiday shopping provided evidence of pent-up demand. With more policy support, consumers will set their sights on bigger ticket items.
The Investor’s Guide to China podcast: China’s reopening and supply chains
The Investor’s Guide to China podcast: China’s reopening and supply chains
Rich Pickings podcast: Analyst Survey 2023 - Light at the end of the tunnel
Fidelity's experts join Richard Edgar to dig through the findings of the 2023 Analyst Survey.
Chart Room: A hiring spree on the horizon in China
While much of the global economy appears at risk of recession, China is revving up a rebound that’s set to jumpstart the job market.
Analyst Survey 2023: China poised to lead expansion in Asia
China is entering the Year of the Rabbit poised to bound free from Covid lockdowns, and most Fidelity analysts expect it will be in expansion by end of 2023.
Analyst Survey 2023: Light at the end of the tunnel
Boards are in damage-control mode, yet Fidelity’s 2023 Analyst Survey shows more than half of analysts expect the business cycle to turn within the year.
Fundamentals: China’s reopening and supply chains
China’s reopening and supply chains
Cementing a greener future in China
We see huge environmental value in helping to set a top Chinese cement producer on a greener path.
A new golden age for China’s investment sector
China’s investment and wealth management industry is embracing a golden age. The onshore markets will remain an attractive long-term investment destination.
Rich Pickings podcast: Your questions answered
Fidelity experts answer listeners investment questions for this festive special of Rich Pickings.
Rich Pickings podcast: Outlook 2023 - navigating the polycrisis
Richard Edgar is joined by Fidelity's cross-asset investment team to discuss the 2023 Outlook.
The Investor's Guide to China podcast: China's Onshore Markets
China's economy and its markets have faced a number of headwinds in 2022. Slowing growth, geopolitical uncertainty, the impact of the country's Covid policy
The Vegas of the East at a crossroads
Macau’s tourism-dependent economy was hit hard by Covid-19. Now, the Chinese casino hub aims to turn a crisis into an opportunity to reinvent itself.
Chart Room: EVs plug into the mainstream in China
Chart Room: EVs plug into the mainstream in China
Are private savings the answer for China’s ageing masses?
China's new ‘third pillar’ private pension scheme could reshape both ordinary people’s retirement plans and the country's asset management industry.
Fidelity International China Stewardship Report 2022
Gaining traction: Fidelity International China Stewardship Report 2022. A proprietary study of shareholder stewardship, voting and engagement trends in China.
New world, new playbook
We move into 2023 in a changed world, and the opportunities and challenges will be different for investors going forward.
Asia’s shifting growth model
Will Asian central banks continue to dance to the Fed’s tune?
Equities 2023: Market uncertainty to remain amid tighter policy
We expect a high degree of volatility for global equities in 2023. However, diverging earnings expectations will present select opportunities
Looking through the gridlock
The initial returns from US midterm elections point to a high likelihood of gridlock in Washington for the next two years.
The Investor's Guide to China podcast: China's Next Phase
What's going to happen as we enter a new phase of the Chinese growth story under President Xi Jinping's leadership.
Time to look beyond market turmoil and focus on China’s long-term growth
Time to look beyond market turmoil and focus on China’s long-term growth
A healthy economy remains key to China’s goals
A healthy economy remains key to China’s goals
Q4 Asia Investment Outlook: Potential bright spot amid a challenging winter
Asia is insulated to a degree from the struggles facing Europe, and though it faces its own problems, we are turning more positive on the region.
Q4 Investment Outlook: Into the unknown
Fidelity International's Q4 Investment Outlook looks at the increasing likelihood of a hard landing.
The Investor's Guide to China podcast: Private Markets
So much of the investment conversation is dominated by companies that have already gone public. But it's not always just about listed companies.
Why smart grid tech can help meet China’s green growth challenges
Amid slowing economic growth and shifting power consumption patterns, China’s expanding smart grid system could help light the path to net zero.
Chart Room: China takes own path in a tightening world
China is bucking the trend towards higher interest rates, and the resulting yield divergence has huge implications for bond investors and currency markets.
The Investor's Guide to China podcast: Engaging with companies in China
To many outsiders, Chinese equity investing might conjure up images of a huge momentum-fuelled market where investors revel in speculation.
CIO podcast: Preparing portfolios for a hard landing
Fidelity's Global Chief Investment Officer Andrew McCaffery speaks to Richard Edgar about economic headwinds and preparing portfolios for a hard landing.
Q3 Asia Investment Outlook: China recovery likely as restrictions ease
Asia stands in a relatively strong position amid a global reset in markets.
China’s property downturn may have found a floor
The government’s will to reform a wayward real estate industry is balanced against the more urgent task of reviving a slowing economy.
Q3 Investment Outlook: The Great Reset
Central banks have tried to strike a balance between reducing inflation by tightening financial conditions and mitigating the impact on economic growth.
The Investor's Guide to China podcast: Common Prosperity
The phrase "common prosperity" has certainly been getting a lot of air time recently, both domestically in China as well as around the world.
Rich Pickings podcast: 'The rules of the game have changed'
'The rules of the game have changed,' how should investors recalibrate for this new phase in markets?
CIO podcast: Growth risks and the safe harbours for portfolios
Richard Edgar speaks to Fidelity's Global Chief Investment Officer Andrew McCaffery about growth risks and safe harbours for portfolios.
The Investor's Guide to China podcast: Supply Chains
Now over two years into this pandemic and the world is still battling some serious supply chain disruptions.
Re-globalisation in the age of Asia's supply chain crunch
Even the best-laid plans across the global manufacturing industry haven’t kept pace with a swiftly evolving siege of pressures on supply chains.
What delisting Chinese ADRs from US exchanges does and doesn’t mean for investors
What delisting Chinese ADRs from US exchanges does and doesn’t mean for investors
Q2 Asia Investment Outlook: Region sees opportunity amid volatility
Fidelity International's investment outlook for the second quarter for Asia sees regional opportunity amid the global volatility
Chart Room: Pole position for China’s electric autos
Despite rising materials costs, supply bottlenecks, and cloudy global macro conditions, China’s electric vehicle sector still looks charged for growth.
China as a new safe haven?
Looming stagflation and war effects have global investors searching for havens. China represents a less conventional option with diversification benefits.
CIO podcast: The Asia perspective
Fidelity International's Global CIO Andrew McCaffery discusses his recent trip to Asia and the latest market developments.
Stagflationary dynamics still in the background
As the conflict in Ukraine moves into its fifth week, volatility looks set to continue and the outlook is marred by the threats to growth
Remapping China risks
Amid rising investor uncertainty over China-related risks, we assess what’s changed and what hasn’t in the outlook for China’s markets and macro policy.
The Investor's Guide to China podcast: Debt
With debt continuing to be a very strong focus for investors, it’s important to differentiate between good debt and bad debt.
CIO podcast: The questions investors have on China, Ukraine, and Fed rates
"The market feels that the trajectory of rate rises actually increases the risk of [...] recession," says Global CIO Andrew McCaffery.
High near-term uncertainty keeps us cautious
Lockdowns in China and the risk of recession in Europe are adding to the list of uncertainties facing investors.
A time for cool heads as the world order shifts
Russia’s war in Ukraine has raised fears of profound fissures in the global economic and geopolitical balance, while casting scrutiny on China’s stance.
The smaller half of China's sky: Fidelity International China Gender Diversity Report
In Fidelity's first report on gender diversity in corporate China, we examine the status quo and offer suggestions on how firms and investors can do better.
Analyst Survey results and investment implications
Our experts discuss the results of this year's Analyst Survey and explore the implications for investors.
Analyst Survey 2022: China goes its own way
After being "first in, first out" of the pandemic, China is showing signs of weaker management confidence.
Analyst Survey 2022: Region by region
Analyst Survey 2022: Region by region breakdown
China walks a familiar tightrope as it targets recovery
While most other major economies are moving to tighten, the construction-fueled stimulus that Beijing has sought to avoid is suddenly back on the cards.
Chart Room: Covid recovery tops the list of themes for 2022
Latest survey of Fidelity analysts reveals companies' key concerns for the next 12 months.
CIO podcast: Why the Fed won't be so hawkish
Global Chief Investment Officer Andrew McCaffery on the outlook for central banks
China cuts rates despite solid GDP report
As China's cycle increasingly diverges from the West, the latest set of policy easing measures speaks to economic headwinds but also signals more stimulus.
Chart Room: 2021’s long goodbye to transitory inflation
Five charts that show the inflationary impact of 2021’s reopening cycle
ESGenius: Greening ‘Made in China’
While domestic consumption of sustainable products remains nascent, China’s exporters are tapping into demand for ‘green’ goods around the world.
The Investor's Guide to China podcast: Demographics
China’s labour pool is shrinking as the population ages. How people save and invest signals challenges and opportunities for China’s pension system.
Asia’s shifting growth model
Market leadership continues to evolve across Asia-Pacific, with potential inflation making some markets look more resilient than others.
The Catch-22 dynamic
In 2022 the major central banks will have to decide what to do about higher inflation, which we believe will be stickier than they currently expect.
The policy paradox
2021 brought the recovery many had hoped for. But no one could describe it as ‘getting back to normal’.
Asia’s shifting growth model
Market leadership continues to evolve across Asia-Pacific, with potential inflation making some markets look more resilient than others.
The Catch-22 dynamic
In 2022 the major central banks will have to decide what to do about higher inflation, which we believe will be stickier than they currently expect.
The policy paradox
2021 brought the recovery many had hoped for. But no one could describe it as ‘getting back to normal’.
China Green bonds: sprouting issuance, absent greenium
A key advantage of China’s onshore green bonds that sets them apart from other markets is the lack of price premium over comparable non-green issues.
Chart Room: Digging into China’s GDP growth
A sharp decline in excavator utilisation reflects China’s property-and-infrastructure-induced slowdown, but it also boosts the case for strong policy response.
Chart Room: The kitchen gets hotter for China’s gadget makers
Demographics are weighing on China’s kitchen appliance segment, but competition is heating up at the higher end of the market.
Time to look beyond Evergrande and China’s ‘too big to fail’ era
Property giant China Evergrande’s woes are better understood as a controlled explosion, rather than an unexpected disaster.
‘Lehman moment’ fears are wide of the mark in China Evergrande fallout
Property developer China Evergrande Group’s debt issues have rattled markets, but comparisons to a ‘Lehman Brothers moment’ look overstated and misdirected.
Chart Room: An inflection point for Chinese equities?
There may be pressure on valuations as international investors adopt a wait-and-see approach, but the long-term outlook continues to be positive.
Asia eyes a tantrum-free taper this time
A faster-than-expected tapering by the Federal Reserve remains a risk for Asian bond markets, but investors have been reassured by the latest policy signals.
After the selloff, what next for China equities?
A spate of regulatory actions across several sectors in China rattled markets and sent shares tumbling, but some of this selling appears overdone.
The Investor's Guide to China podcast: China in the world
"Xi Jingping completely changed the mould," says Louis-Vincent Gave, CEO and Founder of Gavekal.
Macau rebound a test case for China’s outbound travel
The ‘Las Vegas of the East’ is betting its long-standing travel bubble with mainland China can endure.
Chart Room: Stronger for longer for China’s renminbi?
Expectations for further renminbi appreciation have risen, but we think short-term gains could be capped from here.
Credit risk at China’s SOEs in focus amid Huarong saga
China’s bond and equity markets have been rattled by concerns that state-owned enterprises could face greater default risk.
On the ground with China's ZTO logistics fleet
Fidelity analysts and portfolio managers engage with China's leading logistics company on the ground in Shanghai.
Chart Room: China’s EV industry is charged for growth
The combination of falling battery costs and rising adoption rates means China's EV industry is charged for growth.
An express dialogue: ESG engagement in China
Fidelity International worked with China’s biggest express-delivery company on sustainable growth.
Rich Pickings podcast: The real workhorse of Asia Pacific
"Emerging growth versus value orientation and corporate governance changes makes for a really attractive region," says portfolio manager Dale Nicholls.
Chart Room: China has fewer reasons to be hawkish
China's short-end rates remain low despite earlier expectations for monetary tightening.
The Investor's Guide to China podcast: Trade and growth
"Despite geopolitical friction capital flows to China look set not just to persist but to accelerate," says CIO for Asia Pacific, Paras Anand.
Flows vs friction
Growth opportunities in post-pandemic Asia are set to propel a long-term boom in equity capital markets, as the region draws in ever greater inflows.
China sentiment points to sustained lead in global recovery
Management confidence at Chinese companies is notably higher about the year ahead, as China stages a “first in, first out” recovery from the Covid-19 crisis.
What’s ahead for China’s markets in the Year of the Ox
Investors keen to see whether China’s bull market can keep charging ahead in the lunar Year of the Ox will be focused on recovery and monetary policy.
Chart Room: The return of the value super-cycle?
In this week’s Chart Room, we look at both sides of the long-standing debate between value and growth investment styles, as seen from both Europe and China.
China, the West and the rest: how vaccine rollouts are progressing
With little fanfare, China is firing on all cylinders to vaccinate tens of millions of people, even as domestic spread of the virus appears mild.
Chart Room: Chinese stocks, playing catchup, finally retrace 2015 highs
But the rally in China’s main onshore index still lags its US and global counterparts.
New survey finds silver linings to China’s pension challenges
As China faces the formidable task of building a private pension industry from scratch, it can count on the blessing of residents’ financial wellness.
Chart Room: China government bond yields catch their breath
Chart Room: China government bond yields catch their breath
China stewardship podcast: Witness an evolution
Hear what exclusive research on shareholder action in China says about the changing face of Chinese companies and their investors.
Building solid foundations: Fidelity International China Stewardship Report 2020
Fidelity International's inaugural China Stewardship Report shows steady progress in investment stewardship and implementing ESG at domestic A-share companies.
The Investor's Guide to China podcast: Belt and Road
What China's flagship economic initiative can tell investors about the country and where it goes next.
Asia Outlook 2021: Asian economies demonstrate resilience
Asian economies have proved more resilient than Western counterparts due to their better handling of the outbreak and mixed capitalism models.
China bond defaults signal a coming of age as state safety net shrinks
Bond defaults by state-owned enterprises have rattled China’s onshore credit markets. We see this as an important if painful step in curtailing moral hazard.
Chart Room: Asia’s export engine supercharged by new trade deal
Chart Room: Asia’s export engine supercharged by new trade deal
China takes aim at trash
A massive nationwide effort is underway to improve China's waste management systems.
Growth targets take a backseat in China’s new economic plan
Domestic consumption and technology growth will be prioritised as the government reveals overarching guidelines for the country’s 14th five-year plan.
The hidden dragon of 2020
As global investors scramble to digest paradigm shifts, another change of seismic scale has gone under-noticed in a year full of twists and turns.
Analyst Pulse Survey: Companies are restructuring, but are they resilient?
Certain sectors will need to do more to be resilient in the face of diminishing government support and possible infection rate rises.
Fidelity CIOs: Focus on resilience
Greater focus on resilience and sustainability is benefiting domestic economies and altering supply chains.
Chart Room: China’s Covid rebound puts the ‘V’ in investment
Fixed asset investment (FAI) in China has recovered to its pre-Covid levels of growth, with infrastructure and property driving the nation’s broader economy.
Chart Room: The resilience of China’s onshore stocks
China’s onshore stocks (A-shares) have outperformed their Hong Kong and overseas listed counterparts, but their valuations are relatively undemanding.
China property: Built for the long run
Facing challenges in their core business of building and selling new homes, Chinese real estate developers have found an alternative source of revenue.
The Investor's Guide to China podcast: Consumers
"Premiumisation and technology-driven innovative business models are two areas where growth potential is underestimated," says Portfolio Manager Hyomi Jie.
Chinese banks are due for national service
As governments around the world exhaust their policy arsenals to save economies, China is reaching for a secret weapon unrivaled by most countries.
With nowhere to go, Chinese tourists spend closer to home
Most travel destinations remain off-limits, and as Chinese people’s savings have increased, so has their pent-up demand and desire to treat themselves.
Covid health code reveals China’s big data edge
A key to China’s success in containing the coronavirus, the health code’s propagation evinces a major advantage in big data development.
Chart Room: Why China government bonds have underperformed other markets
China government bond yields are diverging from other major government bond markets.
Post-Covid environment offers new testing ground for sustainable growth in China
China’s nascent trend in ESG investing appears to be alive and well despite the disruption caused by the Covid-19 pandemic.
Valuations come to the fore in Hong Kong
Hong Kong equity valuations have been torpedoed by a slew of negative events, we see opportunities here for long-term investors.
Hong Kong and the relevance of economic resilience
Markets recently reflected uncertainty over Hong Kong’s status as a centre for international finance, but investors would do well to take a longer-term view.
The end of the journey to the West: Chinese tech firms come home
The tides of global capital markets have turned for Chinese tech firms. Instead of US listings, they are starting to find greater China more compelling.
China again primes growth with infrastructure investment
With exports expected to slump and consumption still struggling to fully recover, China is turning to a familiar playbook - infrastructure spending.
The Investor's Guide to China podcast: Technology and innovation
"Artificial intelligence and specifically deep learning is where China is going to be the leader," says Senior Technology Analyst Johnny Tseng.
These 8 charts suggest cautious consumer sentiment in China's Covid-19 rebound
These 8 charts suggest cautious consumer sentiment in China's Covid-19 rebound
China’s tourists step out again
Over 100 million travellers in China hit the road over the five-day May Day holiday, the first big test for tourism since lockdowns started being lifted.
A shelter from the storm, for now: China’s bond market set to open further
When global fixed income investors scrambled for cover last month, China’s onshore bond market was a rare haven with low volatility and no liquidity crunch.
How to think about dividend cuts
A spate of dividend reductions or postponements has raised concerns among investors globally. But not all dividend cuts are created equal.
China’s economy is turning the corner after a historically bad GDP contraction
China’s economy is turning the corner after a historically bad GDP contraction
Delayed demand making its return to China’s property market
New home sales are recovering faster than expected in China. This has big implications for domestic demand and the macroeconomic outlook.
Strong underpinnings to Asia’s investment grade bond market
Asia’s investment grade bond market looks attractive as we continue working through the Covid-19 outbreak, and global coordinated stimulus take effect.
The view from Hong Kong
Corporate China’s path as it emerges from economic lockdown may point the way for the rest of the world.
A cautious consumer rebound takes hold in China
Chinese consumers are offering a ray of hope in the economic wreckage from the Covid-19 coronavirus
China and its neighbours reboot supply chains
As China’s economy emerges from lockdown, activity across Asia’s sprawling network of factories, ports and logistics hubs is picking up.
Fidelity analysts say China will lead recovery from virus
Fidelity analysts say China will lead recovery from virus
China gets back to business
How fast and how fully activity recovers in China will have huge implications for one of the world’s key economic growth engines.
Outbreak deepens China’s e-commerce push
While the coronavirus threatens to put a dent in China’s overall growth, pockets of the online economy are booming.
How to navigate China's economic lockdown
The Covid-19 coronavirus outbreak has delivered an exogenous shock to China’s economy, one that has ramifications for global growth.
Covid-19: The impact on supply chains
The outbreak of a novel coronavirus from China, known as Covid-19, is putting pressure on supply chains across multiple sectors.
The Investor's Guide to China podcast: Environment
Fidelity's China and sustainability experts put the country's environmental record and ambitions under the investment lens.
A growing chasm
Optimism over a trade truce between the US and China is premature. Investors should be prepared for divergence in key areas.
Fidelity Leading Indicator signals slowing global growth as coronavirus impact looms
The economic impact of the novel coronavirus outbreak is only just beginning to be captured by the latest FLI reading.
Cool Heads: Coronavirus
Markets respond to liquidity injection, but longer-term impact remains unclear.
China’s financial support targets second-order fallout from coronavirus
China’s healthcare workers have been struggling to contain the spread of coronavirus. Now, policymakers are grappling with the second-order financial effects.
Coronavirus: Sector impacts and lessons from SARS
Online businesses typically faring better than offline.
Coronavirus impact: Fund manager views from Asia
Our fund managers give their views on the possible short- and long-term implications of this outbreak for investors.
US China Phase 1: Apocalypse Postponed
'Phase 1’ of the US- China trade pact reveals no credible path forward, so instead the two sides have chosen to stand still
Beyond the rotting soybeans of the US and China trade dispute
Looking at the big picture on global protectionism
China needs a trade deal more than the US
Given the mixed economic indicators, it is China - and not the US - that could do with the fiscal and sentiment boost that a trade deal would deliver.
Trade wars supercharge China’s drive to tech self-sufficiency
The trade war with the US is driving China to double down on strengthening its tech infrastructure and building self-sufficient supply chains.
China stimulus takes aim
We think China's policymakers will focus on more targeted stimulus measures with more localised impact, like this week’s cut to a key policy rate.
The fourth automation wave will be ‘Made in China’
China is set to lead the world in automation developments, because it has lots of data and the means to leverage it.
The Investor's Guide to China podcast: Corporate governance
The Investor's Guide to China podcast: Corporate governance
China tiptoes down easing street with rate reform
While the Fed and ECB are signaling more rate cuts and quantitative easing to come, China’s central bank has been taking a more cautious approach.
Pushing against the tide
Reports the Trump administration is considering restricting US portfolio flows to China are a cause for concern but would be a challenge to implement.
China’s third-pillar pension challenge
Private or third pillar pensions are expected to grow rapidly in China in coming years to augment state (first pillar) and corporate (second pillar) pensions.
No pain, no gain: Chinese defaults are rising and recovery rates are falling
Part of a white paper offering in-depth research on defaults in China - why they are happening and what investors should do about it.
Grocery retail is the next frontier for e-commerce in China
Chinese internet companies like Tencent, Alibaba and JD.com have been acquiring and teaming up with bricks-and-mortar stores.
From Made in China to Designed in China: The luxury brands moving up the value chain
If you haven't heard of these luxury Chinese brands, you will soon. Portfolio Manager Hyomi Jie investigates the premiumisation of fashion labels like JNBY.
In 14 charts: China's unprecedented growth
China's unprecedented economic change in manufacturing and services has seen the country leapfrog its rivals in areas such as transport and mobile payments.
Dividend investing in China is growing up
Chinese companies are realising the benefits of paying dividends to attract a more stable investor base and in response to regulation.
Human rights and wrongs: Engaging with Chinese suppliers on sustainability
Steady progress makes us confident that our engagement efforts are worthwhile and have already led to significant shifts at some Chinese manufacturers.
Japan’s experience offers lessons for China’s financial sector reform
Japan offers China a lesson: postponing action on bad loans for years risks both the domestic economy and the country’s credibility with global investors.
For and against China as a standalone allocation
What are the different factors in asset allocation and portfolio construction that investors should consider when looking at China on its own?
The Investor's Guide to China: Stock picking
China's businesses operate in a unique environment and understanding that matrix is imperative to those hoping to identify the best companies for investment.
Despite macro challenges, pockets of resilience in Chinese corporate earnings
Some bright spots in recent earnings reports suggest interesting opportunities
Trade war tit-for-tat escalates: Views from the investment desk
Volatility has returned to global financial markets following the latest developments in the ongoing trade spat between the US and China.
Is seven an unlucky number for China’s currency?
China’s renminbi weakened past the seven per US dollar mark for the first time in more than ten years.
Trump ratchets up US-China trade war with new tariffs
Donald Trump announced on Twitter this week that he plans to add new import tariffs on $300 billion of Chinese-made products
The grand strategy behind the US-China ‘soap opera’
The US-China trade war features a cast of colourful characters. But behind the spat lies a bigger battle for global economic supremacy.
A shooting star over Shanghai
Shanghai’s new sci-tech Star Market got off to a sparkling debut, but the real lustre for long term investors will be in the deeper market-based reforms
China data improves but nascent recovery could halt further stimulus
Although the latest GDP figures show the worst may be behind us, there is no room for policy complacency.
Fidelity Leading Indicator: Clinging to optimism
Our FLI cycle tracker indicates the global economy is past the worst
China’s hunger for 17m tons of pork benefits Brazil
China may have to import up to 17 million tons of pork to fill a production gap caused by African Swine Fever.
With US-China trade talks back on track, investors’ focus turns to China economy
With US-China trade talks back on track, investors’ focus turns to China economy
US-China G20 trade talks: “Back on track” to destination unknown
US-China G20 trade talks: “Back on track” to destination unknown
Should investors hedge against big market moves now?
With all the uncertainty about the global economic outlook, investors ask whether it's time to add protection against volatility to their portfolios.
US-China trade wars: What to expect from the G20
US President Donald Trump and China’s President Xi Jinping are expected to hold an informal meeting at the G20 Summit in Osaka, Japan on June 28-29.
China bank shares tumble on US ruling that could trigger penalties
Shares declined on news that linked three Chinese banks to a US judge’s finding of contempt of court in a case related to North Korean sanctions violations.
Central bank fears, calmer GEARs?
Our proprietary Gauges of Economic Activity in Real-Time (GEARs) show the latest Global GEAR looks stable and decently above its recent lows.
Tech and Trump’s China tariffs: Counting the costs to global supply chains and consumer demand
Tech and Trump’s China tariffs: Counting the costs to global supply chains and consumer demand
The Investor's Guide to China podcast: Opening Up
Travel deep into China's economy with Fidelity's investment experts. Hear how they're navigating its markets to uncover opportunities and avoid the pitfalls.
In Baoshang Bank takeover, China takes aim at moral hazard
The recent move by regulators in China to take over Baoshang Bank marks a significant event in the development and liberalisation of China’s capital markets.
China property: Houses are for living in, not for speculation
A cross-asset analysis shows China’s property sector faces demographic headwinds, but opportunities exist thanks to improved liquidity and diverging policy.
Renewed trade tensions buck the rally
Policy action is now driving market sentiment
China’s April data disappoints market expectations of resilience
Data on industrial production, retail sales and investment all surprised to the downside.
EM outlook: For China and the Fed, old habits die hard
China and the US Federal Reserve are falling back on old habits, which should provide some desperately-needed comfort to emerging markets.
China’s stimulus is working, but credit markets hold longer-term risks
The credit stimulus measures that China began last summer are starting to reach a critical mass, but transmission to the real economy remains patchy.
Amid China’s grab bag of economic data, surging credit growth will do the real work
A closer look at China’s first quarter GDP data reveals some mixed messages about the country’s economic performance.
A sustainable investor’s view on water scarcity in China
China’s water woes represent significant challenges and distinct opportunities for the sustainable investor.
EM outlook: Easier conditions, tougher growth
After a challenging end to last year, the start of 2019 has brought some tentative stability to emerging markets. But it is too early to issue the all-clear.
A Goldilocks moment for China’s monetary policy, but watch for more easing and bond index inclusion
Two events are driving the outlook for China fixed income- easing monetary conditions and the expected inclusion of Chinese bonds in benchmark indexes.
What China’s new stimulus measures mean for investors
The Chinese government has announced tax cuts worth 2 trillion yuan and higher spending. But will this boost the slowing economy?
Chinese stocks brace for increased capital flows
MSCI is quadrupling the weighting of Chinese shares in its benchmark indexes, highlighting the country's increasing centrality in global finance.
What does the US-China trade-talk extension mean for investors?
While headlines suggest that the US and China are inching closer to a deal, it’s clear that there are still a range of questions that need to be addressed.
Analyst Survey 2019: China's slowdown, seen from the ground
Sentiment towards China for the year ahead is more downbeat than for other geographies but there are some pockets of brightness.
Emerging market investors should make hay while the sun shines
Investors are returning to emerging markets after a traumatic 2018, led by a weaker dollar and China stimulus
Don’t miss the Asia high-yield opportunity
Investor optimism in China is improving, and Asia's high yield market is looking more attractive than the equity market.
Bull and bear cases for China in 2029
Fidelity analysts give bull and bear cases for consumption, financial, and property sectors in China in 2029
Choose your own adventure: China’s economic destiny
What does it mean for the rest of the world if in a decade's time China becomes the preeminent economic superpower, or gets stuck in the middle-income trap?
US trade tariffs and China: assessing the real impact
Tariffs aren’t the most important factor in the trade dispute between the United States and China. Instead, watch China’s balance of payments position
EM Outlook: It’s been a long time coming, but a change is going to come
Risks remain to the downside for emerging markets due to China’s slowing growth and toughening global conditions.
The opportunities in China's mixed-bag economy
Despite dismal headlines, China's real economy is more of a mixed bag. Corporates are focusing on shareholder returns and valuations have retreated from peaks.
China's easing has not been easy
China’s deleveraging drive has softened, but credit to private companies remains weak. Bigger banks could be pushed to step in.
Three Shanghai workers, three very different approaches to saving for retirement
A day in the life of three people in Shanghai and a deep dive into how they’re saving for their future.
Trade wars revisited: US politics and impact on China
The US-China trade war relates to the US electoral cycle and to Trump’s image as ‘deal maker’, and also has a longer-term impact on China.
Changing world, changing risks
Investors need to be braced for a potential shift in market leadership. Will the end of the current cycle will be as peculiar as the rally that preceded it?
Fidelity Leading Indicator: the trough isn’t here, but could be getting near
Our proprietary Fidelity Leading Indicator has now registered six straight months in the ‘growth negative and decelerating’ quadrant of its Cycle Tracker.
Tencent as bellwether
Tencent’s apparent setbacks look to be short term and not structural. A closer look reveals a wide moat in online gaming and social messaging.
US-China trade tensions: Why investors should mind the fundamentals
US-China trade tensions: Why investors should mind the fundamentals
Grit in the machine: Assessing the US-China trade war impact for investors
There are two ways the US-China trade war situation could play out for investors, depending on US policymakers’ motives for the current action.
Credit markets react to China's new easing measures
China’s emphasis on deleveraging has softened in recent months, but credit flow to the economy has remained weak.
Emerging Markets outlook: Not out of the woods
Despite better data in June, the Fidelity Leading Indicator remains negative, especially in key EM-sensitive areas like global trade and commodities.
US-China trade tensions ratchet up
The US has launched another round of tariffs on exports from China, sparking market jitters. But there are reasons to be positive on Chinese equities.
For and against China as a standalone allocation
Given its under-representation in traditional indices for both equity and fixed income - should investors focus on China separately?
China’s rising outbound flows will move global markets
Investment inflows to China's equity markets are only half of the story. Increasingly, outbound investment from mainland China will move global markets.
Podcast: Why should I reconsider my allocation to Asia?
Could you be overlooking investment opportunities in Asia? Fidelity's experts discuss the best way to gain exposure to the region.
MSCI A-share inclusion is a milestone for China’s onshore capital markets
It’s a game-changer for both the mainland and investors, even though, on the face of it, it’s not yet a particularly high-stakes game.
China's changing environmental priorities
China is the world's biggest emitter of greenhouse gases but is also becoming a global leader in promoting green investment and fighting pollution.
Region by region: Fidelity Analyst Survey 2018
Including views from analysts covering companies in the US, Europe, Asia, China and Japan - jump straight to your region.
On the ground in China: automation and higher wages
Neil Gough explores a Chinese warehouse adapting to the future.
China's tricky tightrope: High debt levels don't spell gloom but China's magic wand is gone
Can Asia’s economic tiger save the cycle, or will its soaring debt bring the world’s economy down?
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