Wednesday, April 24, 2024
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  • China’s recovery has been lacklustre, to the disappointment of investors
  • Nevertheless, China’s economy is still building, albeit at a slower pace
  • The region has a range of idiosyncratic growth opportunities

The end of China’s zero Covid policy brought renewed confidence to Asian markets, as the country’s recovery promised to restore economic momentum to the region as a whole. However, China’s revival has proved lacklustre, and investors have retreated from Asian markets. What could bring a more permanent revival in confidence back to the region?

China may not have roared out of lockdown in the same way as many Western economies, but our view is that its lacklustre recovery should not be judged too harshly. Given the length and severity of the lockdowns, it was always likely to take time for Chinese businesses and consumers to adjust to a new reality. The consumer is still waiting in the wings to support the country’s economy. Excess savings ticked up significantly during the pandemic and, unlike in the US, remain largely unspent.

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