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China Transforming into a Consumer-Driven Economy 




Raymond Chan and Kunal Ghosh believe China’s recent economic slowdown is a temporary setback in the country’s transformation into a consumer-driven economy.

Key Takeaways

While China’s economy has slowed, we don’t expect a hard landing.
China is changing from an export- and infrastructure-driven economy to one driven by consumers.
Tourism, strong labor demand and the gradual appreciation of the renminbi (RMB), China’s currency, will help facilitate consumption growth.
Equity valuations in China are attractive; good returns are available in the market if you look carefully.

Part 1: Expect a Soft Landing
Raymond Chan Raymond Chan
CIO Equity Asia Pacific
Raymond Chan discusses China’s growth as a consumer-driven economy and the role of government in bringing about much-needed reforms.

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Part 2: Consumption is Changing the Face of China
Kunal Ghosh Kunal Ghosh
Portfolio Manager
Kunal Ghosh discusses the implications of China’s move away from an export-driven economy and its likely positive effect on consumer stocks.

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The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Forecasts and estimates have certain inherent limitations, and are not intended to be relied upon as advice or interpreted as a recommendation.



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