As you may recall, last year we began implementing a move to an emerging market stock index that excluded investment in Chinese companies. That move did not eliminate portfolios’ exposure to Chinese equities but rather shifted the decision about investability to actively managed mutual funds. One such manager offers here their outlook for the Chinese market in light of supportive monetary and fiscal policy announcements from Beijing last September that reinvigorated investment in Chinese company stock, contrary to what we viewed then and continue to see now as investment headwinds.
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