The rapid growth of China’s insurance and wealth management industries could provide long-term support for global asset prices, even as other structural factors potentially pull valuations down.
Many analysts have long argued that the retirement of the baby boomer generation, particularly in the US, will lead to widespread selling of financial assets as retirees draw down their savings. A broad reversal of quantitative easing, a process that has yet to start in Europe, the UK or Japan, could add to the pressure as central banks sell down their holdings.
However, the sheer scale of growth in China’s financial industry is likely to provide a shot in the arm for global assets, particularly fixed income securities.
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