Investors need to wake up to the fact China can no longer be relied upon to drive growth for an array of emerging market economies.
The combination of an existing slowdown in China, Beijing’s trade war with Washington and, just as importantly, a shift in the make-up of the economy means its days as the best friend of emerging market investors looks numbered.
China accounts for 70 per cent of all manufacturing in Asian emerging market economies, according to JPMorgan. Yet China’s overall expansion this year is expected to be no more than 6.5 per cent — the slowest pace since 1990 — and just 6 per cent next year.
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