When Chinese markets are in a slump, propaganda authorities often instruct official media to buck up investor sentiment. So it was in August, when the influential Securities Times trumpeted that international investors were “bargain hunting” in China’s stock market.

The front page story was a backhand compliment that reflected the respect many Chinese investors pay foreign fund managers.

This air of expertise and prestige is perhaps foreign fund managers’ greatest asset as they seek to win a slice of what is forecast to become the world’s second-largest investment market — behind only the US — within two years.