In the west, theories about Chinese consumers are as elaborate, numerous and frequently wrong as those concerning the exact political intentions of president Xi Jinping.
US companies expected Chinese shoppers to celebrate the end of lockdowns last year with a return to free-handed spending. Stocks with links to China rallied as investors piled in on the reopening trade.
First-quarter results from a number of blue-chip US companies show that bulls were over-optimistic. A China discount is still in order when it comes to investing in US companies heavily exposed to the world’s second-biggest consumer market.
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