As Chinese stocks rocketed higher in January after stringent Covid restrictions were lifted, strategists at Goldman Sachs made the case that a 46 per cent rise in a matter of weeks was only the beginning.
“China looks well positioned across the growth, policy and inflation cycles in a global context in 2023,” they argued, noting shares could jump another 15 or even 20 per cent if the country managed to fully put disruptive lockdowns behind it. And in the weeks that followed, the MSCI China index rose almost 10 per cent.
But despite optimistic predictions from many of Wall Street’s biggest banks, the market was already nearing the top.
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