to ramp it back up anytime soon. There’s unease over whether the country’s leadership is turning less pragmatic in guiding the world’s second-largest economy, pursuing increasingly ideological policies instead. And relations with the West remain fraught.
Foreign capital has flocked to China for the better part of a decade as regulatory reforms opened the nation’s domestic markets to global money managers.in the onshore interbank market, according to official data as of October, while about 11% of mainland Chinese shares are held by foreigners, JPMorgan Chase & Co estimates.
China’s tolerance for economic pain in pursuit of Xi’s goals – like Covid Zero or common prosperity – helped fuel an almost 30% slump in the benchmark CSI 300 Index this year through the end of October. The Hang Seng China Enterprises gauge of mainland companies listed in Hong Kong was down 40%. “We all knew that China couldn’t just be isolated forever,” Catherine Yeung, an investment director at Fidelity International Ltd, said last week in a Bloomberg TV interview. “So much negative news flow has been now factored into the price. It just feels like China is likely to have seen its worst.”
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