On balance, we remain positive on China in the medium-to-long-term based on the likely benefits of its reform program. We’re cautious in the short term, given the risks of transition in current market conditions.
Clearly, rigorous on-the-ground research in China as part of a regionally and globally integrated investment research effort is now more important than ever.
Hayden Briscoe is director of Asia-Pacific fixed income at AllianceBernstein.