Investment Conclusion
The US confrontation with China will escalate further. China has escalatory dominance. And the confrontation is an opportunity for Beijing to pursue other goals left by the vacuum of US soft power withdrawal and the injury caused to other Global South and ASEAN countries by tariffs. China can prolong the conflict with the US and still grow at 3% this year. Devaluation of the RMB is not part of the strategy. The mood on the streets, particularly among your people is defiant.
I remain overweight/long Chinese AI, utilities and consumer stocks. On RMB neutral.
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