China's Growth Opportunities and Offshore Investing

Chinese Consumption Pattern Retail sales Year-over-year change Automobile sales Millions of units, saar 30 30 35% 30% 25% 25 25 Dec. 2021 yly y/2y annualized Retail sales 1.7% 3.1% 20% 15% 20 10% 5% 15 0% -5% 10 -10% -15% -20% -25% LO O '15 '16 '17 '18 '19 "20 "21 China U.S. Euro Area Dec. 2021 23.5 12.4 7.9 '07 '09 '11 "13 '15 '17 '19 '21 Source: (Left) Wind, National Bureau of Statistics of China; (Right) Association of Automobile Manufacturers, ECB, BEA, J.P. Morgan Asset Management. Data are as of Mar 31, 2022 * 7

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