China's Growth Opportunities and Offshore Investing

Next 24 Month Return China's P/B ratio near historical lows From these valuations over the next two years MSCI China has been up 60% on average MSCI China Price-to-Book ratio vs Next 24 Month Return 20.0% Current Level: 1.39 150% 100% 50% 0% -50% 1 1.5 2 2.5 3 3.5 4 4.5 Price-to-Book Ratio Source: Bloomberg, FactSet, MSCI, J.P. Morgan Asset Management. Data as of 31 Dec 2022. : 5 *

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