China's Growth Opportunities and Offshore Investing

Contribution to GDP Growth Contribution to real GDP growth Year-over-year change 24% 20% 16% 12% 8% 4% 0% -4% 1Q21 2Q21 3Q21 Gross capital formation (investment) Consumption 4.4% 1.0% 9.3% 5.9% 4Q21 0.4% -0.5% 3.8% 3.4% Net exports 4.6% 1.0% 0.7% 1.1% Total GDP 18.3% 7.9% 4.9% 4.0% -8% '78 '83 '88 '93 '98 '03 63 Source: CEIC. National Bureau of Statistics, WIND J.P. Morgan Asset Management. Data as on Mar 31, 2022 '08 '13 '18 2021: 8.1% * 6

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