China's Growth Opportunities and Offshore Investing

What's driving markets? 140 MSCI China Price Index 120 100 80 2020: Huge Stimulus, 8+% GDP growth, 60- Covid-19 high export growth becomes serious 40 2021: Economy slows in 2H21, Regulation on platform companies, education, and property 20 Summer 2022: Macro turnaround 28 Feb: 16 March: Government Russia invades Ukraine, announcement Omicron of support for spreads in markets & China economy 0+ Jan '20 Apr '20 Jul '20 Oct 20 Jan '21 Apr 121 Jul 21 Oct 21 Jan '22 Apr '22 Jul 22 Source: Bloomberg, MSCI, J.P. Morgan Asset Management. Data as of 18 July 2022. For illustration purposes only. *

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