China's Growth Opportunities and Offshore Investing

Importance of Trade to China Total exports and imports % of GDP China's exports by product Share of total exports 40% 50% 35% 30% 25% 20% Exports 45% 2020: 18% 40% 15% 10% Imports 2020: 14% 35% 5% 0% T T '80 '83 '86 '89 '92 '95 '98 '01 '04 '07 '10 '13 '16 '19 30% 25% Machinery and Electronics Current account balance % of GDP 12% 10% 20% Textiles and Clothing 8% 6% 4% 2% 0% -2% lllll 15% 2020: 10% 2.0% 5% Metals Transportation -4% Chemicals -6% 0% '80 '83 '86 '89 '92 '95 '98 '01 '04 '07 '10 '13 '16 '19 '92 '95 '98 '01 '04 '07 *10 '13 $16 Source: (Left) IMF; (Right) World Bank; J.P. Morgan Asset Management. Guide to China. Data are as of Mar 31, 2022. *

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