For global banks and fund managers drawing up their 2022 China investment strategies, one factor occupies their minds but eludes valuation models: President Xi Jinping¡¯s next five years in office.
Having done away with term limits in 2018, China¡¯s most powerful leader since Mao Zedong is steering the country back toward its socialist roots, upending financial markets.
Crackdowns on internet giants, property developers and education have MSCI¡¯s China index down 20% in 2021 against a 15% rise in world stocks, while China¡¯s once-popular high-yield debt market has crumbled.
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