TAILIEUCHUNG - Investment Strategies to Exploit Economic Growth in China

Productivity growth is associated with entry of and growth of high-performing fi rms, and the shrinking and exit of low-performing ones. New Zealand has high rates of fi rm entry and exit, but a low and declining share of high-growth businesses. Investment, Saving, and Financial Market Development New Zealand’s gross fi xed capital formation as a percentage of GDP is around the OECD mean. Plant and machinery investment has been slightly above the OECD mean in most years since 1970. This is important to New Zealand’s growth prospects, since private sector investment in capital equipment is associated with. | Investment Strategies to Exploit Economic Growth in China by Burton G. Malkiel Princeton University Jianping Mei New York University Rui Yang Boshi Fund Management Company CEPS Working Paper No. 122 December 2005 Burton Malkiel is a Professor of Economics at Princeton University. Jianping Mei is an Associate Professor of Finance at the Stern School of Business New York University. Rui Yang is Director of Research at Boshi Fund Management Company. Jianping Mei has or had been a consultant and financial advisor to the following financial institutions Prudential Financial Fidelity UBS Boshi Koo s Group and . Carey. Some of these institutions may have investment in securities mentioned in the paper. We are grateful to Princeton University s Center for Economic Policy Studies for financial support. Investment Strategies to Exploit the Growth in China Burton Malkiel Jianping Mei and Rui Yang Since the beginning of the economic reforms two decades ago the economy in China has enjoyed a real growth rate of percent per year. We believe that China is only in the early stages of its rapid-growth period. China is likely to enjoy rapid growth for decades to come at rates well above those of any other large country in the world. In this paper we will first show why China will enjoy growth rates of economic activity well above those in the developed world. But economic growth does not necessarily translate into high security returns. Indeed returns from investments in Chinese equities have been unattractive for the past decade and corruption and corporate governance issues as well as a variety of restrictions make direct investment in Chinese opportunities difficult. But we will also show that Chinese equities are now attractively priced relative to their earnings their historical valuations and their growth rates and that some risks have been alternated overtime. We will then proceed to examine the potential rewards and risks of the various indirect methods . investors

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