Chart of the Week

Beijing has started to pull its stimulus levers albeit in a very controlled manner so far, we believe they ultimately will prove successful but investors expecting some sledgehammer-style moves might be disappointed as Xi Jinping is picking the eyes out of their economic problems as opposed to a COVID style throwing of $$. i.e. targeted as opposed to general stimulus.

• We maintain our strong positive bias towards Chinese equities initially looking for a 10-15% upside.