The MSCI Asia Pacific Index rose 20% from its October low and technically entered a new bull market. It's time to revisit the question, "How investable is China?"
A short-term analysis of the leadership internals of the re-opening trade shows little conviction that the re-opening will succeed.
Longer-Term, the challenges of the debt overhang from infrastructure-led growth remains and a pivot to consumer-led growth is not evident, which is a recipe for slow growth and rising risks.
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