Muzinich’s Mel Siew believes that Beijing’s stimulus measures will eventually work, so he’s piled into Chinese high-yield bonds that are exposed to the domestic economy.
Already a subscriber?US bond manager Muzinich & Co says Beijing’s piecemeal stimulus measures to bolster the tepid economic recovery will eventually bear fruit if investors are patient enough.were left disappointed by the measures announced at China’s annual meeting of the National People’s CongressIt’s a reason the firm is investing in debt issued by Chinese companies in tech, retail, and business services.
Premier Li Qiang’s 2024 economic plan was met with market scepticism this week because the announced set of targets were almost identical to 2023, despite the property crisis, worsening deflation, and an equities rout. “If I look at the lunar new year travel and spending data, we’re back above pre-pandemic 2019 levels in terms of mobility and small ticket spending items,” Mr Siew said., citing the normalisation of the supply chains, pent-up demand from excess savings, and China’s government’s tax relief programme.
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