{"id":564243,"date":"2021-08-18T13:41:06","date_gmt":"2021-08-18T13:41:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/china-no-longer-an-em-says-blackrock\/"},"modified":"2021-08-18T13:41:06","modified_gmt":"2021-08-18T13:41:06","slug":"china-no-longer-an-em-says-blackrock","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/china-no-longer-an-em-says-blackrock\/","title":{"rendered":"China no longer an EM, says BlackRock"},"content":{"rendered":"

<\/a> Could the world\u2019s second-largest economy finally shed its \u201cemerging market\u201d status?<\/strong> That\u2019s what the largest asset manager in the world thinks, telling the Financial Times<\/a> that it\u2019s about time that investors take the Chinese economy seriously. BlackRock is recommending that indexes and investors raise their exposure to Chinese equities and bonds by \u201ctwo to three times\u201d in response to the increasing size of the market and reforms being carried out by the government. \u201cChina is under-represented in global investors\u2019 portfolios but also, in our view, in global benchmarks,\u201d Wei Li, chief investment strategist at the BlackRock Investment Institute, told the salmon-colored newspaper.<\/p>\n

Indexes aren\u2019t reflecting reality:<\/strong> Despite having the world\u2019s second-biggest equity market and second-largest bond market, China\u2019s representation in global benchmarks remains low. The country has a weighting of just 4.1% (pdf)<\/a> in the MSCI All-World index<\/a>, a number that BlackRock says should be closer to 10%, putting Chinese assets ahead of Japan but still far behind the US, which accounts for almost 60% of the index. Currently, the weighting of the three biggest tech companies \u2014 Apple, Microsoft and Amazon \u2014 is more than double China\u2019s.<\/p>\n

Why is one of the world\u2019s most powerful economies still considered emerging?<\/strong> China may be on course to overtake the US<\/a> to become the world\u2019s largest economy later this decade, but it is its population size that continues to keep it in the EM camp. Despite its size, it is still firmly a middle-income country, with a per capita GDP of around USD 10.5k<\/a> last year, far below the US\u2019 USD 63.5k<\/a>, Germany\u2019s USD 45.7k<\/a>, and Japan\u2019s USD 40.1k<\/a>.<\/p>\n

Neither DM nor EM, but something in-between:<\/strong> Calling for investors to rethink how they conceptualize the Chinese economy doesn\u2019t mean it will finally be considered among the small club of \u201cdeveloped markets.\u201d Instead, BlackRock thinks it\u2019s somewhere in the middle, describing it as a \u201cdistinct pole of global growth\u201d in its mid-year outlook<\/a> last month. \u201cWe believe it is time to also treat it as an investment destination separate from EM and DM,\u201d it wrote. \u201cChina\u2019s economy has come through the covid-19 shock stronger than global peers, just as it did after the global financial crisis.\u201d<\/p>\n

China\u2019s tech bros are under fire: <\/strong>BlackRock\u2019s optimism comes amid a widening government crackdown on its tech companies which has caused significant volatility in equity markets and stirred fears that wider market restrictions could be introduced by the Chinese Communist Party. The Hang Seng Tech Index has plunged almost 40% year-to-date<\/sup> amid the escalating anti-tech campaign, which has seen companies issued fines, undergo forced restructurings, and face regulatory directives over data security and market competition.<\/p>\n

But the country has also moved to liberalize finance:<\/strong> Drawn by China\u2019s gradual opening of its financial sector<\/a> and the huge market, Western financial institutions are becoming ever more attracted to China. Now able to fully own their local subsidiaries and finding it easier to obtain licenses and make acquisitions<\/a>, banks and asset managers including JPMorgan<\/a>, UBS<\/a>, Amundi<\/a>, and BlackRock<\/a> itself are expanding their operations in China.<\/p>\n

Despite worries over tighter regulations, BlackRock remains bullish on Chinese assets:<\/strong> At a time of ultra-low rates and spiralling debt across the developed world, the Chinese central bank\u2019s orthodox monetary policy will mean that its financial system will face lower fewer risks and be more attractive to investors going forward, the BII said in its reports. In what it calls a \u201cquality revolution,\u201d BlackRock says that policy is focusing on the quality of economic growth, rather than the quantity. \u201cChina is pushing through reforms that could weigh on the quantity of growth in the near term but potentially improve the quality in the long run,\u201d it wrote in the report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Could the world\u2019s second-largest economy finally shed its \u201cemerging market\u201d status? That\u2019s what the largest asset manager in the world thinks, telling the Financial Times that it\u2019s about time that investors take the Chinese economy seriously. BlackRock is recommending that indexes and investors raise their exposure to Chinese equities and bonds by \u201ctwo to three […]<\/p>\n","protected":false},"author":1,"featured_media":564244,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[1077,82,116,115,633,164,262,118,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-blackrock","tag-bonds","tag-china","tag-emerging-markets","tag-enterprisepm","tag-equities","tag-jpmorgan","tag-msci","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"698ea943-dbfa-4d2f-be99-df616b274302","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/475.jpg","photo_position":"above","related_issue":[564229],"teaser":"","voice_url":""},"yoast_head":"\nChina no longer an EM, says BlackRock - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/china-no-longer-an-em-says-blackrock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China no longer an EM, says BlackRock\" \/>\n<meta property=\"og:description\" content=\"Could the world\u2019s second-largest economy finally shed its \u201cemerging market\u201d status? 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Improving EM liquidity, driven by the US Federal Reserve\u2019s pause on rate hikes \u2014 coupled with\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/1111.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652381,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/08\/why-blackrock-deutsche-and-franklin-templeton-think-em-could-do-okay-in-2017\/","url_meta":{"origin":564243,"position":1},"title":"Why BlackRock, Deutsche and Franklin Templeton think EM could do okay in 2017","author":"enterpriseam admin","date":"8 January 2017","format":false,"excerpt":"Financial Times isn\u2019t entirely bearish on EM in 2017. In its look at \u201cFive reasons why investors are buckling up for 2017\u201d as the investment industry \u201cpositions itself for seismic change this year,\u201d the FT notes downside potential from EM from a Trump presidency and as many as US Fed\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564326,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/","url_meta":{"origin":564243,"position":2},"title":"Commodities, strong earnings could resuscitate emerging-market stocks, say analysts","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"A \u201clost decade\u201d for emerging-market stocks could be coming to an end, as the commodities boom and earnings optimism perk investors\u2019 interest in companies in the developing world, Bloomberg reports. Goldman Sachs, Bank of America and Lazard Asset Management all expect inflows into undervalued EM equities to pick up as\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/516.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564451,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/were-happy-when-ems-score-usd-53-5-bn-in-a-month\/","url_meta":{"origin":564243,"position":3},"title":"We\u2019re happy when EMs score USD 53.5 bn in a month","author":"enterpriseam admin","date":"7 February 2021","format":false,"excerpt":"Emerging markets posted their tenth consecutive month of positive net portfolio inflows, a sign that EMs are in favor with global investors, according to the Institute of International Finance\u2019s (IIF) monthly capital flows tracker picked up by Reuters. EM stocks and bonds attracted some USD 53.5 bn of net inflows\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569213,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/","url_meta":{"origin":564243,"position":4},"title":"Is passive fund growth putting fossil fuel divestment in jeopardy?","author":"enterpriseam admin","date":"17 February 2020","format":false,"excerpt":"Is passive fund growth putting fossil fuel divestment in jeopardy? The growth of market-tracking passive funds threatens to be a huge stumbling block to the fossil fuel stock divestment movement \u2014 despite efforts from both environmental campaigners and even asset managers themselves, writes Billy Nauman in the Financial Times. Despite\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/08\/emerging-markets-to-reap-the-benefits-of-a-fed-rate-cut-bloomberg-survey\/","url_meta":{"origin":564243,"position":5},"title":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey","author":"enterpriseam admin","date":"8 July 2019","format":false,"excerpt":"Emerging markets to reap the benefits of a Fed rate cut -Bloomberg survey: Emerging market equities, bonds, and currencies will reap the benefits if the world\u2019s major central banks go ahead with expected rate cuts, according to a quarterly poll of 42 fund managers, traders, and strategists conducted by Bloomberg.\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564243"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564243\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564244"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564243"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564243"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}