Global funds are showing clear signs of flowing back into China. Recently, reports from multiple foreign institutions such as Morgan Stanley indicate a trend of global funds returning to the Chinese stock market. Data from HSBC Holdings also reveals that over 90% of emerging market funds have started to increase their holdings in the Chinese stock market. Additionally, smart money, northbound capital, is also showing a similar trend. Data shows that in the first quarter of this year, northbound capital has accumulated a net inflow of 68.223 billion yuan, far surpassing last year's net inflow of 43.7 billion yuan into A-shares.
Analysts believe that behind this trend is China's continuous implementation of policies and measures to stabilize foreign investment. As the Chinese economy continues to signal recovery,itfurtherbooststhe confidence of international investors, leading to a sustained increase in foreign investment in China.
Recently, Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, stated on social media, "The key question isn’t whether or not I should invest in China so much as how much I should invest." Dalio believes that some of the current issues and risks facing China are manageable, and the policy direction is correct. Concerns in the market about investing in China's risks pale in comparison to the reasons for investing in China.
In fact, several foreign institutions have mentioned that global funds are showing signs of returning to the Chinese stock market. A report released recently by Morgan Stanley indicates that global funds are returning to the Chinese stock market. Morgan Stanley's analysis suggests that as bearish sentiment towards the Chinese market among some funds eases, the actions of global long-term investors withdrawing from the Chinese stock market (A-shares and Hong Kong stocks) have paused. These shifts may indicate that the Chinese market will regain the share it previously lost in the global investment portfolios of major asset management institutions.
Why the capital inflow? Analysts believe that A-shares are currently undervalued, and their investment value is further highlighted. Moreover, the more significant reason for the capital inflow lies in China's continuous implementation of policies and measures to stimulate the economy, as well as the ongoing signs of economic recovery, which further boost the confidence of international investors.
Among the major stock markets globally, the Chinese market is also one of the most attractive in terms of valuation. Union Bancaire Privée (UBP) believes that A-shares, which are undervalued and have large market capitalization and ample liquidity, are instead one of the important markets for international investors to diversify risks. S&P Global data shows that China's Caixin General Service PMI continued to expand for 14 consecutive months in February 2024, indicating positive signals in the Chinese economy.
In 2024, Chinaranksthird globally in foreign investment confidence, only after the United States and Canada. This conclusion is drawn from the 2024 Foreign Direct Investment Confidence Index (FDICI) report recently released by Kearney, a consulting firm. This index is calculated annually and tracks the investment intentions of global corporate executives in different markets over three years.
He Xiaoqing, President of Kearney Greater China, pointed out that in recent years, the Chinese government has consistently conveyed a positive policy orientation to strengthen openness to the outside world. For example, opening up foreign investment in the banking industry, fully lifting restrictions on foreign investment access in the manufacturing sector, easing access to the telecommunications, medical and other service industries markets, as well as a series of measures such as expanding visa-free access to China for six European countries last year, have continuously boosted investor confidence.
Source :Yangcheng Evening News
信号不断！外资回流中国资产
全球资金回流中国迹象明显。近期，摩根士丹利等多家外资机构发布报告指出，全球资金正呈现重返中国股市的趋势。汇丰控股数据也显示，超过90%的新兴市场基金开始增持中国股市。此外，聪明钱北向资金也出现同样的势头。数据显示，今年一季度北向资金累计净流入682.23亿元，远超去年全年净流入A股的437亿元。
分析认为，背后正是源于中国持续出台政策和举措促经济稳外资，中国经济不断释放回暖信号，进一步提振了国际投资者的信心，才促成外资持续加码“投资中国”。
近日，全球最大对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）在社交媒体上发文称，当前的关键问题不是是否应该在中国投资，而是应该投资多少。达利欧表示，中国当前面临的一些问题和风险是可控的，政策方向是正确的。市场上关于在中国投资有风险的担忧，都比不上投资中国的理由。
事实上，多家外资机构不约而同地提到，全球资金正呈现重返中国股市之势。摩根士丹利近期发布的报告表示，全球资金正在重返中国股市。摩根士丹利分析称，随着部分基金对中国市场的看跌情绪有所缓和，全球长期投资者撤出中国股票市场（A股和港股）的行动已经按下暂停键。这些转变可能预示着，中国市场将重新夺得其此前在各大资管机构全球投资组合中失去的份额。
资金回流为哪般？分析认为，A股正值估值洼地，投资价值也进一步凸显。而资金回流更重要的原因，是源于我国持续出台政策和举措促经济，以及中国经济不断释放回暖信号，进一步提振了国际投资者的信心。
在当前全球主要股市中，中国市场也是估值最具吸引力的市场之一。联博基金认为，处于估值洼地的A股，由于市值庞大、流动性充足，反而是国际投资者分散风险的重要市场之一。标普全球数据显示，中国2月财新服务业PMI连续14个月保持扩张态势，显示中国经济出现积极信号。
2024年，中国外商投资信心排名全球第三，仅次于美国、加拿大。咨询公司科尔尼（Kearney）近日发布的2024年外商直接投资信心指数 （FDICI）报告得出上述结论。该指数一年统计一次，追踪全球企业高管在三年内对于不同市场的投资意向。
科尔尼大中华区总裁贺晓青指出，近年来，中国政府持续传递积极加强对外开放的政策取向，例如放开外资对银行业投资，全面取消制造业领域外资准入限制措施，放宽电信、医疗等服务业市场准入等，以及去年对德法等国、近期进一步拓展欧洲六国来华免签等一系列举措，不断提振投资者信心。
文｜记者 詹淑真
译 | 刘佳慧
图 | 新华社