Investors have to give credit to Chinese workers, entrepreneurs and companies for their resilience. After a brief drop in April, things are very much back to normal.
Exports continue to surprise on the upside. Chinese share of the global export market continues to go up.
One or two months of disruption does not appear to have changed the competitive position of Chinese companies or industries.
Many industries are witnessing continued strong demand, particularly renewable energy, such as solar and electric vehicles.
Tesla’s Shanghai factory is responsible for half of the company’s global production, which is expected to reach 20 million units in three years’ time.
We believe China will continue to be an important manufacturing base.