www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

Crackdown on graft encourages bullish sentiment

By Bloomberg (China Daily) Updated: 2014-08-07 07:14

Crackdown on graft encourages bullish sentiment

The Shanghai Composite Index has gained 4.8 percent this year after rebounding 11 percent from its January low. The country's crackdown on graft is expected to inspire bullish sentiment. Shi Yan / China Daily

China's anti-graft drive has gotten Cheah Cheng Hye more bullish on Chinese mainland stocks than at any time since valuations plunged in the global financial crisis six years ago.

The chairman of Hong Kong-based Value Partners Group, whose $547 million Value Partners China Greenchip Fund returned annualized 13 percent gains during the past five years to beat 134 peers tracked by Bloomberg, is predicting a further gain of about 15 percent for the benchmark Shanghai Composite Index by year-end.

While President Xi Jinping's anti-corruption measures may be a short-term drag on growth, they will make State-owned enterprises more efficient and help curb excessive debt, he said.

The call by Cheah, 60, who was dubbed the Warren Buffett of Asia by Apollo Global Management's Tan Chin Hwee for his long-term track record of picking undervalued stocks, pits him against Tom DeMark, the developer of market-timing indicators who forecast on Monday that the rally may end within days.

"We are seeing that the anti-corruption campaign is for real," Cheah said in an interview in Shanghai on Saturday. "This is giving a lot of encouragement to investors."

Xi's campaign to rein in graft reached new heights last week as the government announced an investigation of former Politburo Standing Committee member Zhou Yongkang, the highest-level corruption investigation since the Communist Party of China came to power more than 60 years ago.

The anti-corruption measures will improve the quality of China's economic growth and bolster investor confidence, Cheah said.

Gross domestic product will expand 7.4 percent this year, according to the median of 54 economist forecasts compiled by Bloomberg, compared with 7.7 percent in 2013 and 10.4 percent in 2010.

"The kind of growth you get from corruption is what we call useless growth," said Cheah, whose firm manages about $10.5 billion. "Investors are willing to accept a lower growth rate in China. Maybe 6.5 percent growth is OK."

China also needs to improve corporate governance if it wants to lure back investors after a 60 percent slump for the Shanghai Composite since the start of 2008, Cheah said.

The Shanghai gauge fell 0.1 percent to 2,217.47 at the close on Wednesday. It has gained 4.8 percent this year after rebounding 11 percent from its January low. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong entered a bull market on July 28 with a 20 percent rally from its March low, and has climbed 1.3 percent this year.

Crackdown on graft encourages bullish sentiment Crackdown on graft encourages bullish sentiment
Investors hesitate before stock link 
  Top 10 underwriters in China

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 中文字幕在线永久 | 国产免费亚洲 | 男操女视频网站 | 亚洲综合日韩精品欧美综合区 | 欧美区一区 | 91亚洲精品久久91综合 | 最近最新中文字幕免费的一页 | 欧美一级别 | 国产精品精品国产 | 欧美亚洲视频一区 | 亚洲成人黄色在线 | 午夜私人影院免费体验区 | 天天视频一区二区三区 | 欧美日韩一区二区高清视 | 久久国产精品岛国搬运工 | 国产欧美日韩精品高清二区综合区 | 一级女性全黄久久生活片免费 | 成人一级片在线观看 | 午夜mm131美女做爰视频 | 亚洲一区二区影视 | 精品亚洲成a人在线播放 | 国产a级高清版毛片 | 国产一级在线现免费观看 | 国产精品亚洲二线在线播放 | 亚州精品视频 | 久久久久久a亚洲欧洲aⅴ | 国产午夜精品久久久久免费视 | 一级毛片在线播放免费 | 国产成人免费高清视频网址 | 91精品一区二区三区在线 | 国产一区二区免费不卡在线播放 | 天天躁日日躁狠狠躁一级毛片 | 久久久精品影院 | 亚欧成人 | 香港三澳门三日本三级 | 久久一日本道色综合久久m 久久伊人成人网 | 2020国产微拍精品一区二区 | 日本不卡一区在线 | 一级日韩 | 欧美最新的精品videoss | 久久国产精品久久久久久 |