We spent last week in Beijing and Shanghai visiting clients. The mood in China was not as downbeat as a year ago and our sense is that many companies and residents have adapted to the new normal of slower growth. President Trump was widely perceived as a “paper tiger” who will fail to hold back the rise of China’s manufacturing sector. Instead, concerns were centred around domestic imbalances and the continued weakness in the property sector. Most agreed that Chinese policymakers have the tools needed to tackle these issues but there are still doubts about their willingness to use them.
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