Heavyweight global investment firms are sticking with China despite a sweeping crackdown on business by the ruling Communist Party that has wiped $3 trillion off the market value of the country's biggest companies.
A version of this story appeared in CNN's Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country's rise and how it impacts the world. Sign up here.Even as authorities rip up the status quo for tech, education and other private enterprise, drawing comparisons with Mao Zedong's Cultural Revolution in the process, some of the biggest names in asset management say it's still a good time to invest.
By one measure, he said, the crackdown is a"belated response" to the breakneck pace at which many Chinese companies have grown and innovated. He predicted the rest of the world would follow with strict regulations on data usage and the dominance of Big Tech. "Regulatory risk has increased, but it is now largely priced in — on our measures," Paolini said, adding that China is the third cheapest"major" equity market and "by far the most oversold.
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