“You could say that the U.S. has been the tortoise in the lead and China has been the hare.”
China, the world’s second-largest economy, has a few problems. The lingering hangover of pandemic controls, an ailing real-estate market and a strenuous tug-of-war with one of its biggest trading partners — the U.S. — may put a dent in its recovery.
The country’s economy is showing signs of fatigue as the Shanghai Stock Exchange is down over 10% from its May trading levels, while the Hong Kong’s Hang Seng Index has officially entered bear-market territory, down 20% from its January highs. Still, China remains the global powerhouse in manufacturing with 27% of its GDP coming from large-scale electronics and industrial production. But U.S.
“Those U.S. companies are in the best positions here who have started to diversify away,” Garfield said. “Apple has been particularly smart.” The French luxury giant LVMH Moët Hennessy has seen an overall global growth of 11% between 2022 and 2023 for its fashion and leather goods group, which is a modest expansion compared with its growth of over 30% between 2021 and 2022. The company’s slump in profits can be attributed to slowing China sales, as big spenders have stopped splurging on luxury goods, UBS noted.
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