vestors in which case we would adopt a dual strategy. First, we do not see a strong case for taking big sector bets within a China portfolio, since post-Plenum, the valuation discrepancy between perceived winners and losers from anticipated shifts in the economy has become increasingly extreme. If our bear

nies are currently struggling in operational and financial terms. Risk of a debt trap E nore as i g which should eventually lead to devaluation The post-Plenum rhetoric from the authorities in Beijing has been carefully calibrated to maintain the confidence among both corporate and financers alike that str

panies are currently struggling in operational and financial terms. Risk of a debt trap increasing, which should eventually lead to devaluation The post-Plenum rhetoric from the authorities in Beijing has been carefully calibrated to maintain the confidence among both corporate and financers alike that str