2021年全球投资者对投资我国的态度调查报告（英）.pdf

China position 2021:Sustaining institutional interestWritten byAbout the research05Foreword03Executive summary06How the world changed07Carving out dedicated China allocations16China greening up24Tailwinds and Headwinds11Most favoured investment:Tech19Outlook and conclusion27Appendix36Table of contents03China position 2021:Sustaining institutional interestInvesco has had a presence in China for more than three decades,and its been deeply rewarding for us and our clients to watch the countrys phenomenal growth.Our early entrance in the market and our long experience there convince us that China represents one of the greatest investment opportunities well see in our lifetimes.China is the second-largest asset management market in the world by AUM,and we fully expect it will overtake the US within the next few years(if not sooner).The Chinese government is being thoughtful and has made good progress in developing its financial markets.This commitment to opening its markets has helped support the tremendous growth and transformation of Chinas economy,rewarding investors across the continent and around the world.Given the strong and growing interest in this crucial market,were pleased to share with you our second comprehensive survey,China Position 2021:Sustaining institutional interest,with Economist Impact.This follow-up to the 2019 study,The China Position,was conducted over June and July of this year,surveying 200 asset owners from across the globe to really understand how their investment stance toward China is evolving.The results are fascinating.Chinas growing economic strength,its shift from export-oriented to a domestic-demand driven economic model,the growing number of international companies,increasing consistency in meeting global standards,and its rapidly developing financial markets all combine to make the country an attractive investment opportunity,according to our asset-owner respondents.Some additional highlights from the survey:86%of respondents say theyve either maintained or grown their China exposure over the past year,with 64%expecting further increases over the coming year.Only 12%reported a reduction in their China exposure.Covid-19 has increased the risk appetite of more than half of survey respondents with regards to their China exposure in the past year.Drivers of investment in China are a mix of market factors,such as improvement in the quality of financial intermediaries within China;expectations of the growth and expansion potential of Chinas economy or of listed-company profits;as well as internal factors such as improvements to an organizations own China expertise.More than half of survey respondents have direct investments in China,compared to 40%in broader investments(for example through an ETF or other thematic global/emerging-market/Asia vehicles).The majority of survey respondents(62%always or often adopt ESG investing with their China exposures,and two-thirds say their China exposure has increased significantly/somewhat due to their ESG goals.Approximately one third of survey respondents plan increases to each asset class,with the highest numbers in real estate 40%,direct ownership of companies 39%and alternatives 38%.Foreword Source:Global Asset Management 2021-The$100 trillion machine,BCG,July 2021,https:/web- position 2021:Sustaining institutional interestInvesco has had a presence in China for more than three decades,and its been deeply rewarding for us and our clients to watch the countrys phenomenal growth.Marty FlanaganPresident and Chief Executive OficerAlthough the potential in the region is phenomenal,investing in China is not without its challenges.Continued tension between the US and China will remain an issue for investors for the foreseeable future.And,as we learned through the survey,concerns remain about lack of trust and transparency in corporate reporting,regulation,financial intermediaries,and financial systems.Regulatory moves over the summer of 2021,aimed at reigning in large consumer internet and education companies,sent shares in these businesses tumbling.However,these regulatory actions intended to promote long-term growth and social welfare may level the playing field for small and innovative companies and spur innovation.All of this and more are explored in the pages that follow.Were excited about the tremendous potential of the China investment management market,and believe it offers a tremendous investment opportunity.We hope you find this report helpful.As always,we remain committed to helping you achieve your investment objectives wherever the markets take us.05China position 2021:Sustaining institutional interestXiadong BaoChina fund manager,Edmond de Rothschild Group,FranceIn alphabetical order by surname:Stphane MonierChief investment oficer(CIO),Lombard Odier Private Bank,Switzerland Yaying DongMarket strategist,global macroeconomic research lead,Mercer,AustraliaMukul ChawlaJoint head media,telecoms and technology,Temasek,SingaporeSean Taylo。