久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / Markets

Crackdown on graft encourages bullish sentiment

By Bloomberg (China Daily) Updated: 2014-08-07 07:14

Crackdown on graft encourages bullish sentiment

The Shanghai Composite Index has gained 4.8 percent this year after rebounding 11 percent from its January low. The country's crackdown on graft is expected to inspire bullish sentiment. Shi Yan / China Daily

China's anti-graft drive has gotten Cheah Cheng Hye more bullish on Chinese mainland stocks than at any time since valuations plunged in the global financial crisis six years ago.

The chairman of Hong Kong-based Value Partners Group, whose $547 million Value Partners China Greenchip Fund returned annualized 13 percent gains during the past five years to beat 134 peers tracked by Bloomberg, is predicting a further gain of about 15 percent for the benchmark Shanghai Composite Index by year-end.

While President Xi Jinping's anti-corruption measures may be a short-term drag on growth, they will make State-owned enterprises more efficient and help curb excessive debt, he said.

The call by Cheah, 60, who was dubbed the Warren Buffett of Asia by Apollo Global Management's Tan Chin Hwee for his long-term track record of picking undervalued stocks, pits him against Tom DeMark, the developer of market-timing indicators who forecast on Monday that the rally may end within days.

"We are seeing that the anti-corruption campaign is for real," Cheah said in an interview in Shanghai on Saturday. "This is giving a lot of encouragement to investors."

Xi's campaign to rein in graft reached new heights last week as the government announced an investigation of former Politburo Standing Committee member Zhou Yongkang, the highest-level corruption investigation since the Communist Party of China came to power more than 60 years ago.

The anti-corruption measures will improve the quality of China's economic growth and bolster investor confidence, Cheah said.

Gross domestic product will expand 7.4 percent this year, according to the median of 54 economist forecasts compiled by Bloomberg, compared with 7.7 percent in 2013 and 10.4 percent in 2010.

"The kind of growth you get from corruption is what we call useless growth," said Cheah, whose firm manages about $10.5 billion. "Investors are willing to accept a lower growth rate in China. Maybe 6.5 percent growth is OK."

China also needs to improve corporate governance if it wants to lure back investors after a 60 percent slump for the Shanghai Composite since the start of 2008, Cheah said.

The Shanghai gauge fell 0.1 percent to 2,217.47 at the close on Wednesday. It has gained 4.8 percent this year after rebounding 11 percent from its January low. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong entered a bull market on July 28 with a 20 percent rally from its March low, and has climbed 1.3 percent this year.

Crackdown on graft encourages bullish sentiment Crackdown on graft encourages bullish sentiment
Investors hesitate before stock link 
  Top 10 underwriters in China

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 久久久久一 | 亚洲一区毛片 | 成人在线视频免费 | 2020亚洲男人天堂 | 999国内精品永久免费视频 | 特黄特a级特别特级特毛片 特黄特黄 | 国产三级久久 | 男女精品视频 | 欧美一区不卡二区不卡三区 | aa级毛片毛片免费观看久 | 午夜刺激爽爽视频免费观看 | 国产a国产片国产 | 国产喷水女王在线播放 | 一级毛片免费观看不卡视频 | 理论片我不卡在线观看 | 亚洲永久| 久久精品国产精品青草色艺 | 国产三级黄色片 | 国产97在线视频 | 久久成人免费播放网站 | 欧美一区二区三区在线观看免费 | 久久精品国产亚洲精品2020 | 亚洲欧洲一区二区三区在线 | 99久视频| 男人天堂久久 | 欧美在线观看免费一区视频 | 日韩中文字幕免费在线观看 | 538在线视频二三区视视频 | 一级毛片无毒不卡直接观看 | 六月成人网 | 男女视频免费观看 | 欧美综合一区 | 熟女毛片 | 日本黄色大片免费观看 | 欧美人成一本免费观看视频 | 亚洲美女精品视频 | 真人一级毛片全部免 | 91精品手机国产露脸 | 99久久久免费精品免费 | 亚洲欧美日韩国产综合高清 | 国产精品blacked在线 |