13 March 2026
The annual meeting of Chinese mainland’s National People’s Congress (NPC) is concluding this week. The China equity team shares its latest views on key policy developments and analyses the main growth engines supporting high‑quality growth.
In terms of fiscal and monetary policies, the announcement for the Chinese mainland’s 15th Five-Year Plan is largely in line with our expectations. Despite a lower GDP growth target (between 4.5%-5%), the Chinese mainland has been very proactive in rolling out fiscal policies since the beginning of 2026 – e.g., announcing infrastructure projects and consumption programs year-to-date. Also, the Chinese mainland is looking to boost domestic demand, with a keen focus on domestic consumption, technology advancement and advanced manufacturing.
Real assets and the infrastructure behind AI
Artificial intelligence (AI) is often positioned as a story of models and applications, but its growth depends heavily on something far more tangible. Real assets such as data centres, power grids, and raw materials form the physical that supports AI development. As structural forces reshape the investment landscape, real assets are emerging as an enabler of the AI buildout.
AI innovation: Asia helps build many of the world’s technologies behind it
When electricity first arrived, the world built the necessary infrastructure – power plants, transmission lines – before the real transformation could take hold. A similar process is happening with artificial intelligence (AI). Today's massive investment in chips, data centres, and power grids is laying the foundation for a potential expansion in AI application that could take years to develop. In our view, the discussion is increasingly shifting from whether AI adoption will continue to how the enabling infrastructure is being built. Asia appears to be playing an important role in that development.
The engine behind AI: Semiconductors are fuelling the next era of technology
Semiconductors belong to one of the most specialised yet globally integrated industry chains. From design, equipment, and materials to manufacturing and commercialisation, the production of a smartphone chip alone spans many countries across continents, creating tremendous opportunities for companies, consumers, and investors. With semiconductors increasingly becoming the backbone of an artificial intelligence (AI) race few are prepared for, understanding this sector is key to unlocking where the next wave of technology competition is heading.
Real assets and the infrastructure behind AI
Artificial intelligence (AI) is often positioned as a story of models and applications, but its growth depends heavily on something far more tangible. Real assets such as data centres, power grids, and raw materials form the physical that supports AI development. As structural forces reshape the investment landscape, real assets are emerging as an enabler of the AI buildout.
AI innovation: Asia helps build many of the world’s technologies behind it
When electricity first arrived, the world built the necessary infrastructure – power plants, transmission lines – before the real transformation could take hold. A similar process is happening with artificial intelligence (AI). Today's massive investment in chips, data centres, and power grids is laying the foundation for a potential expansion in AI application that could take years to develop. In our view, the discussion is increasingly shifting from whether AI adoption will continue to how the enabling infrastructure is being built. Asia appears to be playing an important role in that development.
The engine behind AI: Semiconductors are fuelling the next era of technology
Semiconductors belong to one of the most specialised yet globally integrated industry chains. From design, equipment, and materials to manufacturing and commercialisation, the production of a smartphone chip alone spans many countries across continents, creating tremendous opportunities for companies, consumers, and investors. With semiconductors increasingly becoming the backbone of an artificial intelligence (AI) race few are prepared for, understanding this sector is key to unlocking where the next wave of technology competition is heading.