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.
Global Equity Diversified Income (GEDI) strategy: Recent update amid Middle East developments
Despite the heightened market volatility, the Global Equities Diversified Income (GEDI) strategy has demonstrated resilience. We have made selective portfolio adjustments to address the rising risks and believe that by combining four powerful pillars—growth, value, income, and options—the strategy is well positioned to potentially deliver attractive yield alongside long-term capital growth.
The real asset renaissance: securing power, materials, and energy in a deglobalized world
Global supply chains are being reshaped by deglobalisation, geopolitics, and the race for energy and technological security, shifting the focus from efficiency toward resilience. In this environment of higher costs, persistent inflation pressures, and constrained supply, real assets may play an increasingly important role in helping investors navigate uncertainty and capture long‑term structural trends.
Latest asset allocation views amid latest Middle East developments
Against a backdrop of elevated uncertainty, the Multi Asset Strategy Team (MAST) summarizes key market moves, and the potential cross-asset implications.
Global Equity Diversified Income (GEDI) strategy: Recent update amid Middle East developments
Despite the heightened market volatility, the Global Equities Diversified Income (GEDI) strategy has demonstrated resilience. We have made selective portfolio adjustments to address the rising risks and believe that by combining four powerful pillars—growth, value, income, and options—the strategy is well positioned to potentially deliver attractive yield alongside long-term capital growth.
The real asset renaissance: securing power, materials, and energy in a deglobalized world
Global supply chains are being reshaped by deglobalisation, geopolitics, and the race for energy and technological security, shifting the focus from efficiency toward resilience. In this environment of higher costs, persistent inflation pressures, and constrained supply, real assets may play an increasingly important role in helping investors navigate uncertainty and capture long‑term structural trends.
Latest asset allocation views amid latest Middle East developments
Against a backdrop of elevated uncertainty, the Multi Asset Strategy Team (MAST) summarizes key market moves, and the potential cross-asset implications.