Good morning. Yesterday we said there could be an investment case for Chinese equities, if the Chinese government used its fiscal muscle to revive the economy. Just an hour after our letter came out, Xi Jinping and his team announced that there will, indeed, be fiscal stimulus. Chinese stock indices jumped on the news. We are not yet convinced. Few hard targets or policies were announced, and it will take a lot of fiscal support to avoid a deflationary trap. Will China put its money where its mouth is? Email us: [email protected] and [email protected].
早上好。昨天我們說，如果中國政府動用財政力量來振興經濟，中國股市可能會有投資機會。就在我們的信件發出後一個小時，習近平和他的團隊宣佈確實會有財政刺激措施。中國股指因此訊息而大幅上漲。然而我們還不完全相信。幾乎沒有具體的目標或政策公佈，而且需要大量財政支持才能避免陷入通縮陷阱。中國是否會言出必行？請通過電子郵件聯繫我們：[email protected] 和 [email protected]。