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Equity Outflows Amidst Economic Headwinds.

CHINA
  • MNI (Australia): China will no longer be publishing daily stock connect flow information.
  • In 2014, China (via stock connect in Hong Kong) provided access for foreign capital into its equity markets.
  • This marked the first official step forward of China’s financial system into world financial markets.
  • This resulted in Global investors allocating to China which enjoyed 10 successive years of capital inflow according to CEIC data.
  • This year with the decline in the China economy, investors have been removing their capital from China rapidly and a net outflow is forecast for full year 2024.
  • The MSCI China Equity index total return is down for its third year in a row, unsurprisingly given the crisis evolving in the property sector weighing on the broader economy.
  • GDP numbers too have surprised on the downside and the risks are now that the annual 5% GDP growth target may not be met.
  • The key question to ask is what can be done to maintain global capital in China?
  • Focus is likely to rest on further opening up measures and efforts to support a broader growth turnaround.
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